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 VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT Audit :: due date for vat payment :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal

Finance minister offers new reprieve on retro tax
June, 01st 2012

Finance minister Pranab Mukherjee on Wednesday said the income tax department will not reopen cases where assessment proceedings had been finalized before April 2012, a statement which is aimed at providing fresh comfort to investors jittery about retrospective amendments to the law that will enable the government to tax overseas deals involving foreign assets.

"I gave a commitment in Parliament with regard to retrospective amendments that CBDT ( Central Board of Direct Taxes) will issue a policy circular to clarify that in cases where assessment proceedings have become final before April 1, 2012... such cases shall not be reopened. Now CBDT has issued a circular in this regard," he said.

The reiteration of sorts comes amid suggestions by tax department officials that they would look at all transactions that took place over the last six years to see that nothing escapes the net. But more than the smaller cases, the focus is on a dozen-odd large transactions, including Vodafone's stake acquisition of Hutch stake in the Indian telecom venture, to raise up to Rs 40,000 crore.

The amendment, which has set the stage for a fresh demand on Vodafone, has been criticized by domestic and international companies although the government has held firm that it was only a clarification.

Apart from M&As, Mukherjee also sought to comfort software companies as he promised that the government will ensure that companies don't have to deduct taxes (TDS) at multiple levels. "This will remove hardship in case of software distributors," he added. Due to the stipulation, 10% TDS was being deducted at every level of software distribution chain from master distributor to reseller and channel partners. The government decision follows a recommendation by an expert group and representations by Nasscom.

Mukherjee's statement at the inauguration of a new building for the tax department also had a word of caution for his officers with the minister instructing them to refrain from moving high courts unless the question of law is not involved in the disputes.

"Normally my advice would be that if there be no point of law, if it's a matter of fact, then I think with the two appeals at the commissioner's level the department need not rush to the high court if there be no point of law concerned."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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