Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return $1.4 billion to Cairn Energy plc - a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay, sources said. Cairn Energy had moved courts in nine countries to enforce its $1.4 billion arbitral award against India, which the company won after a dispute with the country's revenue authority over a retroactively applied capital gains tax. Of these, the December 21 award from a three-member tribunal at the Permanent Court of Arbitration in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France, three people with knowledge of the matter said.
Mumbai, Bengaluru, and Kochi airports have hiked their landing charges by up to 45 per cent, increasing the operating cost for airlines at a time they are facing financial constraints because of the two months of grounding and weak demand.
Finance Minister Arun Jaitley outlined the roadmap of the BJP-led Government for the coming months, saying the Goods and Services Tax (GST) will be a "top priority".
'People know if inflation is not within the tolerance band, then action will be taken so they do not expect inflation to rise above that.'
'The regime -- and particularly the home ministry under Amit Shah -- have sought to suppress and destroy these struggles through intimidation, bullying, threats, through false cases, arrests, custodial torture, the use of draconian laws like the UAPA.'
Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.
The 30-share Sensex dropped 170 points to end at 27,226 and the 50-share Nifty lost 46 points to close at 8,240.
Employee Stock Options (ESOPs) is a significant employer-granted benefit, subject to the perquisite-based taxation system. Employee benefits used to be subject to Fringe Benefit Tax (FBT) earlier. But, now that FBT no longer exists, the earlier perquisite-based taxation has been brought in. So, in a way, this is not a new move but a reversion to the earlier system of taxation.
Says the TRC proposal was clumsily worded.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
With the total tax burden currently at 53 per cent, 19.5 per cent and 56 per cent, respectively for cigarettes, bidis and smokeless, tobacco taxation in India is much lower than the level recommended by the World Health Organisation.
Young Indians seem genuinely enthusiastic about craft brands that are hip, aspirational and have plenty of the novelty quotient, says Dhruv Munjal.
Move could be a major relief to Vodafone.
Mukherjee, who is in Port Louis on a three-day visit, said the Double Taxation Avoidance Convention cannot be seen in isolation, separate from the many strands that weave the tapestry of India-Mauritius relationship and efforts, and it should remain focused on realisation of the full potential of the bilateral ties.
Will Parliament function? Catch all the debates and discussions from the Upper and Lower House.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
Joshi said the Congress is 'led by an infiltrator' and is targeting Modi who hails from a humble family and is a popular leader.
The logic of deregulation was that the consumer was protected no matter what the price of crude. But now the reverse has happened. The government is protected no matter what the price of crude, observes Aakar Patel.
How do we get back to higher trend growth? The heart of the problem lies in private corporate investment, recommends Ajay Shah.
The JWG has had eight rounds of meeting since it was set up in 2006 but no mutually agreeable solution has been arrived at.
The finance minister did very well for equity market investors but not so with families, reveals Mahesh Vyas.
The Centre is in talks with Mauritius with regard to the long-pending revision of the bilateral tax treaty.
With the introduction of the single window clearance provision, pre-production windows are expected to reduce significantly. Not only will it have an impact on the operational cost of the film, it will also allow studios to release films faster.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
Broadly stagnant sales causes the first drop in business activity in over a year.
There were nearly 4,000 cabin crew with Jet when the airline was grounded; every fifth remains without a job to date. One cabin crew member with 10 years of experience has been forced to take up a teaching job; some have branched out into small businesses. Aviation jobs were scarce even before the Covid-19 pandemic arrived on Indian shores in early 2020. The situation has been exacerbated since.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.
Manufacturing taxes, VAT will come down, assures Jaitley
Mauritius on Friday said it has exchanged information related to over 170 cases with India over three years, and the two countries have made big progress on the double taxation avoidance treaty since 2006.
Facing flak over its decision to impose tax at the time of withdrawal on 60 per cent of the contributions to Employees' Provident Fund, the government on Tuesday clarified that only interest accrued on 60 per cent contribution to EPF after April 1, 2016 will be taxed.
10 per cent for those who earn up to Rs 30 lakh a year and 25 per cent for those who earn more, suggests T C A Srinivasa-Raghavan.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
India and Cyprus had entered into a Double Taxation Avoidance Agreement in 1994.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
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