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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

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 2018 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