Latest Expert Exchange Queries
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: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: cpt :: VAT RATES :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
Service Tax »
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today
 Applicability Of Gst Law On Educational Institutions
 Cabinet clears 4 Bills, GST likely to roll out by July 1
 GST may also impact income tax collections: Experts
 Companies, consultants grope in the dark to meet GST deadline
 Cabinet approves GST, e-commerce cos to pay up to 1% tax
 Cabinet approves supporting GST legislations ahead of 1 July roll-out
 GST: Centralized assessment for service-oriented industries likely
 Tax department to calculate GST’s impact on inflation

Income Tax department finds 'prima facie' defaults by Nokia in TDS deductions
January, 10th 2013

The Income Tax (I-T) department today said it has found prima facie defaults by Finnish handset maker Nokia's Chennai plant in TDS deductions on royalty payments made to its parent company.

During searches conducted by the department at the Nokia's Sriperumpudur factory yesterday, it was also observed that the company had changed its accounting model and also was in the process of reorganising the existing business model to bypass certain direct and indirect tax liabilities.

"Some more clarifications have been sought from the executives of the company," an I-T release said.

The department seized "some important" evidence having a bearing on the tax implications of the company, it said but added further investigation was required before reaching final conclusion on the tax liability.

"It has been gathered during the survey operations that Nokia India has been making remittances to its parent company Nokia OY as payments for software supplies since 2005. The above payments for software would attract TDS as per the provisions of the Income Tax Act 1961", it said.

"But it is learnt that the assessee company has not made any TDS on the above software payments", it said.

Nokia India had said yesterday that it was fully cooperating with the IT department to ensure officials get the necessary information.

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

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