The US government has sought permission from a federal court to ask for information from HSBC about Americans who may be hiding money in offshore accounts in India to dodge taxes. The Department of Justice said on Thursday it is seeking an order from a San Francisco court to authorize the Internal R evenue Service (IRS) to serve a so-called “John Doe” subpoena on HSBC to obtain information about people whose identities are unknown.
Recently, the Delhi High Court in the case of CIT v. DCM Limited (ITR Nos.87-89/1992) held that payments made for transfer of comprehensive technical information and know-how, which included all trade secrets and technical information, designs and drawings, etc. cannot be treated as income from royalty under the India-UK tax treaty (tax treaty). Accordingly, the taxpayer was not liable to deduct tax on the payments made to the foreign company.
Karnataka Government would soon file an appeal in the Supreme Court challenging its order revoking the ban on export of iron ore, chief Minister B S Yeddyurappa said today. The state would file the appeal outlining the reasons that prompted the BJP Government to impose the ban to check illegal mining and illegal export of iron ore.
The cola war between Coke and Pepsi is extending to the IPL turf, with Coca Cola replacing rival PepsiCo as sponsors of Mumbai Indians and Kings XI Punjab in the fourth season of the T20 league. With the new tie-ups, Coca Cola will be sponsoring five out of the ten IPL teams ready for the cricket battle between April 8 and May 28. Coca Cola that has been associated with Delhi Daredevils and Kolkata Knight Riders in the previous seasons, said it will also become the sponsor of Mumbai Indians, Deccan Chargers and Kings XI Punjab.
China will build 56 more airports in the next five years to expand its transport capacity, a senior Chinese civil aviation official said on Thursday. Li Jiaxiang, head of the Civil Aviation Administration of China, said the total number of airports in the country is likely to cross 230 in next five years with an expected aircraft fleet of over 4,500 units, enough to carry 450 million passengers annually.Presently, the country has 175 airports.
A government body has recommended that state-run BSNL should merge its counterpart MTNL and telecom equipment manufacturer ITI with itself, a move that will help turn around the loss-making telecom giant. The board strongly recommends the merger of ITI Ltd with BSNL, or its takeover by BSNL as a separate subsidiary, thereby ensuring strategic vertical integration.
A growing number of investors from India are showing interest in Dubai as they look to capitalise on 60 per cent savings per square foot in the Dubai property market, a Dubai-based real estate company has said. DAMAC Properties said in addition to the price disparity, Dubai’s property market is becoming increasingly attractive to foreign investors due to the implementation of a raft of new regulations, such as the new Strata law, which favours home owners.
“I am happy that the Government and representatives of civil society have reached an agreement in our mutual resolve to combat corruption. This is a scourge that confronts all of us. The Government intends to introduce the Lokpal bill in Parliament during the monsoon session. The fact that civil society and Government have joined hands to evolve a consensus to move this historic legislation augurs well for our democracy. I am pleased that Anna Hazareji has agreed to give up his fast.
The Government of India has issued a Notification constituting a Joint Drafting Committee to prepare a draft of the Lok Pal Bill. The Joint Drafting Committee shall consist of Five nominee Ministers of the Government of India and Five nominees of Shri Anna Hazare (including himself). The five nominee Ministers of the Government of India are as under:-
Government will introduce the Lokpal Bill during the monsoon session of Parliament, and once passed, corruption cases will be handled by fast track courts for speedy disposal, Minister of State for Parliamentary Affairs Ashwini Kumar today said. Describing corruption as a “national issue” and not the concern of just an individual or any political party, Kumar told reporters here that the government”s accountability and responsibility would increase with the passage of the legislation.
