The long-pending issue of seizure of Indian generic drugs by European Union countries has been resolved, with the EU accepting India's position and agreeing to amend the rules to plug the loopholes that led to the seizure of shipments.
A recent decision of the high court in Chennai on the levy of service tax on software sale has made the Union finance ministry hopeful of a similar verdict in the case of copyright services.
The empowered committee of state finance ministers has approved the position paper of the Centre on the information technology network for the proposed indirect tax regime.
The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs).
In a counter affidavit filed in the court, the department has said that temporary transfer of rights to copy in a limited manner will be chargeable to service tax.
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
Says banks strong enough to tackle the problem on their own
But contentious areas like special economic zones, capital gains and Ulips may see changes
Finance Minister Pranab Mukherjee had asked officials in his ministry to finalise the draft by August 20 so that it could be in Parliament before the session concluded on August 27, said a finance ministry official.
The changes to the original draft of the Direct Taxes Code are going to cost taxpayers, with the government planning to significantly alter the slabs.
The finance ministry introduced the tax for the first time on July 1, 2010. PVR Pictures, in its petition, alleged that copyrights are treated as goods and the transfer of copyrights are treated as sale of goods, which falls within the domain of taxation by states under Article 246, and not the Union.
Ravi Kapoor, head of global banking at Citi India tells that the success of the Centre's divestment programme hinges on attractive valuations
While saying money was due from Suzuki, the HC told the tax department to determine an appropriate arm's-length pricing mechanism in this case.
The donations you make to religious bodies is not going to earn any tax exemptions, but the income of these entities will continue to get tax breaks, subject to certain exemptions.
Senior officials in the ministry told Business Standard the rate of taxation would remain the same in the final version of DTC.
At present, the threshold prescribed for imposition of Value Added Tax -- which will be abolished when GST comes into effect -- differs from state to state.
The government has once again tweaked the rules for selection of public sector banks chiefs.
CRR is the proportion of deposits each bank must keep in the form of cash.
Redrafting the Direct Taxes Code is proving to be an uphill task for the finance ministry, bombarded with comments from various stakeholders. The Central Board of Direct Taxes has received about 10,000 suggestions on the code, which seeks to replace the Income Tax Act of 1961.
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