IT department freezes Cognizant\'s bank accounts for alleged tax evasion: Report

作者:Cloris 時間:2018-03-29 08:10:04 標籤: 分類:

The Income Tax (IT) department has frozen the bank accounts and deposits of US-based tech giant Cognizant, on grounds that the firm evaded dividend distribution tax (DDT), reported The Economic Times.

The IT department had sent a notice to the the India unit of Cognizant for evading tax to the tune of Rs 2,500 crore. The company is believed to have not paid 20 percent DDT on dividend paid to its parent company in FY17, an Income Tax official told the paper.

"Income Tax Act requires Dividend Distribution Tax on any distribution, on reduction of capital, to the extent accumulated profits defined as dividends... CTS was required to pay DDT of more than Rs 2500 crore in FY2016-17 itself but failed to pay," the official was quoted as saying.

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The company's accounts were frozen around a week ago.

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In a reply to one of the earlier queries regarding the IT notices, Cognizant had said that they review and discuss large transactions with the relevant tax authorities.

Stating the firm would respond appropriately to any inquiries, Cognizant said that it is "committed to compliance with the law in all jurisdictions in which it operates."

本文來源:https://www.moneycontrol.com/news/business/companies/it-department-freezes-cognizants-bank-accounts-for-alleged-tax-evasion-report-2537855.html

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