Vodafone gets IT reminder to pay up Rs 14,200-crore tax dues
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The Income Tax Department has issued a reminder to Vodafone over its Rs 14,200-crore tax demand.On 4th of this month, the Department had sent a notice to Vodafone International Holdings BV in this regard.
The tax is due from the acquisition of11 billion dollar Hutchison Whampoa's India telecom business in 2007. Vodafone says that the tax demand relates to a dispute that is currently the subject of international arbitration and no tax was due as the transaction was conducted offshore.
However the tax department's contention is capital gains were made on assets in India.
Meanwhile, the Income-Tax Department has said that the notice served to the company was a part of a normal process. A senior tax department official further said that the government is keen to have a predictable and stable taxation regime as envisaged by Prime Minister Narendra Modi.
The tax is due from the acquisition of11 billion dollar Hutchison Whampoa's India telecom business in 2007. Vodafone says that the tax demand relates to a dispute that is currently the subject of international arbitration and no tax was due as the transaction was conducted offshore.
However the tax department's contention is capital gains were made on assets in India.
Meanwhile, the Income-Tax Department has said that the notice served to the company was a part of a normal process. A senior tax department official further said that the government is keen to have a predictable and stable taxation regime as envisaged by Prime Minister Narendra Modi.
Category : Income Tax | Comments : 0 | Hits : 547
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