Officer's Choice Whisky is on the verge of becoming the third Indian spirit brand to sell over 10 million cases.
The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008.
The government may end up with a shortfall of close to Rs 60,000 crore against the target for direct tax collections for FY09, given the slowdown in the economy, according to senior tax department officials.
The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09.
The Income-Tax department has sent letters to the Mauritius government seeking information on the nature of business carried out by the Mauritius-based subsidiaries through which Hutchison International had sold its stake in Indian telecom major Hutchison-Essar to Vodafone.
Pope feels closure of such offshore banks is the first step out of the current crisis.
Income-Tax department is scrutinising cos that have set up subsidiaries or units in SEZ after it found that many of these firms were using their SEZ operations as a vehicle for claiming undue tax benefits.
CBDT is considering a proposal that will allow the income-tax department to ask for details on accounts held by taxpayers in banks abroad. Is your bank a/c e-secured?
However, the section does not deal with a situation when the subject company is a subsidiary of a foreign company that is listed abroad.
Tax collection from MNCs and foreign entities operating in India will fall short of the target this fiscal by at least 20%.
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