The Delhi High Court has ruled in favour of broadcast companies in the case pertaining to Hong Kong based-satellite operator AsiaSat. It has said that payment to foreign satellite companies are not liable to tax, reports CNBC-TV18.
During the proceeding of the case, taxmen argued that payments made to satellite companies should be taxable and treated as royalty. However, the HC ruled that broadcast companies can save up to 10-20% in withholding tax. PwC was the sole advisors for AsiaSat.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
