Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: due date for vat payment :: form 3cd :: articles on VAT and GST in India
 
 
Indirect Tax »
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory

Income Tax department finalises response to Vodafone's BIPA notice
February, 24th 2014

The Income Tax department plans to rebut Vodafone's notice under BIPA saying that the pact between India and Netherlands does not cover taxation issues.

The response to the Bilateral Investment Promotion and Protection Agreement (BIPA) notice was finalised after a meeting of the inter-ministerial group, headed by the Finance Secretary.

The other members of the IMG were secretaries from Economic Affairs, the ministries of Law and External Affairs.

"Tax department has finalised its response to the notice saying BIPA does not cover tax issues. The reply has been sent the Finance Minister," an official source told PTI.

Once the ministry gives its go-ahead to the response, the final reply will be sent to Vodafone.

UK-based Vodafone is in the thick of Rs 20,000 crore capital gains tax dispute with the government that relates to its 2007 acquisition of Hong Kong firm Hutchison Whampoa's stake in India's Hutchison Essar.

While the basic tax demand for the acquisition is Rs 7,990 crore, outstanding dues, including a penalty of a similar amount and accrued interest, run into Rs 20,000 crore.

Vodafone had on January 10 served a supplementary notice to India invoking the India-Netherlands BIPA in which it said that dispute in respect of transfer pricing case between Vodafone India Services (VISPL) and VIHBV.

It said the amendment to the I-T Act will cause Vodafone International Holdings BV (VIHBV) substantial financial loss.

Since Vodafone has been insisting that tax issues are covered under BIPA, the source said the telecom firm is likely to approach Arbitration Tribunal under United Nations.

The Cabinet had in June 2013 approved a Finance Ministry proposal to go in for conciliation with Vodafone to resolve the tax dispute.

However, the talks broke down after Vodafone issued a supplementary notice to the government, invoking the BIPA and demanded that a separate transfer-pricing case be clubbed with the capital gains tax matter.

The company wanted to club a Rs 3,700 crore transfer- pricing case of Vodafone India Services with the capital gains tax issue. The transfer pricing matter is pending in Bombay High Court.

On the capital gains case, the Supreme Court had ruled in Vodafone's favour in 2012, saying it was not liable to pay any tax over the acquisition of assets in India from Hong Kong-based Hutchison.

Later that year, the government changed the rules to enable it to make retrospective tax claims on such deals, including that of Vodafone.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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