vodafone essar

Taxation Laws (Amendment) Act, 2021 – An analysis

Income Tax - Overview of the Amendment On August 13, 2021, the Taxation Laws (Amendment) Act, 2021 received presidential assent to amend the Income Tax Act, 1961 and the Finance Act of 2012. The 2021 Act nullifies the ‘retrospective taxation’ that was introduced with the Finance Act of 2012. Origin of Retrospective Taxation The origin of r...

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Understanding Vodafone Tax Dispute & Changing Dynamics of Indian Tax Laws

Income Tax - During the years 2007 to 2008, India witnessed an immense hike of Foreign Direct Investments (FDI) in its Telecommunication Industry. The Indian telecom industry generated revenues of approximately 32 billion US Dollars in 2007-08 with a growth rate of 60 percent[1] over the previous financial year. The industry further witnessed a Compou...

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What was Cairn-Vodafone tax dispute with Government of India regarding Retrospective Tax ?

Income Tax - The Indian government in Budget 2012-13, amended the Income Tax Act, 1961 to retrospectively tax cross-border transactions in which the underlying assets are located in India by which all persons, whether resident or non-residents, having a business connection in India, were required to deduct tax at source, even if the transaction was ex...

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Amendment to Retrospective Tax Regime: A Long Overdue Respite to Firms

Income Tax - The Central government on 5th August introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, to repeal the Retrospective legislation on indirect transfer tax. The Finance Ministry had presented a bill to encourage greater overseas investment into India, which is being hailed as a welcome respite for firms that have long inve...

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Taxation Laws (Amendment) Bill, 2021 – Analysis

Income Tax - ‘THE TAXATION LAWS (AMENDMENT) BILL, 2021‘ introduced in Lok Sabha on 05th August 2021 (passed on 06th August 2021) proposes to amend the Income Tax Act, 1961 and the Finance Act, 2012 to scrap the effect of RETRO TAX amendment which took place in the year 2012 after Supreme Court judgement dated 20th January 2012 […]...

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Key Features & Benefits of Taxation Laws (Amendment) Bill, 2021

Income Tax - Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be raised in the future based on the retrospective amendment made through Finance Act, 2012, for any indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012. 2. Provides that the ...

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Analysis of The Taxation Laws (Amendment) Bill, 2021 by ICAI CMA

Income Tax - The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act, 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Taxation Laws (Amendment) Bill, 2021 inserted three provisos (Fourth, Fifth, and Sixth Proviso) in Explanation 5 to Section 9(...

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Govt. accepts Order of Bombay HC in Vodafone case

Income Tax - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the High Court of Bombay in the case of Vodafone India Services Private Limited (VISPL) dated 10.10.2014. This is a major correction of a tax matter which has adversely affected investor sentiment....

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Why Govt withdraws Conciliation Measures Initiated Earlier with Vodafone

Income Tax - Correct Factual Position and the Circumstances that led to the Government’s Proposal to Withdraw from the Conciliation Measures Initiated Earlier with Vodafone International Holdings B.V.(Vodafone)...

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Vodafone issues notice to Indian government over violation of Investment Protection Treaty

Income Tax - Vodafone has issued notice to the Indian government under Bilateral Investment Protection Treaty over tax issue between India and the Netherlands. The Dutch subsidiary Vodafone International Holdings BV today served a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed, violated the int...

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Vodafone Idea gets further stay against demand

Vodafone Idea Limited Vs DCIT (ITAT Mumbai) - Vodafone Idea Limited Vs DCIT (ITAT Mumbai) In this case Learned Departmental Representative could not disputed the proposition that hearing of the appeal after the last stay could not take place because of no fault of the assessee. Accordingly, we extend the stay for a period of six months from the...

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HC grants Stay to Vodafone as non-completion of hearing was solely attributable to revenue

Vodafone Idea Limited Vs Addl. CIT (ITAT Mumbai) - Thus it is clear that non completion of hearing of this appeal is solely attributable to revenue. In these circumstances, we are of the considered opinion that there is no change in facts and circumstances of the case. Accordingly, we extend the stay for a period of six months or till the disposal o...

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Summary of Proceedings before Bombay HC in case of Vodafone International Holding B.V

Vodafone International Holding B.V. (Vodafone NL) was issued an order by the Indian Tax Authority assessing a capital gains tax alleged to have arisen to the Hong Kong based Hutchison Group (Hutch) on acquisition of controlling interest in an Indian entity, Vodafone-Essar Ltd. The controlling intere...

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Applicability TDS charges on pre-paid mobile cellular services provided by a service provider through its distributor’s network

Vodafone Essar Cellular Ltd. Vs ACIT (ITAT Cochin) - . There is no dispute or dis-agreement regarding the nature of transactions entered into between the assessee and its distributors. The assessee company, by virtue of the licence issued by the Department of Telecommunications, Government of India, is engaged in providing Mobile telephone services to...

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Applicability of provisions of section 194H on post-paid services and pre-paid package

Vodafone Essar Cellular Ltd. Vs ACIT (ITAT Cochin) - 25. There is no dispute or dis-agreement regarding the nature of transactions entered into between the assessee and its distributors. The assessee company, by virtue of the licence issued by the Department of Telecommunications, Government of India, is engaged in providing Mobile telephone services ...

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Draft rules for amendments by Taxation Laws (Amendment) Act, 2021

NA - (28/08/2021) - No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received th...

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Taxation Laws (Amendment) Act, 2021

No. 34 of 2021 - (13/08/2021) - In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the following provisos shall be inserted, namely:— "Provided also that nothing contained in this Explanation shall apply to— (i) an assessment or reassessment to be made ...

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Taxation Laws (Amendment) Bill, 2021

Bill No. 120 of 2021 - (05/08/2021) - Taxation Laws (Amendment) Bill, 2021 is introduced in Lok Sabha on 05th August 2021. Bill is further to amend the Income-tax Act, 1961 and the Finance Act, 2012. Bill will benefit Vodafone, Cairn UK who are having capital Gain Tax Disputes. The Bill proposes to amend the Income-tax Act, 1961 so as t...

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Ministry of Finance clarification on Vodafone arbitration appeal

Release ID: 1664705 - (15/10/2020) - A speculative news story being circulated in some section of media claiming that Attorney General has  given opinion  in favour of  not appealing in the Vodafone Arbitration award is totally incorrect and without any factual basis....

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Govt. accepts Order of Bombay HC in Vodafone case

Instruction No. 2/2015 - (29/01/2015) - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the High Court of Bombay in the case of Vodafone India Services Private Limited (VISPL) dated 10.10.2014. This is a major correction of a tax matter which has adversely affect...

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Recent Posts in "vodafone essar"

Taxation Laws (Amendment) Act, 2021 – An analysis

Overview of the Amendment On August 13, 2021, the Taxation Laws (Amendment) Act, 2021 received presidential assent to amend the Income Tax Act, 1961 and the Finance Act of 2012. The 2021 Act nullifies the ‘retrospective taxation’ that was introduced with the Finance Act of 2012. Origin of Retrospective Taxation The origin of r...

Read More
Posted Under: Income Tax |

Understanding Vodafone Tax Dispute & Changing Dynamics of Indian Tax Laws

During the years 2007 to 2008, India witnessed an immense hike of Foreign Direct Investments (FDI) in its Telecommunication Industry. The Indian telecom industry generated revenues of approximately 32 billion US Dollars in 2007-08 with a growth rate of 60 percent[1] over the previous financial year. The industry further witnessed a Compou...

Read More
Posted Under: Income Tax |

What was Cairn-Vodafone tax dispute with Government of India regarding Retrospective Tax ?

The Indian government in Budget 2012-13, amended the Income Tax Act, 1961 to retrospectively tax cross-border transactions in which the underlying assets are located in India by which all persons, whether resident or non-residents, having a business connection in India, were required to deduct tax at source, even if the transaction was ex...

Read More
Posted Under: Income Tax |

Amendment to Retrospective Tax Regime: A Long Overdue Respite to Firms

The Central government on 5th August introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, to repeal the Retrospective legislation on indirect transfer tax. The Finance Ministry had presented a bill to encourage greater overseas investment into India, which is being hailed as a welcome respite for firms that have long inve...

Read More
Posted Under: Income Tax |

Draft rules for amendments by Taxation Laws (Amendment) Act, 2021

NA 28/08/2021

No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President)....

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Taxation Laws (Amendment) Act, 2021

No. 34 of 2021 13/08/2021

In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the following provisos shall be inserted, namely:— "Provided also that nothing contained in this Explanation shall apply to— (i) an assessment or reassessment to be made under section 143, section 144, section ...

Read More

Key Features & Benefits of Taxation Laws (Amendment) Bill, 2021

Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be raised in the future based on the retrospective amendment made through Finance Act, 2012, for any indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012. 2. Provides that the ...

Read More
Posted Under: Income Tax |

Vodafone Idea gets further stay against demand

Vodafone Idea Limited Vs DCIT (ITAT Mumbai)

Vodafone Idea Limited Vs DCIT (ITAT Mumbai) In this case Learned Departmental Representative could not disputed the proposition that hearing of the appeal after the last stay could not take place because of no fault of the assessee. Accordingly, we extend the stay for a period of six months from the date of this order […]...

Read More

Analysis of The Taxation Laws (Amendment) Bill, 2021 by ICAI CMA

The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act, 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Taxation Laws (Amendment) Bill, 2021 inserted three provisos (Fourth, Fifth, and Sixth Proviso) in Explanation 5 to Section 9(...

Read More
Posted Under: Income Tax |

Taxation Laws (Amendment) Bill, 2021 – Analysis

‘THE TAXATION LAWS (AMENDMENT) BILL, 2021‘ introduced in Lok Sabha on 05th August 2021 (passed on 06th August 2021) proposes to amend the Income Tax Act, 1961 and the Finance Act, 2012 to scrap the effect of RETRO TAX amendment which took place in the year 2012 after Supreme Court judgement dated 20th January 2012 […]...

Read More
Posted Under: Income Tax |

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