The Supreme Court on Tuesday rejected scam-tainted Satyam Computer founder B Ramalinga Raju’splea seeking extension of time beyond November 10 to surrender. He now has to surrender on Wednesday. The SC had earlier cancelled Raju’s bail and directed h
Concerned over large-scale outflow from mutual fund schemes, market regulator Sebi wants fund houses to invest part of their profit on cementing ties with investors and curtail commissions and freebies to agents. Market watchdog Sebi, which also over
Banks have been told by the Reserve Bank of India (RBI) to be more transparent and levy reasonable penal charges. The central bank is concerned at the rising number of complaints by customers on steep charges by banks if the minimum balance in a savi
In a recent decision in the case of Tecumseh India Pvt. Ltd. v. ACIT [2010-TIOL-408-ITAT-DEL-SE3], the Special Bench of Delhi Income-tax Appellate Tribunal (the Tribunal) has held that non-compete fees inextricably linked with the acquisition of a business constitute capital expenditure.
The Reserve Bank of India, or RBI, has told a bunch of top bank executives to push the use of electronic transactions among customers to trim the serpentine queues in front of teller counters despite lakhs of automated teller machines and net banking
In a recent ruling’ , the Delhi Income-tax Appellate Tribunal in the case of McDonald’s (India) Pvt Ltd v. ACIT [ITA No. 3890 (Del) of 2004], has held, on evaluation of available facts, that the old provision of section 92 of the Income-tax Act, 1961 does not apply in case of advertisement expenditure incurred by the resident assessee on behalf of other resident entity.
State finance ministers have asked the Centre to exclude coal from the list of proposed Goods and Services Tax (GST), so as the tax rate does not increase on such an important fuel. Besides, the empowered committee of state finance ministers has also
Soon 7/12 extract will include additional information on whether the plots are under litigation Property buyers dreading the antecedents of the land they are planning to buy have reason to rejoice. If the Bombay high court has its way, property recor
The country’s apex body on accounting standard has cleared way for a change in the way Indian companies account for their employee’s post-retirement benefits like gratuity. Instead of providing for these in profit and loss account, companies can crea
No requirement to approach the Tax Officer for nil withholding certificate under section 195(2) where the non-resident is not liable to tax and further no disallowance can be made under section 40(a)(i) of the Income-tax Act, 1961 In a recent decision, the Chennai Bench of the Income-tax Appellate Tribunal in the case of VA Tech Wabag Ltd. v. ACIT [2010-TII-109-ITAT-MAD-INTL] held that in a case where the payment for services was not taxable in India under the provisions of a Double Tax Avoidance Agreement (“the tax treaty”), there was no requirement for applying to the tax officer for a nil withholding certificate under section 195(2) of the Income-tax Act, 1961 (“the Act”). It was also held that as section 195 of the Act was not applicable, the amount paid for services could not be disallowed under section 40(a)(i) of the Act.
