ITAT Mumbai in the case of Satellite Television Asia Region v. ADIT held that the Assessing Officer cannot consider the assessee a Permanent Establishment blocker or conduit company when there are commercial reasons for its existence. This means that they cannot tax the entire advertisement revenues in the hands of parent company.
The finance ministry is in a fix over the proposed implementation of point of taxation rules for service tax from October 1 this year, with the industry resisting transition to the accrual basis for taxation of services. Simply put, under the accrual
For the first time since its founder admitted to falsifying the company’s accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29. The Board of Satyam, now acquired by Mahindra Group and since
With the Bombay Stock Exchange launching its mobile trading platform, the stock market is all set to get a tech boost.Especially since the National Stock Exchange also plans to launch a similar service in the first week of October. A month ago, the S
The registrar of companies (RoC) could be empowered to issue orders relating to conducting searches and raids. The proposal, mooted by the corporate affairs ministry, can be part of the new companies Bill that is set to be introduced in the Winter Session of Parliament. According to officials, the government is looking to strengthen the mechanism of investigation and probe, an area that falls directly under the jurisdiction of the RoC.
Life Insurance Corporation of India has introduced its ULIP plan under the new IRDA regime, following the launch of its Pension Plus which is the first Unit-linked Pension Plan under the new regime.Endowment Plus is LIC’s 14th plan approved and the C
Stance of BJP-ruled states unchanged. The stalemate between the Centre and the states over the introduction of the Goods and Services Tax (GST) continued on Monday, with some states opposing the changes suggested by the central government in the Cons
Worried over the speedy growth of a parallel economy in the country, with black money amounting to almost one-fourth of India’s GDP, the government is planning to crack down on such illegal transactions, at least those related to property. The finan
The Income Tax Department, Chandigarh, today carried out surveys on as many as 10 premises belonging to five companies. The entities on which surveys were carried out are Silver Oaks Hospital, Mohali, Atop Fasteners, Meltonics Industries Private Ltd,
Infrastructure lending major IDFC is planning to raise up to Rs 3,400 crore through the issue of long-term bonds and the public offer is likely to open in the first week of October. The company has already filed the draft papers with the market regul
