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
Latest Expert Exchange
« Direct Tax »
 Time to do away with angel tax?
 CBDT directs tax sleuths to survey, inspect high value transactions
 Filing your income tax returns? Here are four challenges that you may face
 Filing your income tax returns? Here are four challenges that you may face
 Here's a list of things to remember while filing income tax returns this year
 How to fill salary details in ITR1 for FY 2017-18
 Filing income tax returns? You need to disclose these assets to the taxman
 Here's why you should not delay filing your income tax returns
 Six changes in ITR 1 form that you must know ITR 2018-19
 Here are top 5 ways to save money, and you won’t even feel the pinch
 Why checking Form 26AS is necessary Income tax return (ITR) filing

CBDT informs Vodafone on agreeing to non-binding conciliation
June, 20th 2013

The Central Board of Direct Taxes (CBDT) has formally written to British telecom major Vodafone, agreeing to enter into a non-binding conciliation to resolve the long-standing tax dispute.

"The Income-Tax Department has written to Vodafone, agreeing to enter into a non-binding conciliation to resolve the long-standing tax dispute" said a senior CBDT official.

Both sides will soon appoint representatives to carry out the negotiations, he said further.

Seeking to resolve the long-standing tax dispute with Vodafone, the Cabinet earlier this month had approved a proposal for non-binding conciliation with the British telecom major, the outcome of which will ultimately be vetted by Parliament.

"We (have) accepted the offer of Vodafone to enter into a non-binding conciliation. The outcome of the non-binding conciliation will be brought back to the Cabinet.

"If both sides (Vodafone and the government) agree on the outcome of the non-binding conciliation then the matter will be taken to Parliament by an amendment to the Income Tax Act," Finance Minister P Chidambaram had said.

The Minister had added that no timeframe has been set for conclusion of the conciliation proceeding.

The conciliation will be under the Indian arbitration law and not under the United Nations Commission on International Trade Law (UNCITRAL) as sought by Vodafone.

Vodafone is facing the tax liability of over Rs 11,217 crore for purchase of Hong Kong-based Hutchison Whampoa's stake in Indian telecom business Hutchison Essar in 2007.

Although the UK-based giant had won the tax case in the Supreme Court (January 2012), the government had last year amended the Income-tax Act, 1961 with retrospective effect to undo the ruling.

Following that, the Income Tax Department had issued a letter in January to Vodafone International Holdings BV stating that the company is required to pay tax demand of about Rs 11,217 crore along with interest.

However, Vodafone replied saying that they do not owe anything to the Indian Government. Vodafone earlier wanted to take India to international arbitration but later offered conciliation on the issue.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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