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: articles on VAT and GST in India :: VAT Audit :: TDS :: due date for vat payment :: cpt :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd
 
 
« News Headlines »
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended

Bharti gets Rs50 cr IT bill for non-payment of tax
February, 23rd 2009

The Income Tax Department has slapped a bill of Rs50 crore on leading private telecom company Bharti Airtel for non-payment of taxes on interest paid on loans taken by it and allegedly furnishing wrong information to the tax department.

Bharti has contested the claim, but has also paid more than Rs40 crore to the department, an IT department official said.

The Indian firm was accused of non-payment of taxes on the interest paid by it on loans procured from ABN Amro Bank Stockholm Branch, the official said.

Contesting the claim of the tax department, Bharti said it was in full compliance of the interim orders passed in this case and awaits finality through the defined legal process.

The telecom firm had informed the IT department that interest on loans from ABN Amro Stockholm branch were exempt from taxation in India as per the India-Sweden tax treaty but the department found that the lender (ABN Amro) was a tax resident of the Netherlands, thus holding the companys claim for exemption to be incorrect.

Bharti had claimed that the interest payment was exempt from taxes as the loan was guaranteed by the Swedish Export Credit Guarantee Board, but the information was found incorrect as the authorities found that Bharti Tele-Venture, a holding company of Bharti stood guarantee for the loan.

Bharti Airtel, according to the tax department, gave certificates through undertakings and chartered accountants, mentioning that interest on loans were exempt from taxation in view of treaty between India and Sweden.

The certificates by the company also mentioned that the loan was guaranteed by the Swedish Export Credit Guarantee Board, based on which the exemption of tax on interest paid on loan was claimed.

Bharti Airtel had said, This is a case where both the contention of the revenue authority and the resultant demand raised by them are being contested by the company.

The matter is currently pending before the 1st Appellate Authority for adjudication, a Bharti spokesperson said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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