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 [...]
Archive for the ‘Accountancy & Financial Management’ Category
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Infrastructure bonds an attractive option for tax gains
Posted by admin on October 21st, 2010
Infrastructure bonds are an attractive option for those in the high tax bracket. Infrastructure bonds are the latest avenue for investors looking to park funds in debt instruments. A number of companies have announced plans to raise money through this route. While IFCI has already raised Rs 100 crore, this is the first time after additional [...]
BSE, NSE launches special pre-open trading session
Posted by admin on October 19th, 2010
The country’s two premier bourses – National Stock Exchange and Bombay Stock Exchange – on Monday introduced the 15-minute special pre-open trading session, a mechanism under which investors can bid for stocks before the market opens. The mechanism, known as ‘pre-open session call auction’, lasted for 15 minutes (from 9:00-9:15 am). While, this system has [...]
Govt starts audit of economic data on NSC’s behest
Posted by khyati on October 11th, 2010
In a first-of-its-kind exercise, the National Statistical Commission (NSC) has ordered an audit of the process used in the construction of economic data, starting with the Index of Industrial Production (IIP). The move comes amid criticism of the quality of data dished out by various government agencies, including the Central Statistical Organisation. Just last month, [...]
India & Bermuda signs tax information exchange pact
Posted by khyati on October 10th, 2010
India signed a Tax Information Exchange Agreement with Bermuda, the first in a series of such pacts. Officials in the tax department said pacts with at least eight other traditional tax havens had been finalised and would be signed soon. These are the Bahamas, British Virgin Islands, Isle of Man, Jersey, Cayman Islands, St Kitts [...]
Non-furnishing of “all documents” does not violate principles of natural justice
Posted by khyati on October 9th, 2010
Kanwar Natwar Singh vs. Directorate of Enforcement Natwar Singh & Jagat Singh (“Natwar Singh”) were alleged to have dealt in and acquired Foreign Exchange totaling US $ 8,98,027 in respect of some Iraq oil contracts in contravention of FEMA. A notice was issued asking Natwar Singh to show-cause why an inquiry should not be held [...]
