Income Tax Dept asks Microsoft to pay Rs 700 crore tax

The Comission of Indian Income Tax Appeals, has asked Gracemac Corporation, a Microsoft subsidiary, to pay over Rs 700 crore(7 billion rupees) as tax on income earned through royalties on products ( between the assessment years 1999 to 2005).

Accordingly to sources, Microsoft’s estimated tax liability on royalty stands at Rs 700 crore, including interest.

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