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: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

MNCs may have to shell out Rs 12k cr in I-T
August, 04th 2007
The Income-Tax department intends to collect Rs 2,000 crore more this year from multinational corporations operating in India. If it meets the target, MNCs would fork out Rs 12,000 crore as income tax.

Out of the over 3,000 MNCs in India, those headquartered in Mumbai may cough up around Rs 7,000 crore in tax during the current financial year. The projection excludes the capital gains tax the department is planning to levy on M&A (mergers & acquisition) moves like the Hutch-Essar deal.

Sources said foreign entities have become more transparent in their dealings with the tax department, thanks to the actions initiated by its international tax division against some foreign banks. Another compelling factor is the strict transfer pricing rules that were put in place since 2001.

The department had levied an additional tax of around Rs 1,100 crore last year from foreign entities after verifying the tax returns filed by them. Of this, a sizeable part came from international banks, seemingly the biggest beneficiaries of the countrys booming economy.

Foreign banks top the chart of largest tax-paying overseas entities operating in India. During the fiscal year ended March 2007, Standard Chartered Bank, HSBC and Bank of America topped the chart of MNC taxpayers, with each of them paying between Rs 500 crore and Rs 800 crore.

However, if the international tax division succeeds in generating capital gains tax out of the recent M&A transactions, the collection will rise manifold.

It is learnt that the I-T department has completed the groundwork to have a legal framework for making them pay capital gains tax.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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