Financial Daily from THE HINDU group of publications
Saturday, Apr 09, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 09, 2005 |
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Info-Tech
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Software Industry & Economy - Income Tax Polaris to appeal Rs 18.3 cr I-T notice Our Bureau
Chennai , April 8 POLARIS Software Lab Ltd on Friday said that the income-tax authorities have served the company a notice for payment of Rs 18.03 crore as additional taxes under the Income-Tax Act, 1961 for the financial years 2000-2001 and 2001-2002. This, it said, was primarily on account of denial of certain deductions under Section 10A for the software profits the company earns out of its STPI (Software Technology Parks of India) registered units. Polaris has said that it maintains that the demands are not sustainable and has decided to file an appeal before the Commissioner (Appeals), the First Appellate Authority. The company declined comment on whether this notice would lead it to make tax provisions in future quarters and, hence, affect future profits.
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