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 […]
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.
