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 INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TDS :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
Service Tax »
 9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017
 GST rollout uncertainty hits Budget 2017 calculations
 GST now set for July 1 roll-out, dual control hurdle finally over
 Grant of Registration under DVAT and CST
 Do not raise service tax, says Chamber
 Excise, service taxpayers to migrate to GST portal by Jan 31
 Centre, state governments work on formula for 'GST on high seas'
 What is service tax?
 Tax to bring transparency, benefit companies operating in state, says Gujarat CM Vijay Rupani
 PAN a must for excise, service taxpayers for GST registration
  Service Tax for Internet Based Services in India from December 2016

India says 27 firms underpaid tax in share transfers in last fiscal year
April, 27th 2013

India said 27 companies, including the local units of HSBC (HSBA.L), Standard Chartered (STAN.L) and Vodafone (VOD.L), underpaid taxes in the last fiscal year after they sold shares to their overseas arms too cheaply.

Finance Minister P. Chidambaram named the companies in a written reply on Friday to a lawmaker's question about which companies were in conflict with the tax department over transfer pricing issues.

Transfer pricing, or the value at which companies trade products, services, shares or assets between units across borders, is a regular part of doing business for a multinational company and influences tax liabilities.

The issue has been high on the political agenda in India and the country has stepped-up enforcement of tax collections and actions against global companies as it aims to make up for a revenue shortfall and head off a credit rating downgrade.

India's tax department also made "transfer pricing adjustments" involving the local unit of Royal Dutch Shell (RDSa.L), the finance minister said.

Shell's India arm filed a petition in the Bombay High Court on Wednesday challenging the claims by the local tax authorities that a share sale to its overseas parent in 2009 was undervalued by about 152 billion rupees.

British-based mobile phone giant Vodafone said in February it had received a fresh transfer pricing order in India over the issue of shares by a unit, adding to its tax woes in the country. It has said it would challenge the order.

A Vodafone spokesman in London did not immediately respond to a request for comment on Friday.

Mumbai-based spokesmen for HSBC and Standard Chartered declined to comment.

India's top mobile operator Bharti Airtel (BRTI.NS) and some units of the diversified Essar conglomerate, including Essar Power and Essar Investments, were also named by the minister in his statement.

Essar group declined to comment and Bharti Airtel did not have an immediate comment.

India has targeted several multinational companies in recent years for tax audits on transfer-pricing, but over the past 12 months has widened the scope of the investigations, tax officials have said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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