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.

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

The Income Tax Department has slapped a Rs 32,320 crore demand in tax, interest and penalty on Hong Kong-based Hutchison for alleged capital gains it made on the USD 11 billion sale of its mobile business in India to UKs Vodafone Group in 2007.

In a filing to the Hong Kong stock exchange, CK Hutchison Holdings Ltd said its unit, Hutchison Telecommunications International Ltd (HTIL) has been served with a tax demand of about Rs 7,900 crore, Rs 16,430 crore of interest and another Rs 7,900 crore in penalty.

In a filing to the Hong Kong stock exchange, the company said its unit Hutchison Telecommunications International Ltd had late last year received a tax demand notice of Rs 7,900 crore and on August 9 received a penalty order of a similar amount.