The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
DHFL has been generating funds through various means and has exited from its subsidiary units to tide over the current financial crunch.
Deloitte, MCX's is learnt to have objected to PwC pointing out several irregularities in the exchange's expenditure, donations, etc, in its audit report.
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
Customers may lose freebies or have to pay a little more for mobile services in the days ahead as operators try to make up for Rs 61,100 crore they have committed to government in the latest spectrum auction.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
The Disciple is an ode to music and a salute to Mumbai. The city can be harsh, but it also lets the voices of struggling classical musicians exist, although often they live on the edge of society, observes Aseem Chhabra.
Auditors raise red flags over Jet Air's robust financial status.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
The norms will affect companies in pharma, energy, manufacturing, software sectors.
A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.
Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
The new return forms also make life easier for expatriates.
'There is a huge tax differential of 15% to 20% depending on income classification.'
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
It is not advisable to touch retirement corpus if property is being purchased for investment.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
The move would help tax authorities get leads on evasion.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
These plans aren't likely to put substantial cash in your hands.
You can electronically verify returns and regularise these by August 31.
Once the income has been classified as either business income or capital gains, be consistent.
Electricity has also been kept out of the GST ambit.
Withdrawals from EPF and NPS to have same tax rates.
ICDS is silent on the prudence aspect of accounting standards.
Budget may bring exemption for those backed by Indian securities other than shares
The government has also developed a PAN activity monitoring.
Tax rules that could land you in trouble
India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
Amid persistent fear of prosecution and penalty, people across income classes are looking for ways to do away with stacks of higher denomination currency.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
Relief would only be for unlisted companies; listed ones already have to prepare statements once a year.
Preliminary investigations conducted by capital markets regulator Securities and Exchange Board of India and inputs from other regulators and government departments suggest that some brokers were offering structured financial products to their HNI clients under some portfolio investments schemes for high returns of 10-20 per cent.
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