Vodafone - Page 2

Govt. to recover Rs. 20,300 cr tax from Vodafone

A Day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs. 20,300 crore. Finance secretary RS Gurjal said that no new notice would be required in the Vodafone case as the F...

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Posted Under: Income Tax |

Budget 2012 – Clarificatory amendments do not override provisions of DTAA

I would like to confirm that clarificatory amendments do not override the provisions of Double Taxation Avoidance Agreement (DTAA) which India has with 82 countries. It would impact those cases where the transaction has been routed through low tax or no tax countries with whom India does not have a DTAA ....

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Posted Under: Income Tax |

CBDT – ‘Vodafone was Warned’

Thus, Vodafone cannot say that it had received no communication from the tax department, about the chargeability of the transaction to tax in India. Further, it chose to ignore the advice, received before the conclusion of the transaction, that Vodafone or HTIL should approach the Assessing Officer under sections 195/197 of the Income-tax...

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Posted Under: Income Tax | ,

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

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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Posted Under: Income Tax |

Is India a Tax Hell?

Finance Ministry, while presenting the much disillusioned and indifferent Union Budget with heavy fanfare and subsequent silence, brought out an amendment that took many people by surprise. It was not just a normal amendment. Rather, it was the Amendment with retrospective effect, of taxing transactions which resembled the 'Vodafone-Hutch...

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Posted Under: Income Tax |

Post Finance Bill approval Vodafone have to pay tax – Finmin

Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today.As per finance Ministry official Vodafone have to automatically pay the tax after approval of the amendments to the Finance Bill by Parliament and they don't need to send fr...

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Posted Under: Income Tax |

Govt amends IT Act w.e.f. 01.04.1962 to bring deals like Vodafone Under Tax Net

It is, proposed to amend the Income Tax Act in the following manner:- (i) Amend section 9(1)(i) to clarify that the expression ‘through’ shall mean and include and shall be deemed to have always meant and included by means of, in consequence of or by reason of. (ii) Amend section 9(1)(i) to clarify that an asset or a capital as...

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Posted Under: Income Tax |

Budget 2012- Government may bring provisions to tax overseas deals

To avoid disputes like the Vodafone tax case in future, government is contemplating incorporation of provisions on taxation of overseas deals from the stalled Direct Taxes Code (DTC) Bill in the Budget for 2012-13....

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Posted Under: Income Tax |

Vodafone ruling effect – Exporters question TDS on foreign payment post

The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora's box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters' body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay T...

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Posted Under: Income Tax |

Vodafone taxation case – I-T dept may not file review petition

The income tax department may not go in for filing a review petition on the Supreme Court's judgement on the Vodafone taxation case. Top sources in the department said that a 10-member 'core committee', which has been specially constituted, will go into the details of the order. But the department may take a view not to file a review peti...

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Posted Under: Income Tax |

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