Bangalore: Infosys Ltd, India's No 2 software services exporter, said on Monday it would challenge a $ 5.77 billion income tax demand raised by Indian authorities earlier this month.
The demand relates to certain tax benefits on income from software development done overseas at the clients' location and revenue from special economic zones in India, Infosys said in a statement. It said the latest tax demand disregards a clarification by the government in January.
Infosys is also contesting similar tax demands for the fiscal years 2005 through 2008, according to a recent filing with the US Securities and Exchange Commission. "Infosys is in the process of filing an appeal before the Commissioner of Income Tax," the company said.
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10:30 AM, May 20, 2013
New Delhi: The heat wave has well swept across North India with national capital Delhi simmering at 44.6 degrees celsius on Sunday, making it the hottest day of this season. The mercury even soared to over 46 degree Celsius in some parts of the capital. Palam area recorded 46.1 degree Celsius while Ayanagar weather station recorded 45.8 degree Celsius and Ridge station recorded 45 degrees. The Met department has predicted...
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Mumbai: Air India's plan to trim its 27,000 bloated workforce by offering a voluntary retirement scheme (VRS) is stuck in the North Block, with the Finance Ministry questioning the rationale behind the proposed scheme. The VRS scheme is "stuck in the Finance Ministry over the payment of Rs 1,200 crore for it. The ministry has pointed out that around 7,000 employees will retire from service over the next three years...
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New Delhi: Income Tax department has slapped a fresh $ 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm. The Bangalore-based software services exporter is already contesting additional income tax demands of $ 214 million (about Rs 1,175 crore) for four fiscals years beginning 2005 and said it will take legal recourse against the...
12:28 PM, May 19, 2013
New Delhi: Finance Minister P Chidambaram will inaugurate a two-day conference of top Income Tax department and CBDT officers later this month in the national capital and discuss efforts to maximise revenue collection. The annual conference of Chief Commissioners and Directors General of the I-T department will be held on May 28 and 29. A host of challenges being faced by the department like illegal chit fund companies, ponzi schemes,...
09:55 AM, May 19, 2013
New Delhi: South-west monsoon on Friday made a debut in the Andaman Sea and parts of Bay of Bengal, setting the stage for the four-month rainfall season crucial for India's agriculture-based economy. "Southwest Monsoon has set in over some parts of south Bay of Bengal and Andaman Sea," India Meteorological Department (IMD) said here. It said conditions were favourable for further advance of monsoon over some more parts of Bay...
06:42 PM, May 17, 2013
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07:22 PM, May 15, 2013
New Delhi: In a twist to the December 16 gangrape case, sources say that the records of the bus in which the incident took place have been destroyed. However, sources said that the Crime Branch is checking if this is a periodic cleansing undertaken by the transport department. Sources add that the Crime Branch has some evidence against the Transport Department officials who gave clearance to the bus owner Dinesh...
12:08 PM, May 14, 2013
Washington: In an unusual move, US Justice Department secretly obtained two months' of telephone records of journalists working for the Associated Press, an action termed by the global news wire as a "massive and unprecedented intrusion" into how it gathers the news. The Justice Department obtained secret records as part of a year-long investigation into the disclosure of classified information about a failed al-Qaeda plot in 2012. The Associated Press,...
10:56 AM, May 14, 2013
New Delhi: A Group of Ministers is expected to consider a DoT proposal on Thursday that may clear the way for state-owned telecom firms, BSNL and MTNL, to venture into cable TV and broadcasting services to help infuse life into the loss making companies. The Department of Telecom (DoT) is learnt to have forwarded several suggestions to the Group of Ministers, headed by Finance Minister P Chidambaram, that include BSNL...
11:35 PM, May 09, 2013
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12:47 PM, May 03, 2013
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06:04 AM, Apr 22, 2013
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03:04 PM, Apr 04, 2013
