Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year
 Tax-saving investments for senior citizens: Here are 4 ways to maximise your tax savings
 11 ways of tax savings for salaried individuals for FY 2023-24
 How selling equities before March 31 can help you save income tax
 Income tax benefits for senior citizens on interest income from savings, fixed deposits explained in eight points
 5 smart things to know about Income Tax Return in India

CBDT panel to scrutinise new cases of retrospective taxation
September, 03rd 2014

The Central Board of Direct Taxes (CBDT) has set up a high-level committee to scrutinise fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfers.

The four-member committee will look into all such cases coming to the notice of the assessing officer and give its views before any action is initiated by the Income-Tax Department.

The members of the committee include joint secretary (FT&TR-I), joint secretary (TPL-1) and commissioner of income-tax. The director (FT&TR-1) will be the secretary of the panel.

In his budget speech in July, finance minister Arun Jaitley had announced that all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfer and coming to the notice of the assessing officer will be scrutinised by a high-level committee to be constituted by CBDT before any action is initiated.

“Henceforth, in all fresh cases where income on account of retrospective amendments to the provisions related to indirect transfer is considered to accrue or arise before April 1, 2012, the assessing officer shall be required to seek prior approval of any proposed action in this regard from the committee,” a finance ministry statement said.

In budget 2012-13, the then finance minister Pranab Mukherjee had proposed changes in India’s 50-year-old tax laws to impose a retrospective provision for tax on some types of international mergers including Vodafone’s 2007 acquisition of Hutchinson’s mobile assets in India for $11.1 billion (about `66,000 crore currently).

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting