New Delhi, May 16: The Authority of Advance Ruling (AAR) has held that firms are exempted from deducting the withholding tax on the payments made for services such as transcription and data processing. Allowing the appeal of Chennai-based RR Donnelley Outsource, AAR held that until the work was in the nature of technical, managerial or consultancy, it did not fall under services mentioned under the income tax act.
New Delhi, May 16: The telecom ministry has said only 15 new licences are liable for cancellation because of delayed rollout of network compared with the 69 recommended by Trai and has thus sought the regulator’s views on the same.
Mumbai, May 16: The Reserve Bank of India today said only companies with a networth of Rs 200 crore could use derivatives to hedge against risk of volatility in currency rates.
New Delhi, May 16: The Rs 8,000-crore follow-on public offer of state-run SAIL is likely to hit the capital markets around June 14, while the steel maker will file the prospectus for the issue by the end of this month.
New Delhi, May 16: The Centre has slashed the minimum export price (MEP) of two superior varieties of onions — Bangalore Rose Onions and Krishnapuram onions — by $250 to $350 per tonne. Earlier, the MEP of the two varieties stood at $600 per tonne.
New Delhi, May 16: The committee of secretaries has approved the new index of industrial production, which will come into effect from June 10, with the base year 2004-05, and include ice cream, fruit juices and mobile phones.
New Delhi, May 16: A ministerial panel is likely to meet on May 27 to consider Cairn Energy Plc’s sale of a majority stake in its Indian unit to Vedanta Resources, a full seven days after the current deadline for closing the deal expires.
