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: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
 
 
Direct Tax »
 GST: Renaming Central Board of Excise and Customs to CBIC may take a while
 CBDT notifies new scrutiny notices with e-facility for taxpayers
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules

Cipla under income tax authorities' scanner
March, 07th 2014

Mumbai based pharmaceutical giant Cipla came under the scanner of the income tax authorities on Thursday for alleged tax evasion. ET NOW was the first to report the development. "The investigative wing of the Mumbai income tax department has conducted extensive survey operations on the factories, units and official premises of Cipla. The probe will verify suspicions of certain non-permissible expenses," said an individual familiar with the development without elaborating further.

In response to a query from ET NOW, a Cipla spokesperson said, " The Income Tax Department has been present at few of Cipla's premises today to verify our records. Cipla strictly abides by the law and pays all taxes as required by all relevant central, state and local departments. We regard these visits as routine and as expected are cooperating fully with the officials."

"It will be interesting to see the outcome of the income tax department survey and whether this is a case where the interpretation of tax laws varies between Cipla and the revenue authorities," said a pharma analyst at a domestic brokerage on the condition of anonymity.

The Cipla stock was the top Nifty loser (down 1.3 per cent) on Thursday, a day when the Nifty touched record highs. The YK Hamied led company recently faced brokerage downgrades post its disappointing Q3 results.

Surveys are conducted under section 133 of the income tax act. They are carried out during business hours and cover only the business premises of companies under the scanner.

 
 
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 Team

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