In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Do not declare them under Income Tax.
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