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: empanelment :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: due date for vat payment
 
 
News Headlines »
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 most important income-tax changes which will apply from April 1
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS

Foreign cos get notices for additional income tax
August, 14th 2007
The Income Tax department has issued notices to foreign companies to pay about Rs 10,000 crore as additional tax after collecting information from other sources and scrutinising their returns.

"Income Tax department has raised demand for additional tax amounting to Rs 54,823 crore from corporates and individuals, including Rs 9,890 crore from foreign companies till March 31, 2007," a Finance Ministry official told PTI.

He said foreign companies have been asked to pay Rs 9,400 crore additional corporate tax and Rs 496 crore as income tax. Out of this, they have deposited Rs 113 crore. In total, around Rs 1,400 crore has been deposited with the department.

The department was hopeful of collecting a major portion of the remaining tax this year, he said.

Foreign companies have to pay 40 per cent corporate tax, 2.5 per cent surcharge and 3 per cent educational cess.

In fact, the Central Board of Direct Taxes (CBDT) has asked chief income tax commissioners to ensure that foreign companies are taxed properly, especially after Supreme Court's decision in the Morgan Stanley case on captive BPOs.

The Supreme Court had held that income tax department cannot tax a part of the global income of a foreign company by attributing it to its India-based BPO.

According to CBDT's action plan for 2007-08, "another area of concern is the liaison officers maintained by foreign companies in India. Some of these officers are carrying out business in India but claiming themselves liaison officers."

The action plan approved by Finance Ministry is aimed at collecting Rs 2,67,490 crore in direct taxes.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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