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 Competition Commission of India, the country's fair trade watchdog, which turned functional less than a year ago, busy these days.
Piramal Healthcare is planning a string of acquisitions in the biotech space in the US, Europe and Canada in the next two to three years.
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.
Pune-based Serum Institute of India will soon become the second company to get manufacturing approval for a vaccine for the H1N1 virus (swine flu) . The company's intra-nasal swine flu vaccine is expected to get regulatory clearance by the month-end, health ministry officials said.
The government has once again tweaked the rules for selection of public sector banks chiefs.
An increase in the number of outsourcing deals between domestic drug companies and pharmaceutical multinationals has triggered huge capacity expansion programmes in the drug manufacturing sector.
Fortis Healthcare may avoid a hurried response to counter Malaysian investment fund Khazanah's bid to acquire management control over Asia's largest health care chain Parkway Holdings from Fortis which holds the largest number of shares in Parkway.
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.
The Indian arm of Swiss pharmaceutical major Novartis AG is set to become the newest entrant in the Ayurvedic business.
The finance ministry has suggested forming a GST council, headed by the Union finance minister, to address disputes between the Centre and the states in the proposed GST regime.
The Delhi High Court has quashed a demand of approximately Rs 5 crore (Rs 50 million) raised by the central government against Ranbaxy Laboratories.
The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.
With less than a year left for the scheduled introduction of the Goods and Services Tax (GST), most states have increased their VAT (value-added tax) rates. The move is seen as an attempt to extract better compensation from the Centre for loss on account of GST rollout
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