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: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt :: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARDS
 
 
Indirect Tax »
 Double-digit Increase in Direct, Indirect Tax Collection, Says Arun Jaitley
 What is Direct tax?
 Indirect tax mop-up rate slows after note ban, Jaitley dismisses slowdown
 Tax buoyancy improves, thanks to indirect levy
 FM may unveil GST timeline, state compensation corpus on Feb 1
 Direct and indirect tax collection to exceed budget estimates this fiscal: Jaitley
 Startups brace up for legal war with Income Tax department
 Which investment is best suited for you to save tax
 Here's how you can save tax on health insurance premium
 Failed expectations? Tax mop-up may decline in new amnesty scheme
 Budget to deal with direct taxes

Government can't waive tax on Vodafone, Cairn
March, 07th 2016

Government cannot waive the multi- billion dollar tax liabilities that Vodafone and Cairn Energy face, although it has done the most it could in offering to remove interest and penalty if the principal is paid, Revenue Secretary Hasmukh Adhia has said.

This implies that if tax authorities have already issued a notice in connection with assessment or reassessment or if any proceeding is pending, the window can't be used. The scheme will also not be available if authorities have prior information about the claimant from another country under tax information-exchange treaties. Those having any case against them in connection with the Harshad Mehta securities scam or under the Narcotic

Drugs & Psychotropic Substances Act will also not be eligible. Taking forward the government's resolve to crack down on black money, Finance Minister Arun Jaitley unveiled the Income Declaration Scheme 2016 in the Budget on February 29. The proposal provides a limited-period compliance window from June 1to September 30. Undisclosed income declared under the scheme shall be taxed at an effective rate of 45% and no expenditure or allowance shall be permitted against such undisclosed income or asset.

EXEMPTION FROM SCRUTINY

Taxpayers making such declarations would be exempt from scrutiny, including reassessments and enquiry and prosecution from the relevant provisions of the Income-Tax Act, Wealth Tax Act and Benami Transactions (Prohibition) Act.

Tax authorities have launched a concerted campaign against evasion that has led to Rs 20,000 crore of undisclosed income being unearthed in the past few years. The government had received several representations after a similar window for foreign assets was opened last year that those having undisclosed domestic assets should also be given one last chance.

"For the undisclosed foreign income or assets there is no period of limitation provided under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. But Income-Tax Act, 1961, contains the provisions of period of limitation, pegged at six years, beyond which tax authorities cannot raise any question," said Kuldip Kumar, partner at PwC India.

For example, someone who acquired a house in Delhi in 2005 from unexplained sources, sold it in 2007 and spent the money, doesn't need to come forward to make use of the scheme, Kumar pointed out.

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

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