New Delhi: After WNS and Infosys, iGate is the latest to face tax issues in India with the US-based outsourcing firm having an "unsettled" tax demand of USD 132.7 million (about Rs 738 crore) for assessment years 2004-05 to 2009-10.
iGate, which was in news for sacking of its chief executive Phaneesh Murty over non-disclosure of his alleged affair with a subordinate, said these demands are not tenable and the NASDAQ-listed firm has approached the requisite appellate authorities.
"As of March 31, 2013, the company has open tax demands of USD 132.7 million for relevant assessment years 2004-05, 2005-06, 2006-07, 2007-08, 2008-09 and 2009-10," the firm said in a filing to US Securities and Exchange Commission (SEC).
On the tax demands, the filing says: "The assessment order demand is raised mainly on account of disallowance of certain benefits under section 10A of the Indian Income Tax Act and transfer pricing adjustment on account of interest on delayed recoveries from associated enterprises."...
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12:50 PM, May 26, 2013
Mumbai: Film and television producer Ekta Kapoor's production house Balaji Telefilms evaded tax to the tune of Rs 30 crore by inflating bills, said the Income Tax Department sources on Friday. Ekta has, however, now agreed to pay the remaining amount, added the sources. I-T officials had conducted raids at Balaji Telefilms office in Mumbai on Tuesday. The raids were also carried out at the residences of Ekta, her father...
01:00 PM, May 03, 2013
Mumbai: Income Tax officials are conducting raids at Ekta Kapoor's Balaji Telefilms office in Mumbai. The raids are also being conducted at producer Ekta Kapoor's residence as well as her father Jeetendra and brother Tushaar Kapoor residences. Tax evasion by the production house is the reason suspected behind the search and seizure operation of the the I-T wing. Around 100 officials of the Income Tax Department carried out search operations...
10:34 AM, Apr 30, 2013
A show cause notice raising a demand of Rs 252 crore has been served on confectionery major Cadbury India Limited for alleged excise duty evasion. The notice, seeking recovery, was issued on Monday by Directorate General of Central Excise Intelligence after its investigation found that the firm has wrongfully claimed 'area-based exemption' for its new unit at Baddi in Himachal Pradesh, official sources said. ...
11:33 PM, Mar 05, 2013
Excise duty and service tax evasion of about Rs 362 crore has been detected up to December in the current financial year by the Chennai zonal unit of Central excise department. "During the current financial year (up to December 2012), the Directorate General Of Central Excise Intelligence, Chennai Zonal Unit has detected central excise duty and service tax evasion to the tune of Rs 362.45 crore," the department said in...
12:52 PM, Jan 13, 2013
An Indian doctor and his wife have pleaded guilty to charges of federal tax evasion and to illegally distributing weight loss medicines to patients, agreeing to pay nearly USD 5.2 million in restitution. Rakesh Anand, 57, a licensed physician in Indiana and Illinois and Meena Anand, 53, entered their guilty pleas on January 8 before US District Judge Joseph Van Bokkelen in federal court in Hammond. ...
01:19 PM, Jan 09, 2013
A demand notice has been sent by authorities to trusts run by Ramdev for alleged service tax evasion on about Rs 1 crore received from a private TV broadcaster for airing his programme on Yoga. Official sources said a demand notice was sent to Patanjali Yoga Peeth and Divya Yoga Trust in Haridwar seeking details of Rs 96 lakh received by them from the broadcaster and raising demand for payment...
04:39 PM, Nov 28, 2012
New Delhi: The Government has slapped a notice of Rs five crore demand on trusts run by Ramdev in connection with alleged service tax evasion while organising their yoga camps. Claiming that shivirs (camps) undertaken by Patanjali Yoga Peeth and Divya Yoga Trust in Haridwar were commercial activity, the Revenue department has raised a demand of Rs 5.14 crore payable on fees collected from individuals for learning Yoga, officials said....
11:07 AM, Nov 11, 2012
The Federal Board of Revenue (FBR) said it had issued notices to Afridi, Younis, Umar Akmal and Abdul Razzaq for evading taxes of 80 million rupees ...
07:24 PM, Nov 02, 2012
Shimla: Under attack from the opposition on charges of corruption and forgery, former Union Minister Virbhadra Singh on Wednesday threatened to file defamation suit against those indulging in his "character assassination". Lashing out BJP leader Arun Jaitley for making allegations of foregery, money laundering and income tax evasion against him, Singh said, "Jaitley should worry more about his national President who is in a sham today. Jaitley should divert his...
03:20 AM, Oct 25, 2012
New Delhi: Income Tax Department officials on Thursday raided the offices of GMR in multiple cities over suspected tax evasion by the infrastructure company. The search operations in the Delhi, Mumbai and Bangalore offices of the company are being carried out by the I-T Department's investigation wing. GMR has confirmed the raids and a spokesperson said that the company was cooperating with authorities. GMR Group was among the companies that...
01:15 PM, Oct 11, 2012
Bangalore: Bangalore is India's premier IT hub and houses top companies like Wipro and Infosys. But now, the Bangalore Municipal Corporation wants to take over the privately managed Electronic City, accusing it of tax evasion. The move, however, has drawn howls of protest. Mohandas Pai, Chairman, Manipal Global Education Services, says, "I find it very shocking and surprising that these people want to do this. They have no track record....
09:24 AM, Aug 10, 2012
New Delhi: The Government aims to finalise guidelines to implement controversial rules that target tax evasion by the end of September, its government said on Friday, as it aims to calm worried investors. The general anti-avoidance rules (GAAR), first introduced in the budget in March this year, target firms and investors routing investments through tax havens. But a lack of clarity on GAAR's implementation has panicked foreign investors, heightening their...
11:14 AM, Jul 14, 2012
New Delhi: Mauritius on Friday expressed its readiness to expeditiously revise the tax treaty with India to check tax evasion but asserted that domestic laws should not have precedence over the provisions of the bilateral pact. "We want earlier resolution because we do not want uncertainty, as instability and uncertainty is not good for both countries," Mauritius Minister of Foreign Affairs, Regional Integration and International Trade, Arvin Boolell, told a...
08:46 PM, Jul 06, 2012
New Delhi: To address investor concerns over taxation issues, the Finance Ministry on Thursday proposed a monetary limit for invoking the controversial General Anti-Tax Avoidance Rules (GAAR) in its draft guidelines issued late in the night. Although the draft did not specify the monetary limit, it said that those deals which are over a prescribed limit should be covered by GAAR provisions. The guidelines further said that GAAR provisions would...
11:46 PM, Jun 28, 2012
According to preliminary reports, the I-T authorities had only visited the business premises of the franchises. ...
07:42 PM, May 23, 2012
New Delhi: India has deferred by a year the rollout of measures to crack down on tax evasion, which had sparked an outcry among foreign investors, but has yet to provide clear guidelines on the proposals. Here are some quick facts that pertain to markets about the proposed changes and clarifications on GAAR announced by Finance Minister Pranab Mukherjee on Monday. *The General Anti Avoidance Rule, or GAAR, was proposed...
09:45 AM, May 09, 2012
Berlin: Swiss authorities have issued arrest warrants for three German tax inspectors over the purchase in 2010 of a CD containing data on suspected tax cheats, according to a German newspaper, infuriating a German state governor. The Bild am Sonntag newspaper reported today that the Swiss accused the officials of "economic espionage" in a letter to authorities in the German state of North Rhine-Westphalia. It quoted state governor Hannelore Kraft...
09:35 PM, Mar 31, 2012
New Delhi: Amidst concerns over Mauritius being used as a major route for avoidance of taxes on investments by Indian companies, Prime Minister Manmohan Singh and his counterpart Navinchandra Ramgoolam on Tuesday agreed on early conclusion of an agreement aimed at tackling this menace. The two leaders reviewed the status of negotiations on the revised Double Taxation Avoidance Agreement (DTAA) during their talks here and directed officials to fast-forward talks...
11:10 PM, Feb 07, 2012
New Delhi: Taking another step towards combating black money, India has signed a multi-lateral agreement with economic powers like France and Germany to check both tax evasion and avoidance. The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations which "promotes international co-operation while respecting the rights of taxpayers." The agreement has been signed under the aegis of the Organisation for Economic...
07:15 PM, Jan 26, 2012
