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Microsoft nets $620 million benefit on top court withholding tax verdict SECTIONS Last Updated: Apr 29, 2021, 12:07 AM IST Share Synopsis In March, the apex court said companies that distribute software of overseas entities in India are not liable to withhold tax AP Technology giant Microsoft said it had recorded a $620 million income tax benefit in the March quarter due to the Supreme Court’s verdict on withholding taxes for software sales and on an agreement between India and the United States on transfer pricing. In March, the apex court said companies that distribute software of overse...

Facebook blocks #ResignModi posts for hours as India's Covid crisis grows SECTIONS Last Updated: Apr 29, 2021, 10:56 AM IST Share Synopsis ​Facebook said it barred the hashtag by mistake and not at the behest of the government, without elaborating. Facebook periodically blocks hashtags for a variety of reasons, some manually but many also based on automated internal guidelines. Facebook said it barred the hashtag by mistake. Facebook blocked posts tagged #ResignModi before restoring them hours later, stoking a controversy that’s erupted over government requests to remove social media cont...

Baring Asia puts Hexaware on sale for $2.5-$3 billion SECTIONS Share Synopsis The Hong Kong-based buyout fund has initiated the process by mandating investment banks Barclays and JP Morgan to find buyers at a valuation of Rs 18,500 crore – Rs 22,200 crore ($2.5-$3 billion), multiple people aware of the development said. Agencies Baring acquired a controlling stake in Hexaware in 2013 from promoter Atul Nishar and PE firm General Atlantic, followed by acquisition of shares from public shareholders, which took its holding to 71.25%. Baring Private Equity Asia has decided to sell Hexaware Tech...

We'll soon meet in your inbox. Please wait... Workers at huge technology service providers Accenture and Wipro say teams are working 13-14 hours daily, under growing pressure and struggling to deliver on projects as staff call in sick and take time off to care for friends and relatives. They play down any threat of a collapse in operations - but at stake if the surge continues is the infrastructure put in place by the world's biggest financial companies in cost-cutting drives that have left them deeply-reliant on the big Indian offices. "Employees have contracted Covid-19 since the second ...

We'll soon meet in your inbox. Please wait... The Australian Competition and Consumer Commission (ACCC), in a digital platforms services inquiry interim report, said app developers should be allowed to provide customers with alternative payment options and data collected by Google and Apple should be kept separate from their other operations. The ACCC also called for consumers to be allowed to change or remove pre-installed or default apps. "We have identified a number of areas where action is required and have put forward potential measures to address areas of particular concern," ACCC Ch...