US-based technology major IBM is contesting a claim of the revenue department which has increased the company's taxable income substantially to around Rs 11,000 crore (Rs 110 billion).
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
Spectrum auction ends, brings Rs 1.09 tln to govt kitty.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
New Delhi is also set to top its target of raising at least $13 billion.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
India's tax authorities began investigating Cadbury in 2011.
The partially convertible rupee ended at 62.2825/2925 per dollar.
The rupee's gains came even as most emerging Asian currencies eased as the yuan fell beyond 6.20 to the dollar for the first time since April last year amid market speculation that the central bank will keep the currency weak as economic growth slows.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The move came as the country badly needs capital inflows as the rupee comes under pressure
The latest deal would give Facebook deeper access to India, the second largest internet market after China.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
Some investors have questioned whether James is less attached to some parts of the media empire that his father built
More companies with unconventional business models to get into messy legal hassles in India.
CBDT circular issued last month had raised multiple taxation concerns.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
Database to contain taxable financial transactions and history of any tax-paying individual.
Sensex climbs higher at close, bluechip stocks in focus.
Investor lobbies and tax lawyers estimate the bill for international funds and banks could be as high as $8 billion
The company will wait for sizeable user base for better valuation.
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