An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
The Central revenue department is inquiring into the payment of service tax by the event management firm which had organised the controversial Thinkfest on behalf of the Tehelka magazine.
The country's largest airline IndiGo on Thursday reported more than doubling of its net profit to Rs 1,894.8 crore in the three months ended March 2024 and announced the introduction of business class in select routes this year. The strong performance in the latest March quarter, which also marks six consecutive quarters of profitability, was fuelled by higher traffic, increased capacity and a favourable external environment.
'The nominal GDP growth assumption for FY25 may be revised upwards on higher growth expectations.'
Although his sport soon fully embraced professionalism, the Olympics has remained free from prize money, though athletes in many sports can expect hefty bonuses from sponsors for triumphing in the biggest shop window of all.
Despite the robust growth in this country, Apple's India share in its overall global sales remained modest -- constituting 1.5 per cent of its overall turnover of $389 billion in FY23.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
National Commission concluded that false and baseless allegations had been made in the complaint to claim a highly exaggerated and atrocious amount of compensation.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
'It is in the interest of China and Pakistan to give a bad name to the Indian Army and remove AFSPA 'completely' from the north east.' 'Hopefully, better sense will prevail and the ground realities of the army countering insurgency in the north east acknowledged,' asserts Lieutenant General Prakash Katoch (retd).
Thrust on infrastructure and capital expenditure is expected to continue in the Union Budget for FY25.
Geopolitical events, macroeconomic data and quarterly earnings of corporates would guide the stock market in a holiday-shortened week ahead, analysts said. Stock markets will remain closed on Wednesday for Ram Navami. "This week promises to be crucial for the market as fresh worries about a potential conflict between Iran and Israel emerge.
Wardak had taken charge as the acting ambassador of Afghanistan to New Delhi since late last year after working as the Afghan Consul General in Mumbai for over two years.
Finance Minister Nirmala Sitharaman on Monday asked enforcement agencies to go after 'big fish' involved in drug trafficking, saying they need to find who is sending 'mountains' of illegal drugs into the country.
The climate for 'doing business' remains forbidding, taxtortion is still rife, corruption at state and district levels has increased, oil prices remain extortive with high taxation, and the continued red tape has kept the enterprise system as stifled as before, points out Debashis Basu.
Singh was under investigation by the federal agency as part of the case lodged under the Prevention of Money Laundering Act (PMLA) against an educational trust run by his wife and former legislator Kanta Andotra, they said.
As the heavy rains continued on Wednesday also, Orange alert was sounded in 12 of the 14 districts of the state for the day.
The humans have "selective amnesia" about the significance of forests, the Supreme Court said on Thursday while advocating the need for a change in approach towards natural resources from anthropocentric to ecocentric.
The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.
All the details from the meetings of the Committee of Administrators (CoA) held on July 6 and on June 29
The Enforcement Directorate (ED) has attached 8.86 acres of land in Ranchi allegedly owned by former Jharkhand chief minister Hemant Soren as part of a money laundering investigation against him and his associates, the federal agency said on Thursday.
Search of two premises of a firm called Apex Medichem Private Limited on Saturday led to the seizures, he said.
The federal probe agency obtained these receipts from two Ranchi-based dealers and attached those to its charge sheet filed against the 48-year-old Jharkhand Mukti Morcha (JMM) leader and four others last month.
'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'
Tourist centres have been closed in many districts, including Kottayam and Thiruvananthapuram, and a night travel ban has been imposed in the hilly areas of Idukki district.
The court directed the CBI to investigate allegations of crimes against women and forcible land grabbing in Sandeshkhali and submit a comprehensive report to it on the next date of hearing.
The authorities have issued flood alert to the people living in the low lying areas and also along river banks in as many as nine districts.
The Central revenue department is inquiring into the payment of service tax by the event management firm which had organised the controversial Thinkfest on behalf of the Tehelka magazine.
The thinking at the Centre is that since the RBI has ramped up purchases of government bonds, the interest earned on them will be transferred to the exchequer as dividend.
Kailash Gahlot was divested of the Law and Justice portfolio in the Aam Aadmi Party government on Friday, a day after Lieutenant Governor V K Saxena recalled files related to judicial infrastructure and administration in New Delhi as they remained pending with him for months, officials said.
Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
Nineteen people have been killed in rain-related incidents in Uttar Pradesh in the past 24 hours, the state relief commissioner's office said Monday evening.
The development comes in the wake of an indefinite hunger strike launched by activist Manoj Jarange in Jalna district on Wednesday to demand reservation for the Maratha community.
The Army has now fallen behind the other two services for four years in a row.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
The mishap occurred around 12.30 pm on Saturday in the chemical mixing room of the firecracker-making unit in the village.
The BCCI stands to lose revenues to the tune of Rs 2500 crore if the 2021 edition of Indian Premier League (IPL) is not completed.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
Amid a fresh wave of protests in Maharashtra over the Maratha quota demand, authorities in Dharashiv district of the state on Wednesday started distributing Kunbi caste certificates to the eligible Maratha community members, paving the way for their inclusion in the OBC category.
This is the first time in the history of the airport operator that revenue crossed Rs 10,000 crore.
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