« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Better give up your duplicate PAN soon... Net to widen, but rate may stay at 12%... » First set of M&As referred to I-T dept February, 12th 2007 The Income-Tax department will have a say in mergers, demergers and amalgamations in 2006-07, with the Registrar of Companies (RoC) referring the first set of cases for clearance to the department.    The move follows a June 2006 Bombay High Court ruling, according to which, the Company Law Board can direct the RoC to get an I-T clearance before such deals are approved by the court.    Some of the cases referred include mergers, demergers and amalgamations of companies like Hindustan Lever (HLL), Indian Hotels Ltd, Hinduja Technology Media Telecom (HTMT) and Thomas Cook.    HTMT has demerged its IT/ITES undertaking into HTMT Technologies Ltd (HTMT Tech) and merged its media content subsidiary into HTMT.    Similarly, Indian Hotels Ltd has worked out a scheme of amalgamation between Indian Resort Hotels Ltd, Gateway Hotels, Gateway Resorts, Kuteeram Resorts and Taj Lands End, with Indian Hotels. Thomas Cook acquired Travel Corporation of India and forged an amalgamation with LKP Forex Ltd.    On the other hand, HLL demerged certain units to Hindustan Kwality Food and amalgamated Modern Food Industries and Modern Food and Nutrition Industries.    The need for Income-Tax clearance dates back to the controversial arrangements and amalgamation between Jindal Iron and Steel and Jindal Vijayanagar steel in 2004-05.    The income-tax department had objected to the merger and said Jindal Iron and Steel needed to pay Rs 62 crore as tax before the merger, prior to closure of the deal.    While the income-tax department lost the case in court, it made a strong pitch for the government to consider a move to make tax clearance mandatory for any mergers and amalgamation before a final approval from the concerned court.