Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: VAT RATES
 
 
News Headlines »
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes

Don't expect tinkering with indirect taxes in Budget: PwC
February, 24th 2010

Barely two months after Mahindra Satyam agreed to pay $70 million to the UK-based mobile payment services firm Upaid in an out-of-court settlement, a fresh row has erupted between the two firms over a tax dispute. Seeking legal help this time, Mahindra Satyam, in a preemptive move, has moved a US court over the tax liabilities of the settlement amount.

The company on Tuesday said it has filed a lawsuit against Upaid in a New York court for a declaration that the settlement agreement is valid and enforceable.

Moreover, it has also sought a firm say on the tax liabilities rising from the settlement payment, including responsibility for complying with tax deduction requirements, from Upaid. Furthermore, it has also sought compensatory damages against Upaid in an amount to be determined during trial, it said.

According to sources placed in the company, the additional tax liabilities, if any, would run up to 0-40%, amounting to around $20 million whereas Satyam, in its announcement to the bourses, has said it has discharged its obligations under the settlement agreement and shall owe nothing further to Upaid.

Also, the company wants Upaid to declare that the disbursement of funds from the escrow account must be made in accordance with Indian law, including any requirement to deduct taxes from the settlement amounts prior to disbursement.

In the out-of-court settlement in December last year, Upaid had agreed to drop all charges against Mahindra Satyam and also provide a royalty-free licence on its patents on a worldwide and perpetual basis. The amount is, however, a tenth of what Upaid had earlier sought for damages from the erstwhile Satyam.

Mahindra Satyam also said it has already deposited the entire $70-million settlement amount into the escrow account provided for under the agreement.

Prior to the settlement, Upaid had filed the lawsuit in a Texas court seeking damages exceeding $1-billion, alleging forgery of documents necessary for transfer of proper title to its under an assignment agreement entered into in 1998, whereas, after the settlement, the Hyderabad-based company is entitled to receive from Upaid including the release of claims, licence of intellectual property and dismissal of pending litigation.

Even if we assume that Satyam has to shell out the additional tax liability, the company has much larger issues to handle and will not affect the operations and stock price, said Apurva Shah, head of research, Prabhudas Lilladher. On Tuesday, the companys scrip closed at Rs 96.85, up by 0.10% on the Bombay Stock Exchange.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions