China agrees to cut tariffs on Indian cancer drugsChina said on Monday it had reached an agreement with India to reduce tariffs and increase imports of Indian medicines, particularly anti-cancer drugs. The decision was part of its efforts to broaden trade relations amid its on-going spat with the United States. Both India and China slashed import tariffs of a range of products starting July 1, following the fourth round of negotiations under the Asia Pacific Trade Agreement (APT...

The Income Tax Department seized the shares after issuing Cairn with a Rs 10,247 crore tax demand on capital gains made on at the time of the sale of business to Anil Agarwal-led Vedanta.

The Walmart-Flipkart deal is a possible nightmare for the tax department given the complex holding structure of the Indian e-commerce giant.

The tax on the deal arises due to indirect transfer provisions of Indian income tax laws. The tax provisions say income arising out of transfer of share of a company registered outside India is taxable in India, if such shares derive substantial value from assets located in India.

The largest-ever deal in India's booming e-commerce space is in its final leg. Flipkart, country's biggest e-talier, has bought back over 1.8 million shares worth more than $350 million from minority investors, clearing the decks before its sale to Walmart.

The action comes ahead of the beginning of the final hearing in the arbitration initiated by Cairn to oppose the retrospective tax demand which was raised on a 2006 internal reorganisation of the firm's India unit, called Cairn India.

Finance minister Arun Jaitley told a news channel that the budget for 2018-19 estimates this tax collection during 2018-19 as Rs 20,000 as all earnings till January 31 this year are exempt from the tax under the grandfathering clause to avoid retrospective taxation.

Ahead of the Budget, corporate America has urged Finance Minister Arun Jaitley for further reduction in tax uncertainty for multinational companies and institutional investors, a step which it said would help attract more foreign direct investments to India.

Thomas Reisten worked with Vodafone India for four years, and now he would move to a new senior role in the Vodafone Group.

But with the Supreme Court now allowing it to initiate a second arbitration process under the India- United Kingdom Bilateral Investment Protection Agreement (BIPA) pact, things may be finally moving towards resolution.

The latest news is that Japanese automaker Nissan Motor has begun international arbitration against the country seeking dues of more than $770 million, for alleged violations of its Comprehensive Economic Partnership Agreement with Japan.

Japanese automaker Nissan Motor has begun international arbitration against India to seek more than $770 million in a dispute over unpaid state incentives, according to a person familiar with the matter and documents reviewed by Reuters.

Uncertainty over taxation of income from digital businesses of multinational companies is back in headlines.

The methods of paying the arrears to Odisha state government employees are yet to be decided, though.