TAX BY MANISH: Case Laws Update
The AO alleged that the obligations made to sub-arrangers by the taxpayer were in the type of charge for technical services (“FTS”) under the Act and were to be disallowed in the lack of taxes withholding thereon by the taxpayer. On appeal by the taxpayer, the CIT(A) kept that sub-arrangers fees paid by the taxpayer was in the nature of brokerage / commission payment and not FTS.
Accordingly, the taxpayer had not been obliged to withhold taxes on such fees. However, the CIT(A) upheld the order of the AO regarding the deductibility of un-amortized balance and held that during the relevant AY, the taxpayer was permitted state deduction limited to the total amount actually amortized in the books of accounts.
Yet, one comes across graft and venality in lifestyle rarely. A couple of no false detentions (as with Russia), spurious traffic tickets (such as Latin America), or widespread stealthy payments for public goods and services (as in Africa). It is widely accepted that corruption retards growth by deterring international investment and stimulating brain drain. It leads to the misallocation of financial distorts and resources competition. It depletes the affected country’s endowments – both natural and acquired. It demolishes the tenuous trust between state and resident. It casts civil and government institutions in doubt, tarnishes the whole political class, and, thus, endangers the democratic system and the rule of law, property rights included.
- Gilt Schemes
- American Samoa, Tonga, Kuwait and Qatar are amongst countries with the highest rates of weight problems
- ► Oct 14 (1)
- Local fruits delivered weekly to the office
- Consumer tastes of foreign/domestic goods
- The job loss of late 2007/2008 speed up the process
- Cleaning the result using IFERROR
This is the reason why both government authorities and business show a growing dedication to tackling it. According to Transparency International’s “Global Corruption Report 2001”, corruption has been successfully contained in private banking and the gemstone trade, for instance. Hence also the participation of the World Bank or investment company and the IMF in fighting corruption. Both institutions are concerned with poverty reduction through economic growth and development increasingly.
The World Bank or investment company estimates that problem reduces the development rate of the affected country by 0.5 to at least one 1 percent each year. Graft portions to a rise in the marginal tax rate and has pernicious results on inward investment as well. The World Bank or investment company has appointed this past year a Director of Institutional Integrity – a fresh section that combines the Anti-Corruption and Fraud Investigations Unit and the Office of Business Ethics and Integrity.
The Bank or investment company helps countries to combat corruption by giving them with specialized assistance, educational programs, and financing. Anti-corruption tasks are a fundamental element of every Country Assistance Strategy (CAS). THE LENDER also supports international efforts to lessen corruption by sponsoring conferences and the exchange of information. It collaborates closely with Transparency International, for instance. On the request of member-governments (such as Bosnia-Herzegovina and Romania) it has prepared detailed country corruption research covering both the community and the private sectors. With the EBRD Together, it publishes a problem survey of 3000 firms in 22 transition countries (BEEPS – Business Environment and Enterprise Performance Survey).