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Direct Taxation (India)

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GOVT’S RETRO TAX SETTLEMENT SCHEME TO START FROM JUNE 1
23 March, 2016   COLORS OF INDIA NEWS AND MEDIA SERVICES






New Delhi 21.03.2016 (RDI): The government of India will open from June 1 its one-time offer to settle retrospective tax disputes, involving firms like Vodafone and Cairn Energy, after rules are framed for these to pay principal tax and get waiver from interest and penalty.
The rules framed for implementation of the scheme shall be notified in the Official Gazette shortly and shall include a form, as well as particulars and declarations to be made, government sources said. The scheme, they said, would not be an open-ended scheme. Its closure date will be decided by the revenue department later.
The company would also have to furnish an undertaking, waiving its right to seek or pursue any remedy or any claim in relation to the specified tax which may otherwise be available to it under any law or under an agreement with any country.
The company, availing of the offer, would have to pay the principal tax amount within 30 days of the designated authority, determining the amount payable by the declarant. Also, any amount paid in pursuance of a declaration shall not be refundable under any circumstances.
( Source : Business Standard)

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