Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

High Level Panel on Tax Issues to Have Independent Members
May, 14th 2015

Finance Minister Arun Jaitley on Wednesday said the high level panel looking into the issue of MAT demand raised on foreign investors will consist of independent people so as to ensure non-adversarial tax regime.

"Since we are committed to a non-adversarial regime, we would like the benefit of the independent people who take a dispassionate view, that is something good for the government," he told reporters here.

The Finance Ministry is in the process of finalising the Terms of Reference of the high level committee, headed by Law Commission Chairman (retired) Justice A P Shah, which will look into few other tax issues, which are essentially legacy issues, besides MAT dues on FIIs.

Mr Jaitley had announced constitution of this panel last week. The Committee would give its report on MAT "expeditiously".

Following that the revenue department put on hold issuance of fresh notices and any further assessments on levy of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs).

"In the light of Finance Minister's announcement, no coercive action be taken for recovery of demand already raised by invoking provisions of MAT in the cases for foreign companies," the circular said.

While the government waived levy of 20 per cent MAT on capital gains made by FIIs and foreign portfolio investors from this fiscal, the disputes regarding levy of MAT for past years will be looked into by the Shah panel.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting