Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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
Popular Search: empanelment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: form 3cd
News Headlines »
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol

Special panels to settle MNCs' tax rows swiftly
November, 24th 2009

Multinational companies can now look forward to expeditiously settling their tax disputes in India. The Central Board of Direct Taxes on Monday announced the new rules for creation of special dispute resolution panels (DRP) that will allow foreign taxpayers to sort out their tax disputes in a faster and cost effective manner.

However, the new mechanism could be resorted to by a foreign company only if it has a dispute with tax authorities regarding transfer pricing, that refers to tax disputes pertaining to pricing of tangible and non-tangible assets tranferred within an organisation.

A foreign company facing a dispute pertaining to corporate tax in India alongwith a transfer pricing would also be able to avail this window. There would be eight DRPs across the country in eight metros including Delhi, Mumbai, Chennai, Kolkata, Bangalore, Pune and Hyderabad. India had introduced tranfer pricing rules in 2001. Taxexperts say that the new DRP would not just ensure resolution of issues swiftly but also help in bringing down litigation related to transfer pricing.

With the constitution of DRPs, MNCs operating in India can forward to engage with them with a view to collaboratively resolve contentious issues to the extent possible, said Sudhir Kapadia, tax partner, Ernst & Young.

MNC taxpayers would allowed to go through the draft assessment order specifying their tax liability, before it is finally handed out unlike the present practice of handing out the order without giving taxpayer any such opportunity.

Taxpayer, will have 30 days to come back to the panel with objections and get the order amended. And, even if the order is passed by the panel, taxpayer would be allowed to appeal against the decision. However, the decision would be binding on the assessing officer handling the case. This mechanism will be in addition to the existing judicial remedy such as commissioner appeals.

The binding nature of the panels order on the assessing officer will help in reducing the burden of tribunal cases being initiated by the tax authorities, Shanto Ghosh, principal economist, transfer pricing, Deloitte Touche Tohmatsu India.

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

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