Tax regulations

For violating income tax regulations, Xiaomi and Oppo could be fined Rs 1000 crore.

It was discovered during the strikes that the two big organizations, Xiaomi and Oppo, could face a penalty of Rs 1000 crore. They sent money as eminence, which is over Rs 5,500 crore, referring to themselves and to fundraising organizations found abroad.

Source: NDTV

Xiaomi and Oppo could run the risk of paying a fine of 1,000 crore for failing to comply with income tax laws. Know more subtleties here.

The 2022 New Year’s party could be watered for Xiaomi and Oppo; two of the most famous cell phone producers in India. As reported by the Income Tax Department, these two tech organizations have abused tariff laws and are facing a fine of 1,000 crore.

The IT office says two major technology organizations have increased costs to reduce their available benefits by more than 1,400 crore. Although the Income Tax Office has not discovered the names, industry insiders say they are Oppo and Xiaomi. The assessment office had carried out an attack in 11 states, including Tamil Nadu, Karnataka, Gujarat, Rajasthan, Delhi and a few different states.

The Income Tax Department has guaranteed that cellphone producers Xiaomi and Oppo have abused valuation laws and could face a fine of Rs 1,000 crore. On December 21, the income tax department hit areas of Chinese mobile phone organizations and their auxiliaries across the country in Delhi and in 11 different states. The office observed some important records which showed that the organizations were totally ignoring the income tax law in India.

The Income Tax Department said: “It was discovered during the strikes that the two huge organizations passed on a sum as eminence, which is over Rs 5,500 crore, citing each other and bringing together organizations found. abroad. The claim further read: “These organizations did not consent to disclosure of trade under the Income Tax Act of 1961. Such confusion makes them responsible for the punitive activity.”

The Income Tax Department had carried out assaults in West Bengal, Andhra Pradesh, Bihar, Rajasthan, Tamil Nadu, Assam, Maharashtra, Delhi NCR, Karnataka, Madhya Pradesh and Gujarat last week. This activity of the Income Tax Department uncovered two large mobile phone organizations like Xiaomi and Oppo that send money to another country as the eminence of their collecting organizations. Apart from this, settlements totaling over 5,500 crore were recognized, which could not be factored into the evidence and realities found during the pursuit activity.

The research activity also revealed the strategy of purchasing parts to make the cell phone. The office guaranteed that Xiaomi and Oppo did not disclose the exchange under the provisions of the Income Tax Act 1961, which would now result in a fine of 1,000 crore.