Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: list of goods taxed at 4% :: VAT Audit :: form 3cd :: due date for vat payment
 
 
General »
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months
 Here’s how self-employed should efile their taxes
 Advance tax given by individuals in June quarter rises more than 40%

Working with India to resolve tax row, claims Scottish firm Cairn
August, 21st 2014

Scottish explorer Cairn Energy plc on Tuesday said it is working with the newly elected government to resolve a tax dispute that has stalled sale of its 10 per cent stake in Cairn India Ltd.

‘Cairn continues to seek resolution of the tax issue in India and will take all necessary steps to protect shareholders' interests,’ its Chief Executive Simon Thomson said.

The company faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006 it transferred all its India assets to a new company, Cairn India and got it listed on stock exchanges.

However, no tax demand has been raised so far.

Cairn Energy, which had in 2011 sold majority stake in its Indian unit to mining group Vedanta for $8.67 billion, still holds 9.8 per cent stake in Cairn India. ‘There were some provisions in that budget in respect to dealing with the retrospective tax issue,’ he said. ‘We are waiting for clarification on those provisions.’

In his maiden budget, Finance Minister Arun Jaitley said no new tax demand will be raised using the controversial retrospective tax law introduced in 2008.

Cairn is in dialogue with the tax authorities since January when it was barred from selling its 9.8 per cent stake in Cairn India Ltd.

‘Cairn continues to be restricted from accessing the value of its about 10 per cent residual shareholding in CIL valued at $1.1 billion whilst interaction with the Indian tax authorities continues,’ it said in a statement.

The group has not received a tax assessment or demand from the Income Tax Department. ‘Cairn has re-confirmed with its advisers that throughout its history of operating in India the company has been fully compliant with and paid applicable taxes under the legislation in force at the time,’ it said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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