"20 November 2009" Archive - Page 3

SEBI looking to cut IPO listing process time to 7 days from existing 20 days

Market regulator Securities and Exchange Board of India (SEBI) said it wants to bring down the time required for IPO processing to seven days from 20 days at present over the next one year. While pointing to the fact that the primary market issuance process is not as efficient assecondary market in India, SEBI chairman CB Bhave said, “W...

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Posted Under: SEBI |

Income tax department unearthed undisclosed income of 35 crore in Rajasthan

An Information Technology (IT) Education and Multilevel Marketing group has surrendered undisclosed income of more than Rs 35 crore, before the Income Tax Department for taxation. The disclosure, biggest ever in Rajasthan, was made during the course of raids and survey conducted by the departmental sleuths at the group premises here and i...

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Posted Under: SEBI |

Excess insurance and transportation charges collected and includability of same in assessable value

Many a times the manufacturer of goods (Central Excise assessee) provides other services to the buyer and charges an amount for those services provided. The services may be like transportation of goods to the buyer premises, transit insurance of the goods, interest charges for the credit given to the buyer, Installation of the goods in th...

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Posted Under: SEBI |

Karnataka High Court rules on withholding tax obligation for non-resident payments

CIT Vs. Samsung Electronics Co Ltd (Karnataka High Court)

This article summarizes a recent ruling of the Karnataka High Court (HC) [ITA No. 2808 of 2005] in the case of Samsung Electronics and others (Taxpayers). The HC held that any payment resulting in any income in the hands of a non-resident would be subject to withholding tax under the Indian Tax Law (ITL). Unless an order is obtained from ...

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