Tax

Conciliation talks over tax disputes between govt. and Vodafone fall through

Conciliation talks over tax disputes between govt. and Vodafone fall through

The conciliation talks between the Indian government and Vodafone relating to tax disputes of around Rs 20,500 crore (around $3.3bn) have fallen through, The Economic Times (ET) reported.

According to the report, the outgoing Congress-led UPA government has opted out of the conciliation process. Market analysts are of the view that government wants to wash its hands of the tax disputes with the UK-based telecommunications giant.

Nokia will have to pay total tax liability: Finance Ministry

Nokia will have to pay total tax liability: Finance Ministry

Finnish handset maker Nokia will have to clear its total tax liability, a senior finance ministry official said.

Nokia recently offered to pay around Rs 2,250 crore to income tax (I-T) department towards its tax liability estimated at around Rs 6,500 crore. But, the I-T department rejected the offer, saying it was unacceptable.

A few days back, Finland's Foreign Minister Erkki Tuomioja also urged the Indian government to resolve the tax dispute before 12th of December so that Nokia's Indian assets could also be transferred to Microsoft as per the two companies' US$7.2 billion deal.

Delhi HC asks tax dept to take a decision on Nokia’s offer

Delhi HC asks tax dept to take a decision on Nokia’s offer

The Delhi High Court on Thursday asked the Income Tax (IT) department to take a decision on Nokia's offer to pay a minimum deposit of Rs 2,250 crore towards its tax liability.

A bench of Justice Sanjiv Khanna and Justice Sanjeev Sachdeva said that the IT department could say yes or no on the offer but it had to take a decision.

The HC bench said, "You (IT department) have to take a decision. Say yes or no. If it is acceptable say yes, if not, say no. Either way but you can't say we will not decide."

Wipro accuses BBMP of resorting to ‘arm-twisting’ to recover tax dues

Wipro accuses BBMP of resorting to ‘arm-twisting’ to recover tax dues

Information technology (IT) giant Wipro has accused the Bangalore municipality of resorting to high-handedness and arm twisting tactics to force the company to pay alleged property tax dues.

Wipro on Thursday alleged that some officials and corporators of Bruhat Bangalore Mahanagara Palike (BBMP) reached its Sarjapur-based campus and used high-handedness and arm twisting tactics for around seven hours.

The company added that the action was taken without issuing any prior notice to the company.

Union cabinet mulling Direct Taxes Code Bill 2013

Union cabinet mulling Direct Taxes Code Bill 2013

The union cabinet is considering the Direct Taxes Code (DTC) Bill 2013, which aims to revamp the country's nearly 5-decade old income tax law.

A government source on Wednesday said the DTC Bill 2013 was on the agenda of cabinet committee's Thursday meeting.

The Bill proposes many significant changes to the country's income tax law, including a higher 35 per cent tax for the super-rich, and introduction of a wealth tax on several new assets like expensive paintings and watches.

The proposed 35 per cent tax will be charged from people earning more than Rs 10 crore.

Indians Have Shell Firms in Tax Havens, Says ICIJ

Indians Have Shell Firms in Tax Havens, Says ICIJ

Along with 38 media organizations around the world, comprising Indian Express, International Consortium of Investigative Journalists (ICIJ) has announced that a total of 612 Indians have shell firms in tax havens.

According to the report, the list of these people includes those businessmen, who had a brush with varied authorities, including the CBI and the Income-Tax department.

Service tax department freezes AI, Kingfisher bank accounts

Service tax department freezes AI, Kingfisher bank accounts

Cash-strapped Air India and Kingfisher suffered a major blow on Thursday, when Mumbai's service tax department froze the bank accounts for non-payment of dues.

According to the service tax department, Air India and Kingfisher owe the department Rs 150 crore and Rs 70 crore respectively. It may be noted here that the two airlines collected the amount from passengers but didn't pay to the exchequer.

DLF gets I-T notices for Rs 1703 crore

DLF gets I-T notices for Rs 1703 croreDLF has disputed the orders of the income tax authorities and placed them before the higher authorities claiming that the former have imposed on it increased taxes worth Rs. 1,700 crore apart from the actual taxes that it is liable to pay for the financial year of 2008 and 2009.

India signs DTAA with Colombia to avoid double taxation

India signs DTAA with Colombia to avoid double taxationRecently a double taxation avoidance agreement (DTAA) has been signed between India and Colombia. Tax stability not only for Indians but also the citizens of Colombia is what is expected out of the same.

Besides that helping in flow of investment, technology between the two countries and other mutual economic co-operations are expected to come out of the agreement.

India Inc looks for reduction in service tax and excise

India Inc looks for reduction in service tax and excise

On Tuesday, India Inc advised finance minister Pranab Mukherjee not to lift excise duties and services tax through the recent 10 per cent stage and abide by the crest customs duty of 10 per cent during the approaching Union Budget for 2011-2012 consequently that the industry could maintain the development impetus of the economy.

India Inc in addition wanted a discount in corporate tax from 30 per cent to 25 per cent and the elimination of surcharge and cess in a way additional fund are unrestricted for investment.