Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: VAT RATES :: list of goods taxed at 4% :: due date for vat payment :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India
General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

E*Trade Mauritius too gets call for capital gains tax
April, 02nd 2009

Buoyed by a favourable Supreme Court order in the Vodafone tax case, the income-tax department has asked E*Trade Mauritius to pay capital gains tax on the sale of its shares held in Indian company IL&FS Investsmart to HSBC in September 2008.

E*Trade Mauritius is indirectly held by E*Trade Financial Corporation and is in the business of identifying opportunities for investment in the Asian region.

Though the sale was routed through a company based in Mauritius with which India had a Double Taxation Avoidance Agreement (DTAA), the Indian income-tax department held that since profit was generated in India, tax is liable to be paid here.

The overseas company dragged the department to court claiming that it could not be taxed in India under the India-Mauritius DTAA. The Bombay High Court, after hearing both sides, directed the company to go back to the Income-tax department and present its case before the Director, International Taxation. It simultaneously asked the Director International Taxation to give the order within three months.

The court also directed the company to deposit Rs 24.5 crore with the high court. The director eventually gave the order, upholding the earlier order demanding Rs 24.5 crore.

This is the latest in the line of cross-border deals involving Indian companies. The income-tax department has already sent notices to Vodafone on its $11 million acquisition of Indian telecom major Hutch Essar, from the Hong Kong-based Hutchison International. The ball is now in the income-tax departments court after a direction to the company from the Supreme Court to take up the matter with the department before approaching the high court.

The department has sent similar notices on the acquisition of Fosters Australias Indian subsidiary, Fosters India, by British brewer SABMiller, Idea-Cellular AT&T deal, etc.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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