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Double taxation of computer software yet to be redressed
Budget 2009 contained important proposals in regard to exempting packaged software from customs duty, on importation, and on excise duty, with regard to domestic supplies, to the extent that such software is purportedly chargeable to the service tax. The proposals attempted to redress the problem of potential double taxation that arises in regard to such software. Earlier articles in this column had highlighted the problem of double taxation in relation to several transactions including the service taxation of packaged software post the changes announced in the Budget 2009.

Bharti Airtel rings in 24% higher net
Bharti Airtel, the country’s largest telecom company, posted a 24 per cent increase in net profit for the first quarter ended June 30 to Rs 2,516.7 crore — up from Rs 2,025 crore posted last year — in line with market expectations.

News of the day

Oil firms cut ATF prices by 1.6%
For the second time this month, state-run oil companies today cut jet fuel prices to ease the burden on cash-strapped airlines.
Public Company

S Kumars Nationwide shareholders okays QIP issue

Textile company S Kumars Nationwide today said its shareholders have approved the raising of additional funds through private placement of shares to institutional investors. - S Kumars Nationwide FY"09 net at Rs 60 cr - Shree Renuka Sugars raises Rs 506 cr via QIP issue - Hindalco plans to raise Rs 2,400 cr via QIP - Emami to raise funds through QIP - S Kumars to acquire US-based Hartmarx for $119 mn - GMR Infra QIP issue priced at Rs 142 a share In a filing to the Bombay Stock Exchange the company said its shareholders, by way of postal ballots, have approved further placement of shares to qualified institutional buyers (QIBs). Last month, the board had approved raising of an amount not exceeding Rs 1,000 crore through the issue of shares by way of qualified institutional placement (QIP). Further, the shareholders have approved the investment or providing loans or security to overseas subsidiary company, the filing added. Shares of S Kumars Nationwide closed at Rs 45.10, up 4.16 per cent on the BSE.


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