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 VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT Audit :: due date for vat payment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS
 
 
« Indirect Tax »
 How it affects long-term capital gains tax calculations
 Should you opt for 'consultant' status to lower tax outgo?
 Income Tax department to issue ‘non-statutory’ letters in case of no reply
 E-commerce majors seek removal of tax at source on sellers
 New direct tax regime would benefit state
 Indirect tax collections increase by 16.9 per cent in January
 Tax officers to file self-appraisal report on e-assessment
 How are you saving tax this season? 10 funds saved tax & delivered 30% returns too
 Increase in taxpayer base will help bring down tax rate, says Arun Jaitley
 There is inconsistency in filing income tax, says CBDT Chairman
 Data analytics to help income tax dept catch evaders

I-T dept collects Rs 550 cr tax under international taxation
May, 07th 2012

The Directorate of International Taxation of the Income Tax Department has recorded collection of Rs 550 crore as tax payments from foreign shipping companies doing business at Gujarat ports. This collection of taxes for financial year ended March 31, 2012, is also from income earned by non-resident and foreign companies in the state. The directorate further monitors tax deduction at source on remittances made outside India in form of various payments.

"In the recent past, a number of corporates have been found to have remitted huge amounts outside the country without any tax deduction in cases where the tax deduction was essential," sources in the I-T department said.

During the year 2011-12 the directorate collected over Rs 550 crore as tax under the section 172 of the Income Tax Act. Last fiscal the collection was over Rs 500 crore. With Rs 550 crore collection the target set for the state has been achieved, sources said.
The taxes are collected for various categories which include business income of foreign company operating in the state, royalty, fee for technical services, and on freight that is loaded from Gujarat ports.

In addition, the directorate conducted transfer price audit of international transactions between two related parties one of which happens to be a based outside India. More than 120 audits were conducted by the I-T officials for the FY2011 which led to adjustments of over Rs 1,300 crore to the income of Indian entities. Previous year the adjustments were to the tune of Rs 1,010 crore. "These adjustments represent potential shifting of profits by these corporates out of country," I-T department sources said, adding that in some cases the magnitude of such adjustments ranged from Rs 100 crore to Rs 400 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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