Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Nominate only senior officials to handle big tax demands: Government to revenue department.


Date: 31-08-2015
Subject: Nominate only senior officials to handle big tax demands: Government to revenue department
MUMBAI: In the backdrop of ongoing high profile tax disputes involving blue-blooded multinational corporations (MNCs) like Vodafone, Cairn and, more recently, E*Trade Financial Corp, the government has told the revenue department to nominate only senior officials to handle big tax demands in an effort to avert further controversies

About a fortnight ago, the finance ministry asked all principal chief commissioners of the income tax department to stop sending officers below the level of additional or joint commissioners for representation before the Authority for Advance Rulings (AAR), a quasi-judicial forum to consider tax disputes involving overseas entities.

"The quality of representation before AAR is an important aspect," Tatung Padi, undersecretary at the ministry, wrote in a circular dated August 18. "It has been brought to the notice of the CBDT that many a time officers of the level of deputy or assistant commissioner of income tax are being nominated for representing cases before the AAR, who are not able to effectively resent the departmental views on complex issues."

Similar to other forums including the Income Tax Appellate Tribunal, Securities Appellate Tribunal and the recently formed National Green Tribunal, AAR's rulings can only be challenged in high courts. Any non-resident individual or company trying to set up a joint venture in India in partnership with a non-resident or a wholly-owned subsidiary of a foreign company can approach the AAR to ascertain its tax liability.

Legal experts see the decision as a positive move in line with Prime Minister Narendra Modi's efforts to make it easier to do business in India. Senior representations from the tax department would mean less adjournments and speedy disposal of applications, thereby enhancing sentiments and confidence of foreign investors.

"The AAR deals with complex issues pertaining to taxability or otherwise of cross-border transactions in the case of non-residents," said Sameer Gupta, partner and tax leader, financial services, at EY.

"Over the years, as FDI flows have increased, securing tax certainty on cross-border business/investment transactions has become a prerequisite for multinational corporations. To that extent, requiring senior tax officials to represent in the AAR is a step in the right direction," he said.

Source : economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 06-09-2024
Notification No. 42/2024-Customs
Seeks to rescind Notification No. 26/2011-Customs, dated 01.03.2011

Date: 02-09-2024
Notification No. 22/2024-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to exempt export of ATF from the Special Additional Excise Duty when exported to Bhutan.

Date: 02-09-2024
Notification No. 23/2024-Central Excise
Seeks to amend No. 04/2022-Central Excise, dated the 1 30th June , 2022 to exempt export of Petrol and Diesel from the Special Additional Excise Duty when exported to Bhutan.

Date: 02-09-2024
Notification No. 24/2024-Central Excise
Seeks to amend No. 10/2022-Central Excise, dated the 30th June , 2022 to exempt export of Petrol and Diesel from the RIC when exported to Bhutan.

Date: 30-08-2024
Notification No. 21/2024-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.

Date: 30-08-2024
Notification No. 56 /2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 23-08-2024
Notification No. 55/2024 – Customs (N.T.)
Notification No. 55/2024-Customs (N.T.) dated 23.08.2024 to amend Notification no 77/2023 -Customs (N. T.) dated 20.10.2023 (to revise the AIR of duty drawback of gold and silver jewellery/articles)

Date: 16-08-2024
Notification No. 20/2024-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude

Date: 14-08-2024
Notification No. 54/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 06-08-2024
NOTIFICATION No. 16/2024–Central Tax
Seeks to notify section 11 to 13 of Finance Act (No.1) 2024



Exim Guru Copyright © 1999-2024 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001