Bajaj Auto Ltd on Monday said due to withdrawal of the indexation benefit and change in tax rate, the accounting provision for deferred tax on investment income needs to be restated. “In compliance with Ind AS 12, the Company was making accounting provisions for Deferred Tax as per applicable law on fair value gains on these investments,” Bajaj Auto said …
In a significant turn of events, the Ministry of Finance has reversed its earlier decision and announced that credit card transactions conducted abroad will be exempt from the tax collected at source on foreign transactions. The Ministry of Finance decided to postpone the implementation of TCS on credit card transactions abroad to provide banks and card networks with sufficient time …
