Panel has suggested that GAAR provisions should not be invoked to examine the genuineness of the residency of entities in Mauritius.
Eminent economist Parthasarathi Shome will be the new advisor to Finance Minister P Chidambaram. He succeeds Vijay Kelkar, whose term ended on August 31.
Says Finance Ministry is working on tax structures as suggested by the Parliamentary committee
Move could be a major relief to Vodafone.
Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
Seeking to lift investor sentiments, the government on Monday said that it will not wait for the Budget, which is due in February, to address the issues concerning retrospective amendment to Income Tax laws.
The government is trying to send a signal it wants to stimulate the economy and the stock market.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
In a recommendation that could provide relief to firms like Vodafone, a Government-appointed committee today favoured companies facing tax liability following retrospective amendment to the Income Tax Act should be exempted from payment of interest and penalty.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
Introduction of GAAR, which was proposed by then Finance Minister Pranab Mukherjee in the Budget 2012-13 to check tax evasion, had triggered strong opposition by foreign investors following which its implementation was postponed till April next year.
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The ministry has been receiving representations from chambers of commerce and industry associations on tax-related issues and disputes that affect the industry as a whole or impact a large sections of the industry.
A look at a few important questions on GAAR and their answers.
The government on Friday said it is examining recommendations of the Parthasarathi Shome panel on controversial retrospective tax laws introduced in the last Budget.
The overall breadth is positive as 873 stocks are advancing while 425 are declining.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
Doctors have advised the 85-year-old politician to stay in home isolation.
The corporate sector on Thursday was unanimous in asking the government to go back to the drawing board regarding the fringe benefit tax on the grounds that the present tax, if enforced, would increase bureaucratic interference, paper work, rent seek
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
The legendary film festival has a strong Indian flavour this year.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
A brief report card on Modi's ministers.
'On the tax front, most of the Budget proposals are sensible'.
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
The latest updates from Bollywood!
FIIs fear short-term capital gains would give rise to tax uncertainty and make their operations difficult, reports Pavan Burugula from Mumbai.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
This means taxpayers might continue to enjoy exemption on maturity of their investments
There is much work to be done to design a good GST.
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After setting up a committee under N Rangachary last year to look at taxation issues regarding the sector, the government has issued several notifications in the last eight months.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
Structural changes to government finances could be focus of the Union Budget, says Mihir S Sharma.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
India has just had one of the worst quarters in export earnings.
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