Vodafone - Page 8

Discount allowed on sale of Sim Cards is nothing but commission and TDS is applicable under section 194H of Income Tax Act 1961

Vodafone Essar Cellular Ltd. Vs. ACIT (Kerala High Court)

Vodafone Essar Cellular Ltd. v. ACIT On this issue, the Kerala High Court observed that it was the SIM card which linked the mobile subscriber to the assessee`s network. Therefore, supply of SIM card by the assessee-telecom company was only for the purpose of rendering continued services to the subscriber of the mobile phone. The positio...

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Vodafone files appeal in apex court

British telecom operator Vodafone said it has filed an appeal with the Supreme Court, after the Bombay High Court dismissed its petition and ruled that the income-tax authorities have jurisdiction over tax bills in cross-border mergers....

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Posted Under: Income Tax |

Vodafone approaches SC; challenges HC order on IT

Britain's Vodafone today moved the Supreme Court challenging a Bombay High Court order that upheld the Income Tax Department's demand of Rs 12,000 crore tax on the company's over USD 11 billion deal with Hong Kong-based Hutchison in 2007....

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Posted Under: Income Tax |

Tax officials scrutinising cross-border mergers like the Vodafone-Hutchison deal for possible tax evasion

Tax officials are scrutinising other cross-border mergers like the Vodafone-Hutchison deal for possible tax evasion after the Bombay High Court rejected a petition against imposition of tax on the deal, a key finance ministry official said on Moday. ...

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Posted Under: Income Tax |

After Vodafone verdict IT department will investigate more cross-border mergers involving Indian assets

The government will look into more cross-border mergers involving Indian assets, like the Vodafone-Hutchison deal, after the Bombay High Court on Wednesday rejected UK-based Vodafone's petition against the imposition of tax by authorities here....

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Posted Under: Income Tax |

Mumbai High Court dismisses Vodafone plea against Income tax Department on Hutch deal

The Bombay High Court on Wednesday dismissed Vodafone International's plea challenging the I-T Department Rs. 12,000 crore demand in tax and penalty on USD 11 billion takeover of Hutchison Telecom. This judgement could impact foreign companies buying...

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Posted Under: Income Tax |

Vodafone verdict may discourage foreign investments routed through tax havens

The Bombay High Court’s verdict in the Vodafone case will not impact fund flows from countries like the US and Japan, but it will help discourage foreign investments that are routed through various tax havens, legal experts said today....

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Posted Under: Income Tax |

Direct Tax code proposes to plug loopholes in Vodafone-type buyout

The government has proposed to impose capital gains tax on overseas acquisitions if the acquired company holds over 50 per cent assets in India to plug the loophole that led to Vodafone disputing a tax claim on its USD 11.1 billion deal with Hutchison....

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Posted Under: Income Tax |

SC directs IT dept to freshly decide issue of TDS on network sharing fees paid by telecom companies

The Supreme Court has directed the Income Tax department to freshly decide the issue on whether telecom operators Bharti Airtel and Vodafone would have to deduct TDS while paying BSNL for sharing network of the state-owned firm. A bench comprising Chief Justice S H Kapadia and Justice K S Radhakrishnan directed the IT department to adjudi...

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Posted Under: Income Tax |

FIPB approval proves Nexus of Hutch-Vodafone Deal with India

The Income-Tax department on Tuesday told the division bench of the Bombay High Court, hearing the Vodafone tax case, that approval from the Foreign Investment Promotion Board (FIPB) was critical to the $11-billion acquisition of Indian company Hutch Essar by Vodafone. FIPB is a nodal government agency that monitors foreign direct investm...

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Posted Under: Income Tax |

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