The Bombay High Court, on Tuesday, refused to direct the state government to recover entertainment tax on Indian Premier League matches played in the state during its last season. It also observed that central and state ministers should stay away from sporting bodies like the Board of Control for Cricket in India (BCCI).
Giving a clean chit to Sharad Pawar, the Bombay High Court on Tuesday said there was “nothing on record” to show that the Union Minister influenced the Maharashtra government’s decision to exempt Indian Premier League matches from entertainment tax.
The government may soon allow foreigners to set up limited liability partnerships in sectors where 100% foreign investment is allowed, taking a decisive step after much flip-flop over funding guidelines for this form of business organisation, favoured globally for its flexibility.
Notification No. 69 /2010-Income Tax CBDT NOTIFICATION No. 2091(E) dated 26.08.2010—ln exercise of the powers conferred • by clause (b) of Rule 6 of Part A of the Fourth Schedule to the Income-tax.Act,1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 484(E), , dated the 30th May, 2001, the Central Government hereby fixes; with effect from the 1st day of Septembei, 2010, 8.5 per cent, as the rate referred to in the said clause.
An outsourcing contract to Infosys, India’s second-largest software company, has resulted in an unexpected reprieve for those with income to hide from the taxman. Irked by the contract, under which Infosys is processing tax returns filed online, and rattled by the prospect of more outsourcing, officials of the investigation wing of the income-tax department, the arm of the tax administration that conducts raids, have refused to step out of their offices for at least a month.
What you know now and are able to do now, what your current success is built on, will unavoidably depreciate in value unless you actively work on learning new things and building new skills. Continual professional development is a lifelong requirement, not an option. There may have been a time when once you got good at something, may be “made partner”, you could live off that for the rest of your career. If those times ever existed, they are gone now. The minute you start thinking you know how things work, you are dead.
The much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said on Tuesday. “In all probability it (the introduction of GST) will miss the deadline,” Revenue Secretary Sunil Mitra said.
Payment made to Avaya International Sales Ltd., Ireland (ASIL) in respect of activation charges is a payment for buying a standard product/software. The payment made to ASIL can neither be said to be as ‘Royalty’ nor is covered under the provisions of ‘Fees for Technical Services’. The assessee is not liable to deduct tax at source on the payment made to ASIL as the income of ASIL is not liable to tax in India for the above payment.
The much awaited Direct Taxes Code Bill is likely to be introduced in the ongoing monsoon session of Parliament itself, the Revenue Secretary, Mr Sunil Mitra, has indicated. “We do expect the DTC to be introduced in Parliament in this session. This is what the Finance Minister has promised in public forum and we intend to do our best to make it happen,” Mr Mitra told reporters on the sidelines of a CII event here.
The Union corporate affairs ministry said it had no problem with global mining major Vedanta Resources’ acquisition of Cairn India if the deal got shareholder approval from both sides. Responding to a media query on the sidelines of a conference here today, minister Salman Khurshid said his people had no role if the deals get shareholder nod. “If shareholders have a problem, they can approach the High Court, Company Law Board or the ministry,” he said.
