Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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
Popular Search: ACCOUNTING STANDARD :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: empanelment :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: due date for vat payment
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

Arbitration is not best way to resolve tax disputes: Revenue Secretary Shaktikanta Das
August, 22nd 2015

The revenue department is investigating some companies for suspected price rigging of 'penny stocks' with the intention to evade taxes, revenue secretary Shaktikanta Das said.

This comes a day after capital market watchdog, the Securities and Exchange Board of India (Sebi), barred 59 entities from stock markets for executing fictitious trades in illiquid stock options for the purpose of avoiding taxes. "Sebi has certain facts before it and it has enough proof to show market rules and practices were not in line with legal provisions," Das said on Friday, adding that the revenue department is working on companies that use certain penny stocks to misuse provisions of capital gains.

As per a Sebi report, stocks with aface value of Rs 10 or less and market capitalisation of less than or equal to Rs 200 crore, quoting at less than face value, are generally referred to as penny stocks.

"It is a matter which our investigation wing is examining and taking a lot of action," Das said.

Sebi had on Thursday said that it has come across several instances wherein a set of entities were consistently making loss by their trading in options on stocks listed on the Bombay Stock Exchange. "Trading of these entities appeared abnormal because they were consistently seen making significant loss by trades, which were reversed with the same counter parties either on the same day or the next," the regulator had said in its ex-parte ad interim order.

At a PHD event, Das said India's stringent new black money law was not a revenue mobilisation exercise, adding that the government has made huge commitments to fight the menace of black money.

Decision on steel duty soon

On the issue of imposition of safeguard duty on import of steel, Das said some applications have been filed and those are under consideration of the Directorate General of Safeguards.

"There will not be any delay in this matter and as soon as a report comes (from DG Safeguards), the government will take a decision on this matter," he said, adding that the safeguard duty is not related to China's recent decision to devalue the yuan but to a sudden surge in India's imports.

No arbitration in tax disputes

The revenue secretary also said that arbitration cannot be used to resolve tax disputes. "Developing countries, including India, feel that arbitration cannot be the best method for dispute resolution. Taxation is the sovereign function of every government," he said.

The comment comes ahead of a meeting of the inter-ministerial panel to decide on the government's stand on an arbitration notice slapped by British company Cairn Energy against a tax demand of Rs 10,267 crore raised on its eight-year old internal reorganisation.

"It is, therefore, desirable that when there is a tax issue, it's better that two governments sit together and resolve the matter through the Mutual Agreement Procedures (MAP) rather than involving a third party who arbitrates," Das said.

"I must say that our focus is to resolve as much problems as possible in the matters of international taxation through MAP and APA (Advance Price Agreements)," he said. India would soon be settling about 120 tax dispute cases related to US companies through MAP, the revenue secretary said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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