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: TDS :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)

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 2017 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