A leading tax tribunal has said that banks are not liable to pay minimum alternate tax (MAT) since they are governed by the Banking Regulation Act and prepare their accounts differently. The Income Tax Appellate Tribunal (ITAT), Mumbai, which passed an order in the case of Krung Thai Bank, said that MAT provisions come into [...]
Archive for the ‘Income Tax’ Category
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Cos default on TDS transfers to I-T dept
Posted by khyati on October 14th, 2010
Collecting TDS from employees and not transferring it to the income tax (I-T) department has become a common practice, as the department discovered last week during a series of surveys on firms specialising in producing TV programmes. The survey was carried out to verify whether tax was deducted under the provisions of tax deducted at [...]
IPL money trail leads to tax haven of British Virgin Islands
Posted by khyati on October 13th, 2010
In a major breakthrough, sleuths have closed in on the actual beneficiaries of the Rs 425 crore facilitation fee that Multi Screen Media, Singapore, allegedly paid Mauritius-based World Sports Group as payoff for IPL telecast rights. Sources said investigators have successfully trailed a Rs 125 crore remittance to a firm, Park House Holdings Ltd, in [...]
Does Indian taxpayers’ have the right to be taxed the least?
Posted by khyati on October 12th, 2010
There are so many exemptions that one sometimes finds overlapping exemptions and two exemptions for the same item with slightly different nomenclature and conditions, says Sukumar Mukhopadhyay. The thesis that the taxpayer has the right to be taxed the least amounts to saying that if he is faced with two exemptions, which are applicable to [...]
NRIs need to be cautious, longer stay will increase tax liability
Posted by khyati on October 12th, 2010
Domestic households savings contribute significantly to India’s overall domestic savings rate. The credit goes to the Indian tax laws to a certain extent, as they provide tax incentives to individuals to invest in some specified tax-saving instruments. Section 80C of the Income Tax Act (Act) provides for a deduction of Rs. 1 lakh in certain [...]
Why was the hon’ble High Court compelled to throw out Vodafone’s case by dismissing the writ?
Posted by khyati on October 11th, 2010
Hutchison Essar is an Indian Company, the controlling interest of Hutchison Essar is held by an SPV of Cayman Island (CGP Investments Holding Ltd). CGP is owned by Hutchison Telecommunications International Ltd (HTIL), Hong Kong. In this manner the controlling interest of Hutchison Essar is held by HTIL, Hong Kong through an intermediary Cayman Island [...]
