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: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt :: VAT Audit :: ACCOUNTING STANDARDS :: TDS
 
 
« Corporate Law »
 Government firm on tax law changes, relents on tribunal postings
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
 Law panel against income tax relief for single parents
 Maintenance of Accounts and other record in GST Law
 Parliament Votes to Extend Value Added Tax Law
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
 Glimpse of Invoices Revised Model GST Law
 Registration , Amendment and Cancellation under Revised GST Law
 GST council meeting: Law Ministry says only Centre can control traders
 Meaning and Scope of β€˜Supply’ – Comparative view under Revised Model GST Law vis-Γ -vis Earlier Model GST Law
 Tax Tribunal issues order against a law firm for forum shopping

Decision to amend Income Tax law retrospectively regrettable
March, 18th 2016

The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.

“On Vodafone tax issue, Pranab Mukherjee’s decision was very regrettable… Retrospective taxes have been done in many countries. I think where we suffer was that people saw this tax that has been put in place to explicitly counter judgement of Supreme Court that, I mean, was regrettable,” Ahluwalia said at the India Today Conclave here.

Last month, the Income Tax department issued a reminder notice to Vodafone over its Rs 14,200 crore tax dues, a move which the UK firm said showed disconnect with Prime Minister Narendra Modi’s promise of a tax-friendly environment.

The government, however, had defended it saying the step was a routine exercise.

The Vodafone case relates to the retrospective amendment of the I-T laws carried out by the UPA government in 2012 to overturn the Supreme Court verdict, which had favoured Vodafone.

The basic tax demand for Vodafone was Rs 7,990 crore.

On the problem of rising bad loans, Montek Singh Ahluwalia said if government equity in Public Sector Banks was not reduced below 51 per cent, their problem of rising NPAs cannot be solved.

“We need to make bank more board driven by reducing government’s ownership in Public Sector Banks below 51 per cent,” he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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