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 :: ACCOUNTING STANDARDS :: VAT RATES :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: empanelment
 
 
Direct Tax »
  CBDT to waive interest if tax demand paid in retro cases
 No relief to those who defaulted on 1st IDS installment: CBDT
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers

I-T dept initiates Vodafone conciliation process to resolve tax dispute
June, 15th 2013

The income-tax department has formally written to British telecom major Vodafone, agreeing to a conciliation process to resolve the long-running tax dispute.

The letter to the company stems from last week's cabinet decision that allowed a non-binding conciliation with the company under the Indian Arbitration and Contracts Act, said a government official privy to the development.

The company had sought conciliation under the United Nations Commission on International Trade Law, but the cabinet agreed to the conciliation process only under Indian laws.

A company spokesperson declined to comment.

The Income-tax department would keep the tax demand, which includes interest and penalty, in abeyance during the process. Both sides will appoint representatives to carry out the negotiations.

"Two conciliators will sit together and they would come out with an outcome. It is not an arbitration. They will suggest an outcome, a modified outcome and it is a step by step approach. Everything is in public domain," finance minister P Chidambaram had said after the cabinet decision on June 4.

The Central Board of Direct Taxes, the apex body in charge of administration of direct taxes, is agreeable to waiving off a certain component of the interest and penalty on the total tax liability but the company is pushing for waiving both the interest and penalty and also a part of the principal. A panel headed by Parthasarthi Shome, now an advisor in the finance ministry, had recommended that penalty and interest should not be imposed in cases where law had been amended retrospectively.

Vodafone had acquired Hutchison Essar in 2007 from Hong Kong-based Hutchison Whampoa through a $11.2-billion overseas transaction. Indian income-tax authorities slapped a Rs 20,000-crore tax bill on the company including penalty and interest for not withholding tax on the payment made to Hutchison.

Tax authorities' lost in the Supreme Court, but the government amended the income-tax law retrospectively in the last budget making the company liable to pay tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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