Just In
- just now Realme Narzo 70 and Narzo 70x Set To Launch Together on April 24 – Check Price, Specs
- 23 min ago Garena Free Fire Max Redeem Codes for April 23, 2024: Get Access to the Latest In-game Loot
- 1 hr ago itel S24 & T11 Pro TWS Launching Today in India: Check Price, Specs
- 2 hrs ago Moto G64 5G Goes on Sale in India at 12 noon Today via Flipkart: Check Price, Specs, Offers
Don't Miss
- News Karaga Mahotsava Traffic Advisory In Bengaluru: Check Route Plan And Restrictions
- Finance JNK India IPO: Public Issue Opens Today; GMP Hints Premium Listing; Check Subscription Status
- Automobiles Bajaj Pulsar 400 Teaser Out – Launch Date & Other Details
- Movies Do Aur Do Pyaar Box Office Collection Day 5 Prediction: Vidya Balan’s Film To Stay Steady & Thrash LSD 2
- Sports Mumbai Indians Playoffs Scenario: Can MI Still Finish in Top 4 in IPL 2024 Points Table After Defeat to RR?
- Lifestyle What Your Tongue Reveals About Your Health: Wellness And Warning Signs You Need To Know
- Education Telangana Inter Results 2024: How to Check Results Online at tsbie.cgg.gov.in?
- Travel Kurnool's Hidden Gems: A Guide To Exploring India's Lesser-Known Treasures
Nokia IMEA VP, Shivakumar Quits Amid Rs 2000 Cr Tax Evasion Squabble
Finnish mobile phone makers, Nokia have been fined a staggering 20.8 billion rupees ($383 million) by the Indian tax officials for not paying taxes. However, the company has managed to get a stay on demand from the the Delhi High Court.
Given that the company is already experiencing drop in sales, the tax order, if enforced, can exert pressure on the Nokia's finances.
"Nokia reiterates its position is that it is in full compliance with local laws as well as the bilaterally negotiated tax treaty between the governments of India and Finland and will defend itself vigorously," said the company in a statement.
The order from the Indian tax officials, is a result of the Indian government's efforts to generate revenue in the face of slowing economy.
Reuters reports that, Nokia said, it filed a write-up before the Delhi High Court, petitioning against the order. the court has asked the tax department to present a "counter-affidavit" within a week
Nokia's manufacturing facility in Chennai was raided by Income Tax officials. Nokia filed a letter of objection against the raid. The company said the actions of the Income Tax authorities in Chennai are excessive, unacceptable and inconsistent with Indian standards of fair play and governance.
Indian Market has been crucial for Nokia, especially because the low-end smartphones from the Asha series are doing well in the country.
Amidst the tax controversies, D Shivakumar, Vice President of Nokia has resigned from the company. Prior to the VP role Shivakumar, was heading Nokia's India operations. He made a shift to the global role in December 2011. He will be resigning after a 8 year long stand in the company.
Shivakumar told Economic Times that he will be headed back to India after the June quarter, but did not comment on what his future plans were. Admist controversies
-
99,999
-
1,29,999
-
69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
14,999
-
26,634
-
18,800
-
62,425
-
1,15,909
-
93,635
-
75,804
-
9,999
-
11,999
-
3,999