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: VAT RATES :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: cpt :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Government will not intervene in foreign tax row for now, says Arun Jaitley
April, 17th 2015

Foreign investors should not look to the government for now to provide relief from a ruling requiring them to pay taxes on years of previously untaxed capital gains, Finance Minister Arun Jaitley said on Thursday.

US and European investor groups are upset with the Minimum Alternate Taxation (MAT) measure, which would apply levies for past years at a higher rate than they had been subject to in the past. Tax experts say the foreigners may owe $8 billion.

Many foreign investors have been receiving notices requesting their MAT calculations for financial year 2011-2012. The tax office has said it would also apply the tax to previous years.

Jaitley pointed out to a seminar in Washington on Thursday that the 2015 budget exempts foreign profits from the MAT as of April 2015.

But he said that with regard to previous years, the foreign institutional investors had gone to a judicial tribunal and lost. He suggested that if they want relief, they should appeal rather than asking for him to step in.

"Their expectation that having lost the case the state must now intervene. That looks a little difficult from my point of view, and therefore they have the option of agitating their remedies in law," he said.

"It may not be possible for any government after a court verdict, which is a transient court verdict, which is still subject to appeals, to intervene in those particular matters."

On another matter affecting taxes, Jaitley said the government intended to pass a bill to restrict greatly the use of cash, for example banning it in property transactions, in order to bring unaccounted money out into the open.

The government intends to crack down on undisclosed foreign assets and income, providing a compliance window when they could be disclosed and taxed, but then imposing jail sentences afterwards.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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