tax profit

Tax profit on sell of license by new mobile operators at high rate

The Member of Parliament and former owner of BPL Mobile, Mr Rajeev Chandrasekhar, has written to the Prime Minister suggesting the Government should impose a windfall (Extra) tax on new mobile players if they sold their licences.
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AS-22 related to deferred tax accounting upheld by Apex Court

The Supreme Court has upheld the revised accounting standards AS 22 issued by the Institute of Chartered Accountants of India which has been made mandatory for all the companies listed in the stock exchanges since the financial year 2001-02. Dismissing the appeals of a large number of companies that opposed the new policy, the bench headed by Justice SH Kapadia said AS 22 sought to arrive at the true accounting income.
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