Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT RATES :: empanelment :: form 3cd :: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: VAT Audit
 
 
« News Headlines »
 Last minute checklist for filing income tax return
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017

I-T Dept shelves move to tax ONGC
November, 18th 2008

A move by the Income-Tax Department to levy additional tax on ONGC for giving huge subsidies to the oil marketing companies (OMCs) has been shelved.

Last year, ONGC paid a subsidy of Rs 22,000 crore. During the last two quarters in the current fiscal, it has already paid a whopping subsidy of Rs 22,474 crore to the OMCs.

We are not going to tax the subsidy part of the ONGC, a top official of the Income-Tax Department said here today. The move follows an appeal made by ONGC to the department that it should not be taxed on the subsidy.

ONGC, which pays its tax in Dehra Dun where its headquarters are located, said in its plea that subsidy discounts reflect heavily on the companys revenue, reducing the corporate tax paid. On the other hand, subsidy reduces input material cost of OMCs profit and in turn increases corporate tax there. As such, the whole exercise is tax neutral and revenue of the Income-Tax Department is not affected, the plea said.

ONGC is the biggest taxpayer in Uttarakhand. This year, it paid a tax of over Rs 8,000 crore. Nearly 90 per cent of the tax revenue collected in Uttarakhand comes from ONGC, an I-T official said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions