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 »
 Finance Ministry proposes to ease process of getting no tax deduction certificate
 Finance Ministry proposes to ease process of getting no tax deduction certificate
 Received income tax notice? Here is what it means and what you need to do
 TDS different while buying NRI property Income tax return (ITR) filing
 CBDT plan to incentivise ‘quality orders’ worries trade
 How to save tax using the demat account?
 Income tax returns (ITR) filing: These are evasion cases picked up by Income-Tax department for scrutiny
 Did you get a defective income tax return notice? ITR filing
 Income Tax returns (ITR) filing: All your transactions are under taxman's scanner
 How to pay tax on cryptocurrency assets in India
 Received an income tax notice? Here's what it may mean

Direct tax dispute resolution scheme kicks off today
June, 01st 2016

A new dispute settlement scheme will kick in on Wednesday, providing companies such as Vodafone and Cairn that have been hit by retrospective amendment to India's incometax law to tax indirect transfers an opportunity for resolution .

The Direct Tax Dispute Resolution Scheme, unveiled in this fiscal's budget , allows for settlement of cases pending in various courts, tribunals, arbitration or mediation under the Bilateral Investment Protection Agreement (BIPA).

The scheme provides an opportunity for settlement of cases emanating from retrospective amendment of tax laws, with the companies required to pay just the basic tax demand and get a waiver on interest and penalty.

In his budget speech on February 29, finance minister Arun Jaitley had said, "To give an opportunity to the past cases, which are ongoing under the retrospective amendment, I propose 'one time' scheme of dispute resolution for them in which subject to their agreeing to withdraw any pending case in any court or tribunal or any proceeding for arbitration, mediation, etc under BIPA, they can settle the case by paying only the tax arrears in which case liability of the interest and penalty shall be waived."

A finance ministry statement said the one-time tax dispute resolution scheme shall come into force on June 1 and declarations under the scheme may be made on or before December 31.

The Central Board of Direct Taxes notified the rules and forms on May 26. Besides this scheme, a 6% equalisation levy on cross-border digital transactions will come into force on Wednesday.

These rules were notified by the revenue department earlier in the month, a CBDT statement said. The levy will apply only to business-to-business transactions.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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