Vodafone - Page 10

Vodafone case hearing on 14th June 2010

The UK's Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa Ltd's mobile business there, said authorities had set a June 14 hearing to discuss the size of the tax bill....

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Posted Under: Income Tax |

Income Tax department demanded 12,000 crore from Vodafone

British telecom major Vodafone Plc today received a new showcause notice from the income tax (I-T) department, quantifying its liability at Rs 12,000 crore on its 2007 acquisition of a majority stake in Hutchison Essar. The company is expected to approach the High Court here over the next few days to challenge the notice....

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Posted Under: Income Tax |

761 Page Income Tax order concludes Vodafone-Hutch deal taxable in India

The Income Tax Department has, in a 761-page order, asserted its jurisdiction to tax Vodafone Group Plc’s $11.2 billion deal with Hutchison Telecommunications International in 2007, saying the deal was designed to hoodwink tax authorities by showing it had taken place abroad....

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Posted Under: Income Tax |

IT department will issue demand notice to Vodafone, Vodafone says no tax is payable

In a setback to telecom service provider Vodafone, the Income Tax Department on Monday said it has the jurisdiction to tax the $11.1-billion Vodafone- Hutchison Essar deal of February 2007. "We have jurisdiction over taxing Vodafone. Jurisdiction order has been issued ... We will send the tax demand to them within few days," Central Boar...

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Posted Under: Income Tax |

Delhi HC asked telecom companies to submit their account books to CAG

The Delhi High Court on Tuesday asked telecom companies to submit their account books to the Comptroller and Auditor General of India (CAG). CAG had been asked by the Centre to check under-reporting of revenue for calculating the licence fee. A division bench comprising Justices Sanjay Kishan Kaul and Valmiki Mehta directed telcos to prov...

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Posted Under: Income Tax |

New IFRS norms may hit Indian Companies Valuation

Large Indian companies could report a sharp fall in the valuation of their assets as new accounting norms prompt these firms to reassess the fair value of their units, a mandatory condition under globalised reporting standards. Adoption of the International Financial Reporting Standards (IFRS), a modern accounting system that Indian compa...

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Posted Under: Income Tax |

Vodafone Essar given clean chit be special auditor

VODAFONE Essar, the country’s second-largest GSM telco, has been cleared of any wrongdoing by the government-appointed special auditors. Auditor SK Mehta and Co in their 140-page report said there were no discrepancies in the books of Vodafone Essar as the telco’s accounting were in line with international standards, but added that th...

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Posted Under: Income Tax |

CAG decided to Audit account of Bharti Airtel, Reliance, Tata, Vodafone and BSNL

The Comptroller and Auditor General of India , the apex audit body, has decided to audit the accounts of five telcos-- Bharti Airtel , Reliance, Tata, Vodafone and the state-run BSNL-- for 2009-10. Telecom regulator TRAI has already appointed a nodal officer to facilitate this audit exercise....

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Posted Under: Income Tax |

Britsh PM warned India on Vodafone issue

Over a year after the Supreme Court dismissed telecom major Vodafone’s petition challenging Indian tax authorities’ jurisdiction over its $11.2-billion acquisition of Hutchison Essar in 2007, UK Prime Minister Gordon Brown has written to Prime Minister Manmohan Singh warning that such tax treatment will affect India’s investment cli...

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Posted Under: Income Tax |

Department of Telecommunication given ultimatum to the auditors of three telecom majors

The Department of Telecommunication (DoT) has given an ultimatum to the auditors of three telecom majors — Vodafone Essar, Idea Cellular and Bharti Airtel — to submit their final reports to the government by February 7. They are conducting a special audit into allegations of tax evasion....

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Posted Under: Income Tax |

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