Payments to a foreign company for uploading banner advertisements on portals are not liable to be taxed in India, ITAT has ruled.
The Mumbai Income-tax department's Tax-Deducted-at-Source (TDS) collection during the April -June period grew 27% to Rs 15,000 crore over the year-ago period.
The Mumbai income-tax department, is planning to collect 17.2% more corporate tax than last year, as revenue authorities expect buoyancy in the economy to continue.
A tax tribunal has turned down a software firm’s proposal to claim tax benefit on currency gains it made on a foreign loan.
As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan.
Earlier, India set a precedent by slapping a $2-bn tax notice on UK-based Vodafone that acquired Hutch Essar for $11 bn.
Transfer of shares without consideration doesn't attract capital gains tax: Authority for Advance Rulings
In the ruling,AAR held that Transfer Pricing provisions and rules governing withholding tax would apply only if the income is chargeable in India.
The I-T Dept will refund about 40K cr by the end of April, as part of the initiative by CBDT to complete the entire refunding process.
The ombudsman post was created in 2007 by the finance ministry. The ombudsman has to work within the framework of guidelines issued in 2007.
The income-tax department has asked SABMiller, the second-largest brewer in India after the UB Group, to pay 183 crore on account of its 2006 acquisition of Foster's India, the Indian arm of Foster's Australia.
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