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: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

Govt against retro tax legislation
March, 16th 2015

Finance minister Arun Jaitley has said the government will not move in the direction of "retrospective legislation on tax issues", referring to the latest controversy surrounding Cairn Energy and Cairn India.

"We have stuck to our word," he said. "For any assessee, if he has any grievance against the legacy issues of the previous government, they have the due process to resort to. There is huge enthusiasm over India and the country is back on the radar of international investors."

Jaitley also said that wherever a judicial process had decided an issue, the government had chosen not to challenge it. On the issue of fresh notices or action, any assessing officer who wanted to take such action would have to have the clearance of the Central Board of Direct Taxes, and "legacy claims and notices" that had been initiated by the previous UPA government need to be sorted out through a due judicial process, he added.

Jaitley, who had meetings with British Prime Minister David Cameron and Chancellor of the Exchequer George Osborne here on Saturday, said he was confident that India's GDP will see a growth of 7.4% this year and 8% next year.

In an interview to TOI, Patricia Hewitt, chair of the UK India Business Council (UKIBC), said she was disappointed by the news that Cairn Energy has been hit with a demand for $1.6 billion in retrospective taxes.

"Cairn, of course, has invested $5 billion in India over the last 20 years, creating jobs and energy in Rajasthan and enabling thousands of Indian investors to take a stake in Cairn India. The tax department's actions have not only damaged Cairn's employees and shareholders, but have caused many global investors to worry about the risks of investing in India," Hewitt added.

Simon Thomson, chief executive, Cairn Energy, said in a statement after being slapped with the hefty tax, "Cairn has consistently confirmed that it has been fully compliant with all relevant legislation and paid all applicable taxes in India and we are confident of our position under the UK-India Investment Treaty.

" Cairn Energy has decided to file a notice of dispute under the UK-India Investment Treaty over the impasse.

The income tax department has also served a Rs 20,495-crore notice on Cairn India, now owned by NRI metals tycoon Anil Agarwal's Vedanta group, for allegedly failing to pay tax on gains made by its former parent-Cairn Energy Plc-in a transaction involving transfer of shares in 2006. Cairn India said it did not agree with the tax demand. In a regulatory filing, the company said Rs 10,248 crore was demanded as tax, with the remaining amount as interest.

Cairn India was the fully-owned arm of Cairn Energy Plc, an independent Scottish explorer, till London-listed Vedanta acquired a controlling stake in the company in 2011.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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