Archive for March, 2009

In what may strain the already troubled relations between the Samajwadi Party and the Congress, the Income Tax (I-T) department on Wednesday moved the Supreme Court challenging a seven-month-old order of the Bombay high court, which gave relief to superstar Amitabh Bachchan in a case related to Kaun Banega Crorepati. The move to appeal against [...] Full Article

In a major relief for India Inc, the National Advisory Committee on Accounting Standard (NACAS), a government-appointed body, has postponed the implementation of Accounting Standard 11 (AS 11) to 2011. This accounting standard deals with mark-to-market provisioning in corporate profit and loss accounts for foreign exchange-related gains and losses. The NACAS decision means domestic firms [...] Full Article

The taxman has finally caught up with expatriate employees. The Supreme Court today directed Indian subsidiaries of foreign companies employing expatriates to deduct tax at source on their entire salary just as domestic companies do. The order has sent a frisson through industry and caps a prolonged litigation on the issue that dates back to [...] Full Article

RBI/2007-2008/ 260 DPSS No.1405 / 02.10.02 / 2007-2008 March 10, 2008 The Chairman / Chief Executive Officer (All Scheduled commercial banks including RRBs) Dear Sir Customer charges for use of ATMs for cash withdrawal and balance enquiry 1. Automated Teller Machines (ATMs) have gained prominence as a delivery channel for banking transactions in India. Banks [...] Full Article

TRADE CIRCULAR Mumbai, Dt.25.03.2009,     No.LTR-2009/ 1/Adm-29/ B-139  ,         Trade Cir. No. 11 T of 2009 Sub: Luxury Tax on luxuries provided in hotels from 1st May 2004 to 30th April 2005. Ref: 1) Notification No.LTA-1090/ 179/ Taxation-2 dated 21st January, 1992. 2) Notification No.LTA-1090/ CR-47/ Taxation-2 dated 18th November, [...] Full Article

The assessee having applied for extension and having completed all the formalities; and in response the Reserve Bank of India having taken the remittances on record, the non-issue of a formal letter for approval, in our view, cannot be held against the assessee for none of its faults. The assessee having applied for extension and the same having been impliedly granted in substance, the benefit of section 10A has got to be allowed to the assessee on the ground that the ex.. Full Article

Payment for transfer of right to use software loaded on hardware – not a royalty; Making available other personnel to subsidiary under control and supervision – constitutes Service PE. Background Lucent Technologies International Inc. 1(“the assessee”) is a company incorporated in the USA. It is a tax resident of USA. It is a leading supplier [...] Full Article

Background The Mumbai Tribunal has recently held in the case of  Schenectady Specialities Asia Pvt. Ltd. 1 that the difference between the sales tax collected but not deposited by the assessee with the Government under a sales tax deferral scheme, and the amount settled by the assessee under the premature payment option, is to be [...] Full Article