Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment
 
 
Direct Tax »
 New direct tax law coming
 Government sets up a panel to draft new direct tax law
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED

Tax department not to take coercive action against FIIs on MAT dues
May, 09th 2015

A day after the government announced setting up a high-level panel under Law Commission Chairman A P Shah, the Finance Ministry has decided not to adopt coercive methods for recovery of MAT dues from foreign investors.

While the Ministry is in the process of drafting the Terms of Reference of the panel which would be put out in 4 days, sources said the panel report would give a "policy direction to tax officers on applicability of MAT on FIIs".

Earlier in the day Revenue Secretary Shaktikanta Das met Shah in this regard, the sources added.

The Committee would consist mainly of tax experts, the sources said, adding that the ministry is working on the time limit which can be given to the committee for submission of report.

The report of the panel would not be binding on the government, they further said, adding that a retired judge has been appointed as the head of the panel as it was felt he would give an unbiased opinion on the entire issue.

"The field officers would not be pushing for any coercive demand on MAT claims right now," sources said.

The panel report would give clarity whether MAT can be levied on foreign investors, they added.

Finance Minister Arun Jaitley had in the Rajya Sabha yesterday announced setting up of the committee under Shah to look into the dispute regarding dues of Minimum Alternate Tax (MAT) on foreign institutional investors.

The terms of reference of the committee, sources said, would be issued within next 3-4 days.

Given that cases are pending in courts, sources said the committee report would give a forward looking direction to the government to resolve the MAT dispute.

The tax department has already issued notices to 68 FIIs totalling Rs 602 crore for non-payment of MAT at the rate of 20 per cent for profits earned.

The committee would also look into the direct tax policies and legacy issues which bring uncertainty in tax administration.

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

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