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CBDT Chairman & A Room Full Of Consultants!

Published on Tue, Oct 14,2014 | 17:05, Updated at Tue, Oct 14 at 21:46Source : Moneycontrol.com |   Watch Video :

At the IMC Roundtable in Mumbai yesterday, CBDT Chairman KV Chowdary interacted with industry and tax consultants. Below are the highlights of KV Chowdary’s address:

- If industry expected retro amendments to be undone, it was too much of an expectation. FM has taken steps to contain the damage

- Should we allow multinational enterprises to not pay tax in any jurisdiction?

- Should a developing nation like ours not gain tax from appreciation of Indian assets?

- Even developed countries are complaining about MNCs not paying fair share of tax

- Shouldn't MNCs accessing large markets also contribute to the economy of those countries?

- Aggressive demands have been made on account of new rules, lack of comparable data & Department issues like audits, vigilance.

- When a law is evolving, some cases are part of the learning process

- One of the complaints of TPOs/AOs is that there is not enough compliance in giving the data

- To term all cases of demands where corporates have brought in capital or share capital as high pitched assessments is incorrect

- Lack of information from corporates results in ex parte demands at the end of the year

- Some of the large corporates have deducted tax and not remitted to government account. Amounts involved are quite huge. Have issued a few thousand show cause    notices for TDS non-compliance as part of a prosecution drive

- For appeals filed on similar issues in different jurisdictions, dept is in the process of making a database to bring uniformity

- For cases where 2 views are available based on first appeals authority order, a Department View Committee has been formed. Department View Committee will ensure that we're not arguing both hot and cold.

- Govt has commissioned a study to look at decisions from top metros to look at areas where max demands have been raised & Tribunal's view on it. Study to be completed by month end. Will draw guidance from it

- Additional AAR benches in Delhi & Mumbai to come up soon

KV Chowdary’s speech was followed by an interactive session. Watch the accompanying video for full discussion.

 
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