I-T Dept slaps Rs 582 cr tax demand notice on Infosys

May 19, 2013

New Delhi, May 19: Income Tax department has slapped a fresh USD 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm. info

The Bangalore-based software services exporter is already contesting additional income tax demands of USD 214 million (about Rs 1,175 crore) for four fiscals years beginning 2005 and said it will take legal recourse against the fresh tax demand notice as well.

"The company has received the assessment order from the Income tax authorities for fiscal 2009 on May 2, 2013 along with a demand order for an amount of USD 106 million," Infosys said in a filing to the US Securities and Exchange Commission (SEC) last week.

In the filing Infosys added, "As the company is contesting this position like earlier years, the appellate authority would be approached within the time limit prescribed under the relevant law."

Infosys is already facing tax demands worth USD 214 million for fiscal 2005 to fiscal 2008 "mainly on account of disallowance of a portion of the deduction claimed by the company under Section 10A of the Income Tax Act."

"The company has received demands from the Indian IT authorities for payments of additional taxes totalling USD 214 million, including interest of USD 62 million upon completion of their tax review for fiscal 2005, fiscal 2006, fiscal 2007 and fiscal 2008," it said in the filing.

The deductible amount is determined by the ratio of export turnover to total turnover.

The disallowance arose from certain expenses incurred in foreign currency being reduced from export turnover, but not reduced from total turnover, it added.

The tax demand for fiscal 2007 and fiscal 2008 also includes disallowance of portion of profit earned outside India from the STP units and disallowance of profits earned from SEZ units, it said.

"The matter for fiscal 2005, fiscal 2006, fiscal 2007 and fiscal 2008 are pending before the Commissioner of Income tax (Appeals) Bangalore," Infosys said in the filing.

Infosys added that its position in the cases relating to tax demands is strong and it expects to win the appeal.

"The company is contesting the demand and the management, including its tax advisors, believes that its position will likely be upheld in the appellate process.

"The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of operations," it added.

On taxes in India, Infosys said in the filing "The company, as an Indian resident, is required to pay taxes in India on the company's entire global income in accordance with Section 5 of the Indian Income Tax Act, 1961, which taxes are reflected as domestic taxes."

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News Network
March 11,2020

Jaipur, Mar 11: A 85-year-old man in Jaipur, who had returned from Dubai on February 28, has tested positive for coronavirus, a state government official said on Wednesday.

He was found presumptive positive in the first test on Tuesday and hence, a second test was conducted with fresh samples, the reports of which arrived late Tuesday night, Additional Chief Secretary, Medical and Health, Rohit Kumar Singh, said.

“The man who travelled to Dubai has been tested positive for coronavirus. It has been confirmed now,” Singh said.

“We have also got the manifest of the Spicejet flight he took from Dubai to Jaipur and are doing due diligence on that,” the official said, adding that intense contact tracing was underway.

The man has been kept in isolation at the SMS Hospital here.

“The man came to the hospital on Monday with symptoms of the virus. After the first test, his wife and son too have been kept in isolation at the hospital. The two, however, do not have coronavirus affliction symptoms,” Singh said.

A total of 235 people who came in contact with the octogenarian and his family have already been traced and are being monitored, he said.

Other contacts are also being traced, Singh added.

An Italian couple, who tested positive for COVID-19 last week, are also admitted in the hospital but their condition is improving, he said.

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Agencies
July 20,2020

Mumbai, Jul 20: The Bombay High Court on Monday asked the NIA and the Maharashtra government to inform it about the health condition of poet Varavara Rao, an accused in the Elgar Parishad-Maoists links case, and if his family could be allowed to see him "from a reasonable distance".

The directions came after Rao's lawyer told the court that the activist was "almost on his deathbed".

Rao, 81, is currently admitted in the Nanavati Hospital here. He tested positive for coronavirus earlier this month and is also suffering from several other ailments.

A division bench of Justices S S Shinde and S P Tavade asked the National Investigation Agency (NIA) and the state to inform the court about Rao's health condition and clarify by July 22 whether his family members could be permitted to see him.

Rao's lawyer Sudeep Pasbola told the court that the activist was "almost on his deathbed" and that if he were to die, it should be in the presence of his family.

"His condition is very serious. He hit his head against the hospital bed while he was at the J J hospital and sustained severe injuries. Besides COVID-19, he suffers from several ailments, he is hallucinating and is delirious," Pasbola said.

"His days are numbered and if he is to die, at least let him die in the presence of his family members," the lawyer said while seeking that Rao be granted bail. Pasbola said Rao was in no condition to cause any prejudice to the probe in the case and even the NIA could not dispute this fact.

The bench, however, asked if Rao was in such a critical condition, wouldn't it be counterproductive to move him out of the hospital, and take him to any other place? "Also, if he has COVID-19, then how can he meet his family?" the court asked.

To this, Pasbola said if permitted, Rao's family could take precautions, and see him from a distance. The state's counsel, Deepak Thakare, told the high court that it could arrange for video-conferencing facilities for Rao's family.

Additional Solicitor General Anil Singh, who appeared for the NIA, said as far as he knew, "COVID-19 patients could not be permitted to meet anyone". He also said Rao had been admitted to "one of the best multi-speciality hospitals in the city," and that he was being taken care of in accordance with guidelines of the Indian Council of Medical Research (ICMR).

"We are providing the best treatment to him, all his medical needs are being attended to and we are following ICMR guidelines in treating him for COVID-19," Singh said. The court, while seeking details from the NIA and the state, said, "Can his family members see him from a reasonable distance in the hospital?"

Rao earlier filed two pleas in HC through his lawyer. One was to direct the state to produce all his medical reports from the state-run J J Hospital, where he was admitted in May but discharged hurriedly on June 2 and sent back to Taloja jail in neighbouring Navi Mumbai.

The other plea sought bail on health grounds.

The same bench also heard a petition filed by Rao's co-accused in the case, activists Vernon Gonsalves and Anand Teltumbde, seeking that they be tested for COVID-19 as they had been in close contact with Rao in the jail.

The court directed the prison authorities and the NIA to respond to the plea by July 23. "The prayer in the petition is limited. You (authorities) carry out the test for COVID-19 and see. If they are negative then good," the court said.

It noted that they (Gonsalves and Teltumbde) are lodged in the Taloja jail where there have been cases of inmates testing positive for coronavirus. Besides, the hearing on the plea of activist Sudha Bharadwaj, also an accused in the case, seeking bail on health grounds was adjourned after the court found the Byculla women prison superintendent's report on her health to be "illegible".

Her plea will also be heard on July 23.

Bharadwaj has been in jail since September 2018. She applied for bail on health grounds after an inmate at the Byculla prison tested positive for coronavirus last month.

Rao and nine other activists were arrested in the Elgar Parishad-Maoist links case, which was initially probed by the Pune Police and later transferred to the NIA.

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Bloomberg
July 27,2020

New Delhi, Jul 27: India’s coronavirus epidemic is now growing at the fastest in the world, increasing 20% over the last week to more than 14 lakh confirmed cases, according to Bloomberg’s Coronavirus Tracker.

Infections in the South Asian nation of 130 crore people have reached 14.3 lakh, including 32,771 deaths, India’s health ministry said, with daily cases close to a record 50,000 on Monday. India is only trailing the US and Brazil now in the number of confirmed infections, but its growth in new cases is the fastest.

Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka are among the states where the maximum number of daily cares are being reported. The world’s second-most populous country has been ramping up testing, with 515,472 samples taken on Sunday, according to the Indian Council of Medical Research.

Still, India and Brazil have some of the world’s lowest testing rates, with 11.8 tests and 11.93 tests per 1,000 people respectively, compared to the US with 152.98 tests per 1,000 and Russia with 184.34, according to Our World in Data, a project based at the University of Oxford in the UK.

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