The Income Tax department probing alleged financial irregularities in the IPL has collected TDS of nearly Rs 400 crore from the third edition of the T20 tournament. The department has accrued the amount as Tax Deducted at Source (TDS) from the remuneration paid to players, umpires, coaches, commentators and from payment of overseas publicity rights.
The basis on which a certificate has been declined to the Petitioner under Section 195(3) is manifestly misconceived. The impugned order ignores relevant provisions of law, more particularly of Rule 29B, does not take into account the legal implications out of the MOU dated 25 September 2002 between the Government of U.S. and the Government of India and disregards issues which were settled in the past as a result of the Mutual Agreement Procedure between the two governments.
The market regulator Sebi yesterday asked credit rating agencies (CRAs) to disclose their methodologies and fees charged from the companies they rate, a move that will promote greater transparency.
ACIT Vs. Kribhco (ITAT Delhi) – Terms ‘exempt income’ and ‘deduction from income’ are two different propositions and, therefore, where assessee’s income was not exempt under section 10 rather same was eligible for deduction under section 80P, assessee’s case was not hit by provisions of section 14A.
A demat account is a must for trading in stocks and ETFs. Importantly, it does not attract stamp duty. I In the last decade or so, the stock market has moved towards paperless trading. For investors, who used to burdened with reams of stock certificates, a demat account has become a necessity. Not having a depository or demat account has now become the biggest entry barrier to investing in equities. It is no wonder that more and more entities (commodities futures and spot market) are moving to the dematerialised form of trading.
In the last few years, the ambit of taxation for gifts received by a person has been widened . Now, it covers several non-cash items. This now includes land and buildings, shares and securities, jewellery, drawings, paintings, sculptures and other works of art. Considering the nature of all these items, there is a need to value these items in a specific manner.
The Comptroller of Auditor General (CAG) of India has rapped Maharashtra Government for giving “undue benefit of over Rs 20 crore” to controversial Satyam Computer Services Limited by selling land at lower rates in Multimodal International Hub Airport (MIHAN) project at Nagpur.
A Director includes any person occupying the position of Director, by whatever name called [Sec.2 (13)]. Directors occupy a key position in the management of the company. While they are entrusted with wide powers they are also accountable to the company.
Attention of Authorised Persons in foreign exchange is invited to A.P.(DIR Series) Circular No. 19 dated October 30, 2000 and A.P. (DIR Series) Circular No.11 [A.P. (F.L. Series) Circular No.1] dated November 13, 2001, in terms of which Authorised Dealers and Full Fledged Money Changers are permitted to sell foreign exchange in the form of foreign currency notes and coins, up to USD 2,000 or its equivalent, to the travellers proceeding to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States.
Attention of the Authorised Dealer Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time.
