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!
« Direct Tax »
Open DEMAT Account in 24 hrs
 CBDT drops small tax demands but not TCS, TDS claims
 ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
 Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?
 Average tax return processing time cut to 10 days: CBDT
 7 types of Income Tax Notice ITR filers may receive for AY 2023-24
 ITR filing: Do these advance preparations before filing your income tax return
 What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?
 ITR filing: Tax rules on income from house property that your should know
 CBDT likely to issue rules on angel tax next week
 Pension Taxation: Everything you need to know for ITR filing
 Income tax guide on pension: How to file pension income in ITR?

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting