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Tuesday, September 11, 2007

$$ DreamGains !! $$ Q2FY2008 IT earnings preview: Sharekhan Special dated September 11, 2007

Sharekhan Special
[September 11, 2007] Please see the attachment for details

Sharekhan
www.sharekhan.com

Summary of Contents

SHAREKHAN SPECIAL

Q2FY2008 IT earnings preview

After tough Q1, the frontline tech stocks are estimated to report a marked improvement in their performance during the current quarter. Traditionally, Q2 is one of the best quarters for Indian IT companies. Moreover, the rupee has also stabilised in the range of Rs40.5-41/USD and the average realisation in Q2 could be around Rs40.7/USD, which is almost at the same level as reported by the tech companies in the previous quarters. Consequently, the frontline tech companies are estimated to show a growth of around 9% in their cumulative revenues on a sequential basis.   

Regards,
The Sharekhan Research Team

myaccount@sharekhan.com

 

 

 

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$$ DreamGains !! $$ INDIA SIGNS DOUBLE TAXATION AVOIDANCE AGREEMENT WITH MEXICO

INDIA SIGNS DOUBLE TAXATION AVOIDANCE AGREEMENT WITH MEXICO

 

India signed a Double Taxation Avoidance Agreement (DTAA) with Mexico for the avoidance of double taxation and for the prevention of fiscal evasion with respect to Taxes on Income, here today. This Agreement shall enter into force on a date to be notified in due course. The Agreement also aims at promoting economic co-operation between the two countries. The Agreement was signed by Shri P. Chidambaram, Union Minister of Finance on behalf of the Government of India and Ms.Patricia Espinosa Cantellano, Foreign Minister of Mexico on behalf of the Government of the United Mexican States.

The DTAA between India and Mexico will cover in the case of India, income-tax including any surcharge thereon and in the case of Mexico, the federal income-tax.

The DTAA provides for taxation of dividend, interest, royalties and fees for technical services-both in the country of residence as well as the country of source.

However, the rate of tax in the country of source shall not exceed ten percent of the gross amount of payment in case the beneficial owner of the payments is a resident of the other Contracting State.

The DTAA provides that capital gains from alienation of shares of a company shall be taxable in the country where the company is a resident.

The incidence of double taxation shall be avoided by one country giving credit for taxes paid by its residents in the other country.

There is a provision for exchange of information in cases which are under investigation in either of the two countries.

Both countries shall assist each other in collection of revenue claims.

There is also a provision for limitation of benefits under the DTAA to prevent misuse of the provisions of the DTAA.

The Agreement will further stimulate the flow of capital, technology and personnel between the two countries. It will also contribute to the tax stability and reduce any obstacles in providing mutual co-operation.

 

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