Income Tax department told the division bench of the Bombay High Court that it has the jurisdiction to levy tax on the $11-billion acquisition of telecom major Hutch-Essar by Vodafone.
Payment made in kind too is liable to be taxed in India, said the Supreme Court in a ruling last month.
Minimum alternate tax (MAT) - a levy typically aimed at collecting tax from companies enjoying exemptions - is not payable by foreign companies not having a permanent establishment in India, according to a recent verdict by the Authority for Advance Ruling.
The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled.
Diageo, the world’s largest maker of alcoholic drinks including Johnnie Walker whisky and Smirnoff vodka, plans to launch some local brands in India after a break of eight years, a senior company official said.
Girish Dave, the former chief commissioner, had joined KPMG after his retirement, a move that was looked at askance by the higher echelons of the Indian Revenue Service.
This is the latest twist to the two-year dispute between tax authorities and third party administrators, or TPAs.
Taxpayers who claim exemption from capital gains tax by furnishing a residency certificate of Mauritius had better watch out.
Indian tax decisions are serving as precedents for tax regimes in other countries . The most recent example has been the tax authorities’ decision to levy tax on the $11-billion acquisition of Hutch-Essar by Vodafone.
Indian companies are estimated to have paid 18% higher tax in the June quarter, compared with the year-ago period, signalling strong recovery in the economy.
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