Category: Wipro

Benchmarks trim losses; trade continues in red

Indian equity markets trimmed their losses and continue to trade weak in late morning session on account of selling in frontline blue chip counters. Sentiments remained down-beat with the repot that the Finance Ministry has cut its ambitious disinvestment revenue target by 57% to Rs 30,000 crore for the current… – Continue reading

India: Foreign Tax Credits Available For Exempt Indian Income: Karnataka High Court

Foreign tax credit available to taxpayers even on a portion of exempt income. Exempt income (under section 10A) is chargeable to tax under section 4 and 5 of the ITA although no tax may actually be payable. Actual payment of the tax is not necessary for claiming foreign tax credits…. – Continue reading

Shome, Senapaty, Pai and Bala set up tax think-tank

BENGALURU: Parthasarathi Shome, who is chairman of the Tax Administration Reforms Commission (TARC) of the Union finance ministry, together with and former Wipro CFO Suresh Senapaty, has formed a taxation think-tank that will be based in Bengaluru.  Called International Tax Research Foundation (ITRF), the think-tank will study and understand the… – Continue reading

The Hindu Business Line

BENGALURU, MARCH 19: IT major Wipro has won a legal victory with the Karnataka High Court allowing it to save a significant amount in taxes from its overseas operations. The judgment is likely to have an impact on Indian companies that have overseas operations. US taxes In a ruling on… – Continue reading

India: Sham Transactions: Recent Developments In Indian Tax Law

Delhi Tribunal holds that the mere fact that one of the steps in a transaction resulted in capital loss for the taxpayer would not make the series of transactions a sham. Karnataka High Court holds that shares bought at a premium, and sold at a lower value to individuals (ex-employees… – Continue reading

50% of H-1B visas in 2013 went to offshore companies, mostly in India

WASHINGTON, DC: As the US Citizenship and Immigration Services (USCIS) opened its doors to this year’s round of H-1B visa applications, data show that about 50% of last year’s H-1B visas were granted to offshore companies, and the top two of those are based in India – Infosys and Tata… – Continue reading