Vodafone - Page 9

I-T department claims jurisdiction to levy tax on acquisition of Hutch-Essar by Vodafone

The Indian Income Tax department on Monday told the division bench of the Bombay High Court that it has the jurisdiction to levy tax on the $11-billion acquisition of Indian telecom major Hutch-Essar by Vodafone. The division bench has been hearing a petition filed by Vodafone against the Income tax department...

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Posted Under: Income Tax |

FDI in Telecom Sector

01/01/1970

Composite FDI (Direct + Indirect) in telecom sector is 74%, which is sectoral cap. After increase of FDI limit from 49% to 74% in November 2005, the companies as per list given in the Annexure have utilized increased FDI ceiling for telecom services....

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Posted Under: Income Tax |

Vodafone case hearing starts in HC

Bombay High Court on Wednesday began hearing on Vodafone’s plea challenging income-tax department’s tax claim of $2 billion on the telecos’ buyout of Hutchison’s stake in Hutchison-Essar in 2007 for $11 billion. ...

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Posted Under: Income Tax |

Vodafone confident of success in Income Tax Dispute

The UK-based Vodafone Group Plc is confident that it would not have to shell out income tax in India for the Group's $11.2-billion acquisition of local mobile operator Hutchison Essar Ltd in 2007. The Netherlands- based unit of Vodafone — Vodafone International Holdings BV had acquired a 67 per cent stake in Hutchison Essar, which has ...

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Posted Under: Income Tax |

Former CCIT Dave exits KPMG, Will advice income tax department in Vodafone case

A former chief commissioner of the income-tax department, who was instrumental in preparing the revenue department's case for levying a tax on the $11-billion Vodafone-Hutch Essar deal, has resigned from professional services firm KPMG that has Vodafone as its client. Girish Dave, the former chief commissioner, had joined KPMG after his ...

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Posted Under: Income Tax |

Vodafone hearing rescheduled to August 2

A court on Thursday rescheduled hearing of Vodafone's appeal against the country's tax department to Aug. 2, a Vodafone representative said. The Bombay High Court gave a new date after the counsel for the Indian tax office asked for adjournment of the matter, the representative said in a statement to media. ...

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Posted Under: Income Tax |

Vodafone liable to pay tax on acquisition of business interest in India- Income Tax department

The Income-Tax (I-T) department in its reply to Vodafone International Holdings BV’s petition, filed in the Bombay High Court, contended that the latter acquired a business interest in India and hence is liable to pay tax on the transaction....

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Posted Under: Income Tax |

High Court stays tax demand raised on Vodafone

The Bombay High Court today issued a stay order on the showcause notice sent by the Income Tax (I-T) Department to British telecom major Vodafone. The I-T Department had asked the company to pay Rs 12,000 crore as tax on its acquisition of a majority stake in Hutchison Essar Ltd in 2007. The court fixed July 8 for the next hearing....

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Posted Under: Income Tax |

Vodafone was advised by Income Tax department to pay withholding tax before payment

THE Indian tax authorities had advised British telecom major Vodafone to pay tax on its $11-billion acquisition of Hutchison Essar before it sealed the transaction, according to a recent income tax order. In a letter on March 23, 2007, the Income Tax (I-T) department had asked Vodafone to pay withholding tax, nearly one-and-a-half month b...

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Posted Under: Income Tax |

HC adjourns hearing on Vodafone appeal till July 8

The Bombay High Court today adjourned to July 8, the hearing on an appeal filed by Vodafone International in a dispute over tax liability. The court also stayed the ruling passed by the I-T department on May 31. The dispute is over the tax liability of Vodafone after it acquired Hutchison International's stake in Hutchison- Essar in a USD...

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Posted Under: Income Tax |

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