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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: form 3cd :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 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
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended

Govt to soften retro tax blow in Budget
January, 09th 2013

In an attempt to soften the blow of retrospective amendments passed by Parliament in 2012-13, the finance ministry is looking at options, including waiving the penalty and interest payment from companies facing tax liability due to these amendments.

“The government essentially wants to mitigate the damage done by retrospective amendments. Therefore it is looking at introducing the corrective measures in Budget 2013-14. One of the options being considered is waiving the penalty and interest on the amount paid by the assessee who face the tax liability under the amendments,” a government official told The Indian Express.

In the Budget 2012-13, the then finance minister Pranab Mukherjee had retrospectively amended Section 9 of the Income Tax Act, clarifying that any share in a company registered outside India will be deemed as situated in the country if the share derives its value, both directly and indirectly, from assets located in India.

The clarification was issued retrospectively from April 1, 1962, since the implementation of the I-T Act, ensuring that all Vodafone-Hutch like transactions would be taxed.

Apart from creating uncertainty, the amendment also scared the investors away. Taking note of the concerns, finance minister P Chidambaram mandated the Prime Minister Manmohan Singh-appointed Shome panel to look into the issue and suggest corrective measures.

The Shome panel had suggested waiving both penalty and interest in all cases where the demand for tax is raised on account of the retrospective amendment.

If introduced in the Budget, the provision will not only provide a huge relief to Vodafone, entangled in a fierce legal battle with the department, but also several other cases including Idea Cellular-AT&T $150-million deal, SABMiller’s acquisition of Foster’s in India, Mitsui-Vedanta’s $981-million Sesa Goa deal, GE-Genpact $500-million deal and Kraft-Cadbury $19-billion deal, which are stuck at various levels of litigation.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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