Shares of a non-resident company, which have been transferred, as per the facts of the case, could in no way be said to be situated in India.

Is the ‘assessee in default’ amendment aimed at Vodafone?

Does Vodafone have something to worry about in the latest Finance Bill? Seems so, according to tax experts, who cite the proposed amendment to Section 201 of the Income-Tax Act, 1961 about ‘assessee in default’.
Significantly, the planned tax change is to be retrospective, travelling backwards by more than five years.

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The hallmarks of good governance

Ancient wisdom for the Budget season

He is ‘the light of kings’ who has bounty, justice, care and grace, reads Kural 390 of Thiruvalluvar, as translated by Suddhananda Bharati, in a chapter titled ‘the grandeur of monarchy’. The Finance Minister, P. Chidambaram, adapted the couplet to read, ‘Generous grants, compassion, righteous rule and succour to the downtrodden are the hallmarks of good governance,’ towards the end of his Budget Speech.

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'For most TDS provisions, there is no requirement for the payer to be a resident'

Can TDS provisions be made less tedious?

You can blame it on the abbreviation, but TDS (tax deduction at source) rhymes with tedious, as if in empathy with the plight of tax students and practitioners.
To add to the dreariness of the exercise involved in the levy, there is a perception that the TDS rates are too high, and that the Government is bent on keeping the rates at a particular level, since the collection impacts the cash flow.
“No, not all the rates are high,” says Mr Ketan Dalal, Executive Director, PricewaterhouseCoopers. “For example, the rates on salaries mirror the normal tax rate and others, such as on interest or several cross-border payments, seem to be appropriate.”

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The need to simplify Indian tax laws

Budget preoccupations of professionals

In the run-up to Budget 2008, Business Line has been interacting with many accounting and tax professionals to know their views on what proposals are needed. Here are a few snatches. Individual taxation.
“It is that time of the year when everyone waits with bated breath to check out the benefits that may be dished out by the Finance Minister in his Budget,” says S. Rajesh, Tax Director, Global Tax Advisory Services, Ernst & Young (E&Y). Not many tax benefits have been given to the individual taxpayers in the past few years despite the buoyancy in the economy and increase in direct tax collections, he adds.

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