The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
Companies wanting to consider treaty benefits and deducting tax at a lower rate will have to examine the qualitative factors. They will have to consider whether FPIs are liable to tax and whether they are the beneficial owner of dividend income.
The FIFA 2022 World Cup will kick-off in Qatar on Sunday, November 20. Here is a list of the 26-man squads playing in the quadrennial global football extravaganza.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
United States President Barack Obama not just met, but beat India's expectations, feel two veteran career diplomats who between the two of them have over four decades of service in the Indian subcontinent, reports Aziz Haniffa.
17 Republican lawmakers want Nobel for his work to end the Korean War.
However, the extension leaves the salaried taxpayers with a limited time-frame of just 20 days to file their income tax returns.
IMAGES from the English Premier League matches played on Saturday
ICAN won the USD 1.1 million prize for its work.
The apparent consensus among South Asia watchers and experts in United States is that Secretary of State Hillary Clinton's three-day visit to Mumbai and New Delhi was a slam dunk in effectively quashing the contention of naysayers, both in India and the US, that the Barack Obama administration was less committed to the India-US strategic partnership than its predecessor George W Bush administration.
As cinemas remain shut and watching movies on big screen still a distant dream, OTT platforms are keeping us distracted from the pandemic with its steady supply of content.
Walter Andersen, associate director of the South Asia Program at Johns Hopkins University's School of Advanced International Studies, told rediff.com, "I am surprised that after several terrorist incidents, the government hasn't moved faster to get something much more effectively in place. You have a totally incompetent home minister, and why he isn't removed is beyond me."
IMAGES from the English Premier League matches played on Saturday.
An interview with BMR partners and media specialists Nitin Atroley and Vivek Gupta
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
The Diwali stamp is being issued as a "Forever" stamp, the US Postal Service said in a statement.
'What was said about Muslims was the most important part of the three-day RSS 'seminar'.'
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
World athletics' governing body decided on Friday to maintain its doping ban on all Russian athletes, Sky News reported, quoting unnamed sources, leaving the country's hopes of competing in the Rio Olympics dependent on Olympic chiefs giving special dispensation at a meeting next week. The Council of the International Association of Athletics Federations (IAAF) was meeting in Vienna to decide whether to lift the ban after hearing from a task force that significant doping problems still existed in Russia. The suspension was first imposed in November and extended in March. A spokeswoman for Russia's athletics federation said she could not confirm the reports that the ban had been upheld.
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
'I suspect that in the future you will find American presidents visiting India regularly because it is good politics to do so.'
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
US government lawyers decided to settle a tax fraud investigation of KPMG rather than pursue criminal charges.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
The CMS allows e-adjudication of certain lapses and paying penalties online, doing away with the need to visit an MCA office or go through a legal process.
This could impact non-resident Indians staying in countries such as UAE which does not impose income tax on individuals under local tax laws.
American tennis star Serena Williams rose early on Saturday to get ready for her friend Meghan Markle's wedding to Britain's Prince Harry with a gold face treatment mask and personal make-up artist.
The 24-year-old Indian went down to Anders Boesen of Denmark in the last 16.
Kanetkar thrashed Arnd Vetters of Germany 15-5, 15-0.
Former World Anti-Doping Agency president Dick Pound believes world athletics chief Sebastian Coe is under mounting pressure to find a way for suspended Russian track and field athletes to compete at the Rio Olympics.
The Budget has relaxed a few safe harbour rules that aim to make it easier for fund managers overseeing offshore India-focused funds to relocate to the country.
'On the one hand it will appeal to pan-Hindu sentiment and on the other opposition to it could well strengthen support for the BJP among Hindu voters.'
Images from Saturday's action in the English Premier League.
A sweeping reform package that changes how the scandal-hit governing body of world athletics operates was overwhelmingly passed at a special Congress on Saturday.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
