Xiaomi, Oppo could face Rs 1000 crore fine for violating Income Tax laws

The Income Tax Department claimed that smartphone producers Xiaomi and Oppo have violated the tax laws, and they can be fined Rs a thousand crore. On December 21, the Income Tax Department performed raids in Delhi and eleven different states at the places of Chinese smartphone organizations and their subsidiaries throughout the country.

“In the raids, it has been printed that each the foremost agencies have despatched quantity in the shape of royalty quoting themselves and team businesses positioned abroad, which is extra than 5500 crores,” stated Income Tax Department. The assertion in addition reads, “These businesses did now not comply with the disclosure of transactions underneath the Income Tax Act 1961. Such mistake makes them in charge for penal action.”