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Delhi ITAT: Tax payable on import of all software

October 29th, 2010

Tax is payable on import of all software, even if the sale does not involve exercise of copyright, according to a Delhi tax tribunal order in a case relating to Microsoft.

While the order, passed on October 28, is significant in terms of the liability to withhold tax from payments made while importing software, the Delhi Income-Tax Appellate Order (ITAT) attracted the attention of tax professionals on account of its observation that questioned the sanctity of tax treaties.

In the order, which may spark multiple litigations, the division bench of ITAT observed that it is not necessary that provisions of tax treaties always override

IT raids CWG contractors, 60 locations across India

October 29th, 2010

The income tax department raided contractors and firms at 60 locations across India in connection with alleged irregularities in Commonwealth Games (CWG) contracts, an official said.

“The raids are being conducted on the premises of some contractors and firms as part of a probe to detect alleged financial irregularities in the organisation of the Commonwealth Games,” said an income tax official.

The raids took place in New Delhi, Kolkata, Bangalore, Mumbai and Jharkhand.

“The probe will specifically look into the contracts awarded by the Games Organising Committee (OC)

RBI expected to raise interest rates for 6th time this year

October 29th, 2010

The Reserve Bank of India is expected to raise interest rates for the sixth time this year on Tuesday to battle stubborn inflation that remains well above its comfort zone of 5-6 per cent.

Most economists expect the Reserve Bank of India (RBI) to raise key rates by at least 25 basis points at its quarterly review on Nov. 2 and another quarter percentage point before the fiscal year ends in March.

The RBI’s key lending rate, or the repo rate, at the end of March 2011 is seen at 6.5 per cent, from 6 per cent now, while the reverse repo rate, or borrowing rate, is seen at 5.5 per cent, from 5 per cent now.

State prisons dept likely to use Raju’s expertise in country’s first prison BPO

October 29th, 2010

Disgraced Satyam chief B Ramalinga Raju could be ruing his fate after the Supreme Court on Tuesday cancelled his bail but the apex court’s directive has brought a smile on the face of the state prison chief. The state prisons department is toying with the idea of using Raju’s expertise in handling operations at the country’s first prison BPO unit, which is all set to start operations on Nov 1.

Though on a trial basis for now, prison officials hope that the BPO project would benefit IT from IT czar Raju’s experience, in making such projects a profitable venture. Well, this is assuming that his health permits him to stay behind bars and not in a

AG: Multi-crore PF scam has shaken faith in judiciary

October 29th, 2010

The involvement of as many as 30 judges in the multi-crore provident fund scam has shaken the confidence of people in the judiciary, attorney general G E Vahanvati told the Supreme Court on Thursday while arguing for CBI’s application seeking transfer of the trial from Ghaziabad to Delhi.

“If there is a case in last two or three years which has shaken the confidence of people in judiciary, it is this case,” the AG told SC and said since six accused district judges, including three who later become judges of the Allahabad High Court, and witness judges officiated at some point of time in Ghaziabad, it needed to be

Insurance council recommends inclusion of ayurveda, unani & siddha in Health cover

October 29th, 2010

A panel formed by the insurance council will probably recommend that domestic healthcare systems such as ayurveda , unani and siddha should be treated on par with allopathy when it comes to medical insurance, said a person familiar with the committee’s thinking.

“The department of Ayush has approached the General Insurance Council for looking at the possibility of accepting claims under the non-allopathic means of treatment,” said a person familiar with the development at the Council. “They made a presentation to council members, who in turn, have formed a three-member committee to look into the matter.”

The committee comprises chief executive officers from Star Health, Max Bupa and Apollo, the person said. It would examine the merits and demerits of the proposal and recommend processes to implement if

Delhi ITAT: Tax payable on import of all software

IT raids CWG contractors, 60 locations across India

RBI expected to raise interest rates for 6th time this year

State prisons dept likely to use Raju’s expertise in country’s first prison BPO

AG: Multi-crore PF scam has shaken faith in judiciary

Insurance council recommends inclusion of ayurveda, unani & siddha in Health cover

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