The Central Board of Direct Taxes (CBDT) has notified the rules providing that provisions of section 206AA should not apply for payments of interest, royalty, fees for technical services and transfer of capital assets.

Trade Frauds, Trade Elasticities and Non-tariff Measures on June 30, 2016 in Kuala Lumpur

The section says that if an Indian company, in which the public are not substantially interested, sells its shares to any residents at a premium price (the aggregate consideration received for such shares as exceeds the fair market value of the shares), then the company has to justify the premium valuation or else the proceed should be taxable under the head \"Income from other sources\".

The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business with the taxman deciding to monitor a host of services conducted by these popular online portals to better fill up the revenue kitty.

Finance Minister Arun Jaitley on Saturday presented his maiden full-year Budget for the 2015-16 financial year in the Lok Sabha. Read the full text of his speech here:

As we know, the India story for the IT sector hinges on being able to globally deploy India-groomed skills as well as drive frugal innovation in various forms (for which the use of start-ups have now become very popular).

India has signed Double Taxation Avoidance Agreement with many countries. The aim is to avoid double taxation of same income. The treaty can be bilateral, that is, apply to only the two countries in question, or multilateral. These treaties benefit institutions and individuals who earn in countries other than their country of residence.

Finance Minister Pranab Mukherjee says the Income Tax Department will not re-open cases where assessment proceedings had been finalised before April 1, 2012.

While the media and entertainment sector has tremendous growth potential, prudent fiscal legislation would help it perform at its potential.

The Income Tax Department slaps a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations.

While getting a good price for a product or a service makes for a savvy buyer, it is equally important to be an intelligent consumer, by getting value for your money.