Tag Archives: Shailesh Kumar

Flipkart deal: Bumpy road ahead for Walmart on tax implications – Shailesh Kumar

As per public information, in proposed deal, shares of holding company Flipkart Singapore (i.e. a foreign company) would be transferred to Walmart. Generally, any gain arising from sale of shares of a foreign company is not liable to income tax in India. However, pursuant to Vodafone controversy, ‘indirect transfer’ provisions were introduced under domestic tax laws, providing that gains from transfer of shares of foreign company could be taxed in India, if such shares derive its value substantially from assets situated in India, which would be apparently satisfied in Flipkart’s case, since entire business of Flipkart is situated in India.
Flipkart deal: Bumpy road ahead for Walmart on tax implications

Income Tax department turns heat on salaried taxpayers warns against false claims – Shailesh Kumar

In January this year, the investigation wing of income tax department unearthed a racket of incorrect/ fraudulent tax refunds by employees of information technology companies based in Bengaluru, in alleged connivance with a tax advisor. Similar other incidents were also reportedly found in other locations across India.

Shailesh Kumar, Director- Direct Taxation contributed an article on Income Tax department turns heat on salaried taxpayers; warns against false claims for Financial Express.

income-tax-department-turns-heat-on-salaried-taxpayers-warns-against-false-claims-shailesh-kumar

Buying a house jointly define ownership perportionately – Shailesh Kumar

When you purchase a house jointly with your wife or any other relative, make sure that the proportion of ownership is defined at the time of registration. It will ensure that the tax liability is in proportion to percentage of ownership. Also, both the owners can take the tax benefits based on their share in the house.

 

  1.   Shailesh Kumar, Director- Director Taxation shares his views on aforementioned story for Business Standard.