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BW Businessworld

Retro Tax: No Respite For Litigants

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1.      In order to address retrospective amendment on going forward basis, a high level committee to be formed to deal with cases on Indirect Transfer arising out of Retrospective amendments of FA 2012.
However no clarity  with respect to pending cases. No respite for existing litigants on retro amendments.

2.      Authority for Advance (AAR) to be strengthened by introducing additional Benches. Further, now even Resident Indians can apply to AAR for adjudication within a defined threshold limit.

3.      Scope of Settlement commission to be enlarged on once in a lifetime opportunity basis;

4.      FM proposes to set up High Level Committee to interact with the industry, to understand tax issues (both direct and indirect taxes). Committee to give recommendations to CBDT and CBEC. The Boards expected to issue clarification in two months.

5.      Some changes in the Transfer pricing regulations

(Sujit Parakh, Deloitte India)