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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Supreme Court defers till Wednesday hearing on Sahara Group's plea.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada's Quebec province, where Indian sovereign assets have been identified. It hasn't said what it might go after but assets could include Air India's planes, vessels belonging to the Shipping Corporation of India and property owned by state banks.
As per the latest data, the number of taxpayers getting refunds is up by 62 per cent from 1.22 crore refunds in the corresponding period of the last fiscal.
The Enforcement Directorate (ED) may initiate a money laundering investigation over the framing and execution of the Aam Aadmi Party government's excise policy, official sources said on Friday after the Central Bureau of Investigation raided Delhi Deputy Chief Minister Manish Sisodia and others in the matter.
Agitators squatted on railway tracks at various places, leading to cancellation, short-termination and diversion of several trains.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Amazon India has decided to shut down 'Amazon Distribution', according to sources. This follows its recent decision to shut its food delivery and edtech offerings. The moves are part of the annual operating planning review process amid global macroeconomic uncertainty. The e-commerce giant is looking to focus on its core businesses, sources said.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
In the wake of the Supreme Court order on razing of the illegal twin towers of Supertech, NOIDA CEO Ritu Maheshwari on Monday said the demolition process will begin on site within two weeks. She said NOIDA (also called the Noida Authority) has already convened a meeting on Wednesday at 12 noon in compliance with the apex court directives. The SC on Monday directed it to commence "within two weeks" the demolition of the realty major's twin 40-storey towers of its Emerald Court project in Sector 93A of the city.
MSIL has been asked to suggest a new formula.
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Indian airlines have also been advised separately to give relief, an official said.
Holders of tickets for the Tokyo Olympics face an anxious wait as the future of the Games hangs in the balance, following media reports they might not get a refund in case of a postponement or cancellation.
HPL management's control will go to the promoter who gets access to the 155 million shares block.
The owner can pay registration fee for two years and the other amount in instalments in later years, in multiples of two.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The BCCI on Wednesday extended the deadline for purchasing the tender document for the new Indian Premier League teams by another 10 days till October 20.
A tweet from a user who goes by the handle '@Vikash67456607' triggered a major Twitter backlash, with the hashtag 'Reject_Zomato' trending on top at the microblogging site. In response, Zomato apologised to Vikash and also issued a statement both in Tamil and English, stressing that the company stood for diversity.
Spain captain Sergio Busquets has tested positive for COVID-19, the national team announced on Sunday eight days before their first match at Euro 2020.
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on December 31 and discuss, among other things, report of the panel of state ministers on rate rationalisation. This will be a physical meeting, which will also discuss correction in duty inversion in certain goods. The 46th GST Council meeting will be held on December 31 in Delhi, an official said, adding that it will be an extension to the pre-budget meeting with state finance ministers on December 30. The Group of Ministers (GoM) on rate rationalisation will submit report to the Council.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
'...Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.' 'So, there are a number of measures directed at collecting a fair share from higher income individuals.'
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The ED case of money laundering in the excise policy stems from a CBI FIR in which Delhi Deputy Chief Minister Manish Sisodia and some bureaucrats have been named as accused. The excise policy has been rolled back now.
The tussle between the AAP government and the Centre escalated on Tuesday with the cancellation of appointment of nine advisors to Delhi ministers following the Union home ministry's directions which said these posts were "not sanctioned".
The CBI inquiry was recommended on Delhi Chief Secretary's report filed earlier this month, showing prima facie violations of GNCTD Act 1991, Transaction of Business Rules (ToBR)-1993, Delhi Excise Act-2009 and Delhi Excise Rules-2010, they said.
The guidelines by an expert committee, set up for revising the academic calendar in view of the COVID-19 pandemic, have been accepted by the UGC and accordingly universities have been recommended a six-day teaching learning schedule every week.
The fifth and final Test between India and England, which was suspended due to a COVID-19 outbreak in the visitors' camp last month, was on Friday rescheduled to July next year.
Manchester United confirmed they will refund season ticket and ticket holders for games held behind closed doors and made a plea for supporters to stay away from matches.
Though the income tax rates are reasonable, our tax laws can hardly be called stable because of constant amendments.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the Group to its creditors on pro-rata basis. The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms -- IL&FS, IFIN and ITNL. "The interim distribution shall be confined only to the entities as reflected in Annexure-6 except those excluded and for the amount of Rs 16,361 crores i.e Rs 11,296 crore of cash and Rs 5,065 crores of InvIT Units," said an order by a two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan.
The minister also said a directive was issued on Sunday to airlines, restraining them from doing open bookings since they did not heed to government's advice in the matter
