Latest Expert Exchange Queries

Make 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) | 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: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: list of goods taxed at 4% :: cpt
 
 
Direct Tax »
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation
 Income Tax Return (ITR) Filing: Common Mistakes That Could Get You A Tax Notice
 Income Tax department asks tax practitioners to register entities separately

Budget 2014: CBDT committee to be set up to decide on fresh tax disputes on transfer pricing
July, 12th 2014

In a move to clear ambiguities related to retrospective amendments on transfer od asset pricing, the Finance Minister Arun Jaitley has proposed to set up high level Central Board of Direct Tax (CBDT) committee to decide on fresh cases arising out of the 2012 amendment of Income Tax (I-T) Act.

Clearing the air that the government will not bring any change retrospectively which creates a fresh liability, the finance minister said that the sovereign right of the government to undertake retrospective legislation in unquestionable. "However, this power has to be exercised through extreme caution and judiciousness keeping in mind the impact of each such measure on the economy and the overall investment climate," said Jaitley in his speech.

"As a policy measure, the announcement to not levy taxes on retrospective basis for indirect transfer of Indian assets is positive," said Sanjay Sanghvi, Tax Partner, Khaitan & Co. "The general expectation from the Government was that it will 'withdraw' the controversial retrospective amendment made to income tax law in 2012. While that does not seem to be happening, as a second best option, the Government will set up CBDT Committee that will look into tax disputes arising out of retrospective amendment and provide necessary guidance to tax officers."

According to Finance Minister, the consequent upon the retrospective amendment of the I-T Act, 1961, undertaken by Finance Bill of 2012, a few cases have come up in various courts and legal fora.

"These cases are at various stages and will naturally reach their logical conclusion," said the finance minister said and added that the BJP-led NDA government is committed to providing a stable and predictable taxable regime which would be investor friendly.

However, on a different note, tax experts also said that the crucial aspect here will be the 'parameters/principles' that will be applied by the CBDT in guiding the tax officers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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