India asks IBM to pay $866m

Published
0

MUMBAI, Nov 2: Indian tax authorities have asked IBM’s Indian unit to pay 53.57 billion rupees ($866.20 million) in outstanding income tax on fiscal 2009 revenue, media reported on Saturday.

In an emailed statement, an IBM India spokeswoman confirmed the company had received a tax notice, but declined to comment on the amount of tax liability or the nature of the notice.

“IBM does not agree with the tax department’s claims and will aggressively defend itself through the appropriate judicial process,” the IBM India spokeswoman said.

IBM has been locked in a tax dispute with authorities related to its 2009 reporting year income, media have reported previously.

In its latest 10-Q filed with the US Securities and Exchange Commission (SEC), IBM said it had recorded $394m in prepaid income tax in India “at” Sept 30, 2013. IBM said a “significant portion” of that amount was paid in order to reserve its right to appeal previous tax assessments in India, which it said it expects to win in appeal.—Reuters

Opinion

Editorial

Risks ahead
Updated 02 Oct, 2026

Risks ahead

To think that the government would rather push out an elected government than grant a single prisoner some facilities does not square up rationally.
Exit from Iraq
02 Oct, 2026

Exit from Iraq

AMERICAN and British troops have once again shipped out of Iraq. On Wednesday, the foreign forces left the Arab...
Lahore’s ozone warning
02 Oct, 2026

Lahore’s ozone warning

LAHORE has received another warning that its air pollution crisis cannot be treated as a problem that begins with...
Fixing bond markets
Updated 01 Oct, 2026

Fixing bond markets

Pension funds, insurance companies, mutual funds, retail investors, and eventually, foreign investors must become bigger participants in the market.
Call centre rackets
01 Oct, 2026

Call centre rackets

A NUMBER of recent raids conducted by the authorities in different cities point to the growing threat fraudulent ...
Homeward bound
01 Oct, 2026

Homeward bound

FIVE months after Somali pirates captured an oil tanker carrying a 19-member multinational crew, Somali maritime...