DIVIDEND DISPUTE
ONGC Q4 Results: Net profit jumps 19 times to Rs 9,869 crore
India's top oil and gas producer had made a provision of Rs 9,235 crore in the January-March 2023 quarter towards disputed taxes for the period from April 1, 2016, to March 31, 2022.
CEO of Brazil's Petrobras steps down after dividend dispute
Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil's President Luiz Inacio Lula da Silva.
Raghuram Rajan explains why India needs Chinese investment but not its Wolf Warrior policy
In international debates, the economists say India can make common cause on some issues with China, for China, too, is a power that has had little say in the structuring of international arrangements.
"India is experiencing democratic dividend & trend will continue for long period"
Dr Ajit Ranade, Vice Chancellor, Gokhale Institute for Politics and Economics, Pune was speaking at the 5th CUTS 40th Anniversary Event held in the Symbiosis School of Economics in Pune on Monday. The event was titled ‘What Would it Take India to Realise its Potential Growth?’
8 ways to transfer your assets to legal heirs, how much to leave as inheritance
Find out the best ways to transfer your wealth to heirs and what it entails for inheritors.
Sebi order on Cairn UK dividends may cloud Vedanta's prospects as debt pressure mounts
"The Securities and Exchange Board of India is investigating the non-payment of dividends by Cairn India to Cairn UK Holdings after Cairn India's merger with Vedanta in 2017," said a source. "Sebi is likely to give an order by October 14, 2023, as per Supreme Court's order, which could lead to an additional payment burden for Vedanta."
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Skill the youth to become talent basket of the world, say top minds at ET CEO Roundable
In the panel of ET CEO roundable were Amitabh Kant, Arundhati Bhattacharya, K Subramanian, Sanjeev Bikhchandani, M Damodaran, Preetha Reddy, Haigreve Khaitan, Harsh Mariwala, Adar Poonawalla, K Subramanian and N Venkatram.
Govt's focus on making India a manufacturing destination will pay dividends: Subhrakant Panda
Well, it is indeed an interesting time to be at the helm of FICCI but I think at some level it is a good time because India is in a breakout mode in terms of regaining its position and a lot of that has to do with how we handled the pandemic with both the timing and the quantum of stimulus measures being spot on.
Sebi asks bourses to put in place SOPs for dispute resolution on investor services by June 1
According to a circular, in respect of disputes in these matters where RTA offer services to shareholders or investors on behalf of listed companies, the RTAs will continue to be subjected to the stock exchange arbitration mechanism.
India takes tough stand on tax treaties with MFN countries
Many local companies withheld a lower tax of 5% while remitting the dividend to these foreign shareholders. The practice, questioned by the Income Tax department, was upheld by the Delhi High Court.
Cairn gives in writing to indemnify govt, withdraw cases to get Rs 7,900 crore tax refund
Meeting the requirements of new legislation that scraps levy of retrospective taxation, the company has given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world.
New York court pauses tax suit to allow Cairn to settle dispute with India
The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
Cairn expects $1.06 billion in refund from India, plans to return $700 million to shareholders
Cairn Energy expects a “near-term” resolution on retrospective tax issue with India and a refund of ₹7,900 crore ($1.06 billion), the company said in its earnings presentation on Tuesday.
Cairn Energy weighs $700 million in shareholder returns if India tax row settled
The oil and gas producer, which has major operations in the South Asian country, said it was considering entering into statutory undertakings with the Indian government over changes to retrospective tax laws at the heart of the row between the two.
Cairn Energy expects a ‘near-term’ resolution on retrospective tax issue with India
Cairn is “working with Government of India to expedite documentation and payment of refund,” the company said, adding that it was required to withdraw all related legal claims against India under the amended law.
$1.2 bn arbitration award: Govt says no formal proposal from Cairn to settle dispute
With New Delhi refusing to pay and instead challenged the award before a court in The Netherlands, Cairn has got the order registered in several jurisdictions and has begun recovering the money by seizing Indian assets overseas.
In a second win, tax-exempt status of Tata Trusts upheld
The Mumbai bench of the ITAT rejected the income tax department’s claims that the trusts had violated laws related to charitable trusts by holding shares of Tata Sons.
$1.4bn arbitration award: Cairn says hopeful of solution, will take steps to protect shareholder interest
In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty.
Union Budget 2021: 10 things individual taxpayers should know
Taxpayers will not be required to estimate their dividend income while making advance tax payments. Advance tax will now be payable only when dividend is declared or paid by the company. This will save payment of interest by taxpayer due to underestimation while paying advance taxes.
Key Budget 2021 announcements that impact individual tax payers
While no changes have been proposed to the personal tax rates, the budget contains various relief measures and proposals to facilitate ease of compliance for the taxpayers.
India to study Cairn Energy arbitration award, to consider all options
The government's statement followed that from Cairn Energy Plc which said that it had won the arbitration against the Indian government over a tax dispute arising from demand of $1.2 billion from tax department on listing of Indian operations back in 2007.
Double blow for India. After Vodafone, Cairn Energy wins investment treaty arbitration against New Delhi in 5-year-old tax dispute
Cairn in March 2015 filed a formal dispute against a demand for more than $1.2 billion from the Indian tax department that dates back to the 2007 listing of its then Indian operation.
Nikkei ends higher on boost from ex-dividend stocks
Investors took cues from Wall Street's positive finish on Friday when main indexes gained more than 1%, while in Japan, analysts cited demand for index futures by index and mutual funds lifting sentiment a day before the ex-dividend date.
Hear out Cognizant before passing any orders: SC tells I-T
The case relates to repatriating money to the company’s parent entities in Mauritius and the US through a share repurchase programme in 2016. The top court also asked the I-T department to decide on the matter in two months, according to counsellors present in court. Cognizant did not answer an email on the implications of the court order.
Companies, FPIs stare at tax confusion
Should the FPIs be taxed as per India’s tax treaties or as per the domestic tax rates?
Companies, FPIs confused over the issue of taxing dividend
The onus is on companies to tax dividends of their investors before the pay-out. The question is at what rate should the FPIs be taxed — should they be taxed as per India’s tax treaties with the countries they are based at, or as per the domestic tax rates. This could become a point of dispute between companies and FPIs ,
EEPC India seeks expansion of Sabka Vishwas scheme to matters relating to customs
In a letter to the Central Board of Direct Taxes (CBDT) , the EEPC India has stated that the Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 for settlement of pending cases under Central Excise and Service Tax has resulted in great success , giving a big relief to medium and small enterprises.
Where the clashing clauses lie in the Cognizant-taxman dispute
A CA with a popular consulting firm said: "This is an additional tax slapped on a company that purchases its own shares from its foreign shareholders."
Cairn tax dispute: I-T dept confiscates dividend, refund
The department ordered taking away $104 million dividend due to it from its remaining stake in the erstwhile subsidiary Cairn India.
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