The *Finance Minister Pranab Mukherjee*, has reaffirmed that tax changes related with General Anti Avoidance Rules (GAAR) proposed in the Budget are not substantive but clarificatory in nature. These changes reiterated only the intent of the legislation.
Speaking during the bilateral meeting between India and US in Washington on Thursday, Mr Mukherjee informed that tax cases which have already been assessed and finalized up to Apr. 1, 2012 cannot be reopened. It was also pointed out that as per Section 149 of the Income Tax Act, no tax cases can be opened beyond six years. *Tax laws* Further the Indian tax laws are very clear that the companies making capital gains from the assets located in India will have to pay taxes either in the country of their origin or in India. It is not a case of double taxation but ensuring that companies that are liable to pay tax must pay some tax. *Software sales* On the issue of categorization of software sales as royalties, it was informed that discussions have been held in the past between the tax authorities in both the countries and they had agreed to disagree on such characterization. According to the officials at the Indian Mission in Washington DC, these responses came after Geithner mentioned about certain amendments proposed in the tax provisions of India`sIncome Tax Act with retrospective effect. During the meeting, Mukherjee discussed bilateral economic and financial cooperation as well as the recent developments in the global economy. On Fri, Apr 20, 2012 at 2:03 PM, chintan pancholi <[email protected]> wrote: > FILL UP YOUR FUEL TANKS>>>>>>>> HP, BP, IOC Rocking>>>>>>>> Fuel Price > Hike Coming this Weekend............ > ????? > > On Fri, Apr 20, 2012 at 1:13 PM, Mihir Desai <[email protected]>wrote: > >> An extract from brokerage UBS` note on Asia equity this morning:We >> continue to think the best theme in Asia is to be tilted towards policy >> easing. With liquidity easing, economic stabilisation and attractive >> valuations, China is our biggest overweight. We cut India to neutral from >> overweight as we no longer see the potential for big downside inflation >> surprises nor aggressive policy easing from here.The brokerage has retained >> its sell ratings on cement majors ACC and Ambuja, citing upcoming monsoon, >> possible penal action by the Competition Commission, cost pressures and >> high valuations. It has raised the price target for IndusInd Bank from Rs >> 360 to Rs 410, saying the bank was `relatively well positioned in current >> environment with low exposure to stress sectors and relatively higher >> growth compared to sector. >> What is your view on cement stocks? >> >> >> >> -- >> CA Mihir Desai >> >> > > > -- > > Regards, > > Chintan Pancholi > > > > -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
