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\".

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).

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.