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Two of the most popular smartphone manufacturing Companies Xiaomi and Oppo, are likely to face a fine of Rs 1000 crore for not complying with the regulatory mandate prescribed under the Income Tax Act for disclosure of transactions with Associated Companies. The Income Tax Department pointed out that the firms inflated their expenses in a bid to lower their taxable profits of more than Rs 1,400 crore. On December 21, the I-T department conducted country-wide search and seizure operations on t
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FAQ :
Xiaomi and Oppo are likely to face a fine of Rs 1000 crore for non-compliance with income tax regulations.
The companies are accused of inflating expenses to lower taxable profits and introducing foreign funds with doubtful sources and creditworthiness.
The Income Tax Department conducted country-wide search and seizure operations on December 21.
The search operations took place across numerous premises in various states including Karnataka, Tamil Nadu, Assam, West Bengal, Andhra Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Bihar, Rajasthan, Delhi, and NCR.
The department indicated that the quantum of such dubious foreign borrowings is close to Rs 5,000 crore.
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