Skip to main content

Direct Tax Dispute Resolution Scheme Kicks off Today

By
STEP BY STEP Govt unveils a slew of schemes to woo investors & help citizens come clean
Step may be a breather for Vodafone & Cairn
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 ag reeing 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 lia bility 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% equa lisation levy on cross-border di gital transactions will come into force on Wednesday. These rules were notified by the revenue de partment earlier in the month, a CBDT statement said. The levy will apply only to business-to-bu siness transactions.
The Economic Times New Delhi, 01st June 2016

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more