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Vodafone in legal battle over £1bn tax bill for Indian deal

  On 23 June 2008 at 22:09

A five-day hearing starts in the Mumbai High Court today to decide whether Vodafone could owe the Indian tax authorities some $2bn (£1bn) for its $11.2bn takeover of one of the subcontinent's major mobile phone networks.When Vodafone bought a control ...

  0 comments |   341 hits


India, Syria sign revised double taxation avoidance agreement

  On 21 June 2008 at 14:30

India on Wednesday signed a revised double taxation avoidance agreement with Syria to ensure that the companies are taxed in countries where they have permanent establishments. The agreement, signed by External Affairs Minister Pranab Mukherjee and S ...

  0 comments |   281 hits


Govt relaxes income-tax refund norms

  On 21 June 2008 at 14:30

About 92 per cent of the income-tax refund claims for fiscal 2007-08 will be settled without the taxpayers needing to produce TDS certificates, as the Government has relaxed the criteria in this regard. According the relaxed criteria on settling the ...

  0 comments |   287 hits


Entertainment cos get tax call on Welcome

  On 20 June 2008 at 12:53

The income-tax department has asked two leading film and entertainment companies to pay tax on the income generated from sale of distribution rights even though they are based in tax havens such as Cyprus and Mauritius. The department, in two separat ...

  0 comments |   352 hits


India's April-May direct tax receipts up 71 pct y/y

  On 20 June 2008 at 12:53

India's collected 71.3 percent more direct tax in the first two months of fiscal 2008/09 from a year ago, the government said on Wednesday, as receipts from individuals and companies grew strongly.The Central Board of Direct Taxes said in a statement ...

  0 comments |   278 hits


Service tax liability rests with Sahara: Jet

  On 19 June 2008 at 12:54

Aviation leader Jet Airways today said that authorities are investigating alleged service tax evasion by Sahara Airlines, which it had bought from Sahara Group, and asserted that any liability would be with previous owner. "As per the provisions of ...

  0 comments |   263 hits


No addition to income sources if assessment is over, rules ITAT

  On 17 June 2008 at 17:45

The Appellate Commissioner of Income-Tax can no longer levy additional tax if it discovers a source of income that was not taken into account by the income-tax department at the time of assessment. A recent decision of the Mumbai bench of the Income- ...

  0 comments |   453 hits


input tax credit under kvat law

  On 15 June 2008 at 16:02

thought the cst rate has been decreased from 3% to 2%, inputs used in the manufacture of goods that are despatched outside the state not as a dired result of sale and input tax credit on use of petroleum products as mentioned in section 14 of the kva ...

  0 comments |   2167 hits


Direct tax collections at Rs.3,14,468 crore for 2007-08

  On 14 June 2008 at 23:18

The Finance Minister Shri P. Chidambaram will inaugurate the 24th Annual Conference of Chief Commissioners & Directors General of Income Tax here on coming Monday. The valedictory address will be given by Minister of State for Finance Shri S.S. Palan ...

  0 comments |   249 hits


Area based excise duty exemptions modified

  On 14 June 2008 at 23:18

With effect from 1st April, 2008 the Central Government amended the area based excise duty exemptions applicable to units located in Jammu & Kashmir, North-East, Sikkim and Kutch District of Gujarat so as to allow refund of excise duty based upon the ...

  0 comments |   250 hits










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