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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 Direct tax collection exceeds target in FY18
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you

Arbitration not best way to settle tax disputes: CBDT
October, 14th 2015

Arbitration is not the best way to resolve tax disputes, CBDT Chairperson Anita Kapur said today, stressing that the Indian legal system is fair enough to deal with taxation issues.

"One must understand that if MAP (Mutual Agreement Procedure) works, there is no need for arbitration." she said.

"Because taxation is a sovereign right and with the two competent authorities who represent the two sovereigns cannot resolve a dispute then how would you ensure that the arbitration award will be fair," she added.

"I think we need to live with MAP and also the domestic legal system. The Indian jurisprudence fortunately has world recognition of being fair. So, if MAP can't resolve, if Indian jurisprudence is not able to respond, then arbitration is not the answer," she said at Assocham event here.

The government is locked up in arbitration on Rs 20,000 crore Vodafone tax dispute. While both parties have appointed their arbitrators, they are yet to decide the third one.

As regards Cairn, the government has agreed to join the arbitration for resolution of Rs 10,247 crore tax dispute and will soon appoint its arbitrator.

With regard to black money law, the Central Board of Direct Taxes (CBDT) chairperson said that it was intended to be harsh because we were addressing a problem which the normal law was not able to address for so many years.

"We owe it to the country to ensure at least law is clear and the law is stringent so that the menace is handled," she said.

Kapur also said that the department is open to clarifying procedures related to black money law based on the query received.

"We have been issuing FAQs, on compliance window we issued three sets of responses to the queries raised, we are open to issue responses to what you find problematic in the procedures on the black money," she said.

She also said that CBDT was trying to address issues on the administration side but advised the industry not to overplay such issues.

"We do not want to recover taxes which we are not entitled to recover, we want taxes which as per our law we have been obligated to recover," she said.

Speaking on the occasion, Authority for Advance Rulings chairman V S Sirpurkar said that industry and expert should be forthcoming to give suggestions so that law can be made simple rather than criticising.

"There are a number of defects in competition law. I dare say that some of the provisions are just not understandable as how could this provision be should be asked to lawyers," he said

"When the committee invited opinion on (law), they did not gave their suggestion at the time of framing," he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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