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: ACCOUNTING STANDARDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: cpt
« Direct Tax »
 Salaried taxpayers to get SMS alerts for TDS deductions
 Salaried tax payers to get SMS alerts on TDS deductions
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT

CBDT fighting many battles all at once: SSN Moorthy
October, 26th 2010

The Central Board of Direct Taxes (CBDT) is fighting many battles all at once --  from the Vodafone tax case to pacifying India Inc on certain provisions of the direct taxes code, to voicing concerns on a hurried shift to IFRS, reports.

Haste makes waste. That's the message from CBDT Chairman SSN Moorthy, who believes that convergence to IFRS by April 2011 may be cutting it too fine. He says India Inc is not fully prepared, and needs more time.

SSN Moorthy said, As far as IFRS is concerned, personally, I am of the opinion that there should be some more time factor for implementation. I dont think the Indian companies are ready for implementation, but the institute has its own compulsions because of the standards imposed by international bodies.

So they have selected a few high ranking companies who may implement that.

The time factor is not his only concern. Moorthy added that after implementation; a lot of work will have to be done to make the practice complement the direct taxes code.

His warning on IFRS aside,  Moorthy's department is also busy fighting fires on the DTC front. Several companies have raised concerns that general anti avoidance rules under the proposed direct taxes code could be used by it officials to deny treaty benefits while examining agreements or transactions. Here's how he allays these fears.

We will be making sub-ordinate legislation that is rules for implementation of GAAR whereby we will be moderating powers of assessing officers. There will be a high powered body of some senior officials who will look into GAAR operations and see that it is applied in a moderate , assesse friendly fashion, added Moorthy.

But even as CBDT moves to provide India Inc with smooth transitions to both IFRS and DTC, it is not willing to back down from its biggest ongoing fight -- the legal battle against Vodafone for a tax claim of Rs 11,218 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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