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: due date for vat payment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

March, 03rd 2009

India's Income Tax Department will look into the ensuing tax liabilities following merger of two Mukesh Ambani Group companies Reliance Industries (BSE:500325) and Reliance Petroleum (BSE:532743).

"The issue is that if a tax entity should be given benefits under Section 10AA (dealing with export benefits) as a merged entity or a standalone unit," said a senior tax official in the income tax department.

When contacted, a spokesperson of the Central Board of Direct Taxes (CBDT) declined to comment.

The department, the IT official said, would look into the case as it deals with SEZ (Special Economic Zone) tax benefits of two entities, expiring on different dates.

In the case of Reliance Industries, its SEZ project gets tax benefit under section 10AA of the Income Tax Act which is slated to expire in 2010. As regards the RPL, similar benefits will continue for five more years, the official said.

The government, he said, would come out with a clarification on tax liabilities of the merged entity.

Earlier in the day, the Board of Directors of Reliance Industries and its refinery subsidiary RPL approved the merger of the two firms in an all-share transaction deal valued at an estimate Rs 85 billion (US$1.63778).

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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