2 TP Circulars: Less Clarity, More Confusion?

The government has notified certain recommendations that the Rangachary Committee has proposed for the IT sector. The circular issued by the government provide clarity on taxation matters with regard to research and development activities in the IT sector.

Information technology (IT) industry lobby Nasscom said it will discuss with its members the tax demand issued against India's second largest software services exporter Infosys Ltd and take up the matter with the finance ministry, if necessary. On ...

The crisis set off by the Chinese incursion into the Depsang bulge in Ladakh on April 16 was truly unprecedented; so was India's skilful diplomatic manoeuvring that defused it. The tricky, high-stakes moves during the stand-off bordered on ...

The has appealed to Union Finance Minister P.Chidambaram to scrap the service tax imposed on air-conditioned restau- rants. Expressing disappointment over the imposition of 12.36 per cent service tax, the association members said the high amount of ...

Regarding the lag between the announcement and implementation of an non-adversarial tax regime, Kanabar says, "The government must implement the recommendations of the the Shome and the Rangachary Committees to boost investor mood." Kanabar adds ...

Globalisation, coupled with the cost arbitrage proposition, saw the setting up of various forms of development centres here. Propelling the India growth story, the captives scaled up from their low-cost outsourcing status to providing high-value ...

There were growing instances of buyers and sellers failing to quote (PAN), which is mandatory for property transactions above stipulated limits. To set up a mechanism to both report and collect tax at the earliest, particularly for resident ...

In a move that is likely to lead to more transfer pricing litigations, the government has narrowed the so-called 'tolerance band' for international and domestic transactions between two group entities to as low as 1% for some companies. The ...

IT department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four years beginning with the 2005-06 fiscal. Details have been sought about income from work done at Microsoft's Indian research and ...