Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | 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
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: cpt :: empanelment
 
 
ę News Headlines »
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated‚Ķ
 File income tax returns in time to carry forward losses

I-T claims absurd, we dont evade tax: Shell India
February, 13th 2013

Global petrochemical and energy major Shell’s Indian arm has challenged the Income Tax Department’s recent order alleging tax evasion by way of undervaluation of shares issued to the company’s parent, Shell Gas BV, for equity infusion of Rs 87 crore four years ago.

Yasmine Hilton, chairman, Shell India on Tuesday termed the tax demand “absurd”. “Shell does not evade taxes. I cannot have our reputation tarnished that way. We will consult various parties in the matter,” Hilton told reporters.
According to the tax department, the value of 8.7 crore shares issued by Shell India to Shell Gas BV at Rs 10 a piece in 2009 should have been higher by Rs 15,220 crore (Rs 183 a share) on which income tax was liable to be paid. Shell said the tax department’s move is bad in law as the transaction was a capital receipt on which income tax cannot be levied.

The Revenue Department in its 2011-12 audit has claimed income suppression of Rs 44,532 crore ($8 billion) pertaining to transfer pricing, up 85 per cent over the comparable figure in the previous year’s audit. Companies have been asked to pay nearly a third of this amount called ‘transfer pricing adjustment’ as tax. Shell’s tax experts are in discussions with the authorities over the past week.

“To service the downstream business, we needed an equity injection in 2008 of $160 million. We have now received a tax request of $1 billion on this equity injection of $160 million. Somebody needs to explain this

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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