Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: cpt :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARD :: due date for vat payment :: empanelment
 
 
News Headlines »
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes

Set up common body for foreign cos tax queries: Par Panel
October, 27th 2008

Government may set up a common body to adjudicate direct and indirect tax cases relating to the foreign firms as suggested by the Parliamentary entary Panel, an official report said.

The Standing committee on Finance which recently tabled its report in the Parliament has suggested the government to form a common Authority for Advance Ruling (AAR) on Central Taxes instead of two departments.

"According to the Ministry of Finance, while reviewing the performance of the two authorities for Advance Rulings..., it was noticed that these Authorities do not have adequate work, to justify separate bodies with separate establishments", the report by the Standing committee said.

The committee has submitted a report on the Authority in the Central Taxes Bill to both the Lok Sabha and the Rajya Sabha.

According to the suggestions made by the panel, the common AAR would be bind by the guidelines under which they were performing their duties.

The figures also point at the Customs and Excise division receiving fewer applications than the Income Tax division.

To explain it further, the report said that the AAR (C&CE) received no applications since 1993 till 2001, while the AAR
(IT) had started receiving applications since the first year. Infact, by 2007-08 AAR (IT) received 571 applications but AAR (C&CE) received only 112, it added.

The Authority for Advance Ruling was formed to help foreign firms and individuals to ascertain their tax liabilities in India even before they undertake the business activity.

A ruling by the AAR is binding on the applicant and also sets a persuasive precedence for other companies which intend to undertake similar activities.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions