INFO-TECH
BUDGET
`ESOPs under fringe benefit tax a surprise'
Bringing employee stock options (ESOPs) under fringe benefit tax (FBT) has come as a surprise, according to Mr Arun Jain, Chairman and CEO, Polaris Software Lab. The FBT by itself is a complex subject and at this point of time, the valuation ...
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Industry welcomes thrust on education; winces at MAT, stock options under FBT
Minimum Alternate Tax: This would impact the entire IT/ITES units, as there is a 12 per cent tax ( approximately) on the adjusted Book Profits, for which the credit can be claimed when the STPI benefits are exhausted in two years and this is a ...
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Budget fails to excite Infosysians
It was business as usual for the rest of Infosys at its Bangalore campus, but for this group of young executives, it was different. While on a normal day, they would be busy number crunching or writing some complex code, on B-Day, they were all ...
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`Move to tax ESOPs a regressive step'
The Budget proposal to levy fringe benefit tax (FBT) on ESOP has not gone down well with the IT sector in Kolkata. Representatives of the IT sector here have dubbed the proposal as "a regressive measure" and said it would have an adverse impact ...
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Hardware sector bets on computerisation, e-gov initiatives
While IT hardware firms in the country feel distanced by the Budget, they are happy that stability in duty structures are maintained. Consumer electronics major Samsung is peeved that "this year's Budget has virtually left the demands of the ...
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IT put on a MAT diet
For the Indian IT industry — recently described by the Prime Minister, Mr Manmohan Singh, as `an industry which is the torch-bearer of India's image in the world' — the Finance Minister's imposition of MAT at an effective rate of ...
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Nasscom disappointed; to take up concerns with Govt
`MAT proposal to be hard on small cos; FDI may be hit'
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Budget fails to cheer telcos
The telecom industry expressed disappointment as none of their major demands found a mention in the Budget proposals. Though the Finance Minister said the Government would consider the industry's suggestion of replacing the existing multifarious ...
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MAIT happy with stable duty regimen
PCs, printers, set-top boxes may cost more
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`Minimal impact on bottomline'
The impact of MAT on company's bottomline would be around 1.5 per cent, after the double taxation is offset, Infosys Technologies' CFO Mr V. Balakrishnan said. This implied that the tax liability of Infosys would have a ...
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`Higher tax liability'
The levy of MAT would result in a higher tax liability for MphasiS, whose tax outgo as a percentage of PBT stood at 3.7 per cent for year-ended March 31, 2006. "Our additional tax liability would be over seven per cent," said ...
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`Case for continuity of STPI'
The very argument that IT companies should pay MAT is a strong case for the continuity of the STPI regime. According to the double tax treaty, tax paid abroad is available as credit to the company. Because of this, players like ...
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STOCKS
ADRs recover
Even as the domestic stock markets slumped by about 4 per cent with the Budget failing to pep up the sentiment, select ADRs listed in the US markets recovered. Leading the gainers' pack was ICICI Bank, whose ADR recovered 3.69 per cent, ...
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TAXATION
IT left hanging
A first reading of the fine print of Budget 2007 seems to suggest that a number of provisions have been proposed which would have an impact on the growth of the IT/ITeS sector itself. The industry was expecting an extension of the tax ...
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Poster boys take a hit
The software companies, which have consistently enjoyed an exalted tax-free status, appear to have finally run out of luck. The markets that had been gearing up for an extension of the tax exemption beyond 2009-10 under Section 10A/10B were ...
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`Move to tax ESOPs will result in double taxation'
Dubbing the Union Budget 2007-08 as `cosmetic', members of the Federation of Indian Chambers of Commerce and Industry - Tamil Nadu State Council (FICCI-TNSC), felt it lacked clarity and focus. At a post-budget discussion on Wednesday, Mr ...
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No high tea for IT
The status-quo-ante in corporate tax and service tax rates proposed in Budget 2007 was expected since tax rates are now at optimal levels. The increase in dividend distribution tax by 2.5 percentage points, bringing ESOPs under the tentacles of ...
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ALLIANCES & JOINT VENTURES
Apollo LogiSolutions, Kale tie up
Apollo LogiSolutions, a subsidiary of Apollo International, is gearing up to automate its Container Freight Station Operations. The company has chosen Kale Consultants to develop a Web-enabled solution that would encompass ...
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SECURITY
New Trend Micro tool
Trend Micro today released the latest version of its messaging security products — InterScan Messaging Security Suite and InterScan Messaging Security Appliance. It has also announced the roll out of InterScan Messaging Hosted Security, ...
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ECONOMIC OFFENCES
Airlines' efforts to check online frauds
To scan purchases of e-tickets using international cards
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