professional fees

The Supreme Court has decided to examine the issue of whether foreign law firms charging professional fees from Indian companies and businessmen are liable to pay income tax in the country. A bench headed by Justice S H Kapadia has issued notices to a London-based law firm on a petition filed by the Income Tax Department. Full Article

SUMMARY OF CASE LAW Units of mutual fund cannot be equated with shares of a company; hence, loss on purchase and sale of units of mutual fund cannot be treated as loss from speculation business. Full Article