taxation

THE Karnataka High Court has ruled that technology firms are subject to withholding taxdeduction of tax at sourceon purchase of software from global vendors such as Microsoft. This would push technology firms and branded software distributors into a corner as they will be required to withhold 10-20 % of the..

Cost of insurance for property and health could rise next year as proposed taxes on investment income will wipe out whatever margins are left for non-life companies. Balance sheet data for `08-09 of the non-life insurance companies in India reveal that whatever net profit was reported by the companies was o..

 A raft of tax experts and professional bodies including chambers of commerce across the country thinks virtually every line of the new direct tax code may have to be rewritten to shield domestic companies and their operations, both in India and overseas. The new code will have an ef..

The insurance claims paid to policy holders in the event of death or disability will be subject to payment of income tax if the new Direct Taxes Code proposals are implemented. The Code proposes that contributions by the insured are subject to the EET method of taxation of savings. This m..

Finance Minister Pranab Mukherjee will meet leading industry chambers here on October 9 to discuss issues arising out of the proposed new direct tax regime. The three industry bodies, CII, FICCI and Assocham are expected to take a common stand on the different contentious issues that will confront the bus..

New Delhi: Taxes paid by Indian companies more than doubled in the three months through September, suggesting growth in Asia’s third biggest economy may be strengthening. Advance taxes paid by local companies rose to Rs44,010 crore in the ..

A uniform goods and services tax (GST) structure would help resolve most of the tax problems faced by the MSME sector, a survey said. “Introduction of a unified goods and services tax system would resolve most of the tax related challenges the industry faces,” a joint survey o..

The Central Board of Excise and Customs (CBEC) in the Ministry of Finance, has launched automation of Central Excise and Service Tax (ACES) in Hyderabad Zone recently. It is part of the national roll-out of the automation of ACES. It is a Mi..

Government investigators probing the erstwhile Satyam Computer Services have found stunning details of how the promoters forged bank accounts, diverted funds and tracked operations. The Serious Frauds Investigations Office has uncovered how the Ramalinga Raju family v..

We are a publishing house. We have entered into an agreement with a UK-based company for providing online access of our books to our specified customers. The said company converts the books into digital format and uploads it on a server located outside India. Please confirm if service tax would be applicabl..

 Third party administrators (TPAs) processing health insurance claims and making payments to hospitals for treatment of subscribers in cashless s..

The plan to encourage overseas firms to raise capital in India through Indian Depository Receipts, or IDRs, as they are popularly known, appears to have hit a road block, with the revenue department not in favour of granting long-term capital gains tax benefits ..

GMR Hyderabad International Airport (GHIAL) has received from the Andhra Pradesh Government VAT (Value added tax) relief on two counts. While the first order helps the airport company, the other benefits passengers whose purchases from the duty-free shops at t..

 This will come as a relief to a large number of citizens who diligently pay their property tax. From the next financial year when the BMC introduces the capital value-based property tax system, every citizen owning property in the city will receive a personalised property tax bill. In fact, a person will be able t..

Having achieved 100 per cent e-filing of returns, the State Government has taken the next logical step of introducing ‘e-payment’ to all its registered VAT dealers. e-payment has been made mandatory for all TIN dealers from September 1. It wa..