Income tax department informs High court about Nokia’s tax liability
The Delhi High Court has been informed by the Income Tax department that Nokia India and Nokia Corporation owe it Rs 21,153 crore as total tax liability (existing and anticipated), which includes penalty during a seven-year period from 2006-2013.
I-T department has arrived at a conclusion about the amount payable by Nokia on the basis that the mobile manufacturing firm does not discharge its TDS liability on royalty payments and is not entitled to any deduction under tax laws for operating from a special economic zone (SEZ).
I-T department has made its submission in its reply to Nokia's plea for unfreezing of its assets in India prior to its $7.2 billion deal with Microsoft.
In case TDS liability is paid and the deduction under tax laws for operating from a SEZ is available to Nokia, then its total tax liability (existing and anticipated), including penalty would be Rs 14,200 crore.
A bench of justices Sanjiv Khanna and Sanjeev Sachdeva adjourned the hearing to Tuesday on Nokia's plea when the company may have to answer the court's queries about the total investment made by it in India, dividend paid by it, quantum of purchases of raw materials, whether Nokia Corporation has been filing returns here etc.
Meanwhile, Nokia, in a statement, said that it has not been served with "any official claim". The firm said in the recent months it has seen and read about many claims from the I-T department and added that these are "without merit" and it will defend itself "vigorously" in court.
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids
- Italy’s ASPI announces plans to install cross-country ultra-fast EV charging network