Tax Disputes

A real burden: Tax disputes worth trillions are choking India's growth

With ₹16 trillion locked in unresolved tax disputes, India must urgently reform its judicial and tax systems to clear backlogs and restore investor confidence in a rule-based economy

New India Assurance ordered to pay ₹2,379 crore by tax authority

The order comes after the state-owned insurer was accused of having failed to pay taxes on premiums it received in its co-insurance business

Transfer-pricing cases under MAP take longer to resolve in India

OECD data shows higher timelines and heavier volumes than peer economies

Direct tax disputes soar 198% amid rising vacancies in revenue dept

In indirect taxes, the number of cases went up from 1.13 lakh to 1.26 lakh, and the value involved more than doubled to ₹7.4 trillion during the same period

After HDFC Life, insurers brace for Rs 5,500 cr GST demands amid scrutiny

GST Adjudicating Authority upheld a tax demand of Rs 2,400 crore against HDFC Life Insurance, which could set a precedence for others in the insurance industry

Here're carmakers embroiled in $6 billion of tax disputes in India

Income tax and excise disputes make up the bulk of $694 million worth of demands faced by SUV-maker Mahindra & Mahindra

Volkswagen India faces customs delays over $1.4 billion tax demand

Skoda Auto Volkswagen India has previously said it complies with all laws and regulations and is cooperating with the authorities on the allegtions

SpiceJet resolves $4.5 mn dispute with Shannon Engine support for $2 mn

SpiceJet's series of settlements follows its successful Rs 3,000 crore fundraise in September through a Qualified Institutional Placement

Pending income tax disputes: FAQs on Vivad Se Vishwas Scheme 2024

For detailed provisions of the Direct Tax Vivad Se Vishwas Scheme, 2024, sections 88 to 99 of the Finance (No. 2) Act, 2024, may be referred along with the Direct Tax Vivad Se Vishwas Rules

New scheme to settle pending tax disputes from Oct 1: All you should know

Taxpayers with pending disputes or appeals, including writs and special leave petitions, filed by either the taxpayer or tax authorities as of July 22, 2024, can avail the scheme

Govt notifies Oct 1 as start date for Vivad Se Vishwas 2.0 scheme

The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal. "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force," the finance ministry said in a notification. Around 2.7 crore direct tax demands totalling about Rs 35 lakh crore are being disputed at various legal foras. Finance Minister Nirmala Sitharaman in her Budget speech had said that the government will continue its efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation while enhancing revenues. Deloitte India Partner Karishma R Phatarphekar said the rules and forms for VSV 2.0 are expected to be published imminently in the coming week. "Given the limited time window, a

How to use new electronic system to resolve Income Tax disputes

e-DRS system enables taxpayers to electronically submit applications for dispute resolution to the Dispute Resolution Committees

Enlightened leadership needed to resolve tax distribution: Subbarao

Former RBI Governor Duvvuri Subbarao has opined that only enlightened leadership at Centre and state levels can resolve the complex north-south divide in deciding on the distribution of the tax pool among states, saying it is beyond the remit of the Finance Commission. Subbarao, who held various positions including the finance secretary of Andhra Pradesh and Union finance secretary, and wrote extensively on issues in fiscal federalism in his new book titled 'Just A Mercenary?: Notes from My Life and Career' further said that horizontal sharing of the divisible pool of taxes has always been a contentious issue but will be even more so in this round. "This (north-south divide in deciding on the distribution of the tax pool among states) is a complex political challenge beyond the remit of the Finance Commission. "Resolving it will demand enlightened leadership at central and state levels that can look beyond politics and build a consensus around an optimal way forward," he told PTI.

No coercive action against Cong over tax demand notices: I-T dept to SC

The Income Tax department on Monday told the Supreme Court that it will not take any coercive action against the Congress over the tax demand notices of approximately Rs 3,500 crore in view of the Lok Sabha elections. A bench of Justice B V Nagarathna and Justice Augustine George Masih recorded the statement of Solicitor General Tushar Mehta, representing the I-T department, that no precipitative action will be taken in the prevailing circumstances till the final adjudication of the matter. The bench posted the Congress' plea against the tax demand notices for July. At the outset, Mehta said, "I want to make a statement in this matter. The Congress is a political party and since elections are going on, we are not going to take any coercive action against the party." The department is not commenting on the merit of the matter and all rights and contentions should be left open, he said. Senior advocate Abhishek Singhvi, appearing for the Congress appreciated the gesture, terming it

P&G Hygiene and Health Care agrees to pay Rs 36 crore to tax authorities

Procter & Gamble Hygiene and Health Care on Wednesday said it has arrived at an advanced pricing agreement with the tax authorities for certain identified transactions with the company's affiliate. "As a consequence of this agreement, an additional tax liability, approximately Rs 36 crore (including interest) is payable," the company said. However, there will be a reduction in contingent liabilities of approximately Rs 87 crore, subject to withdrawal of relevant tax litigations by the respective parties. The agreement is for financial years 2010-11 to 2018-19, said Procter & Gamble Hygiene and Health Care in a regulatory filing. "This is to inform you that the Company has arrived at an advanced pricing agreement with the tax authorities today, viz. March 26, 2024, determining appropriate transfer pricing methodology for certain identified transactions with the Company's affiliates," it said. P&G Hygiene and Health Care owns popular brands such as Vicks in healthcare and ...

Spandana Sphoorty-Reddy settlement clears way for announcing FY22 results

Padmaja Reddy resigned from her position as the managing director of the company on November 2, 2021. Subsequently, certain disputes arose between Reddy and the board

Netflix pays $59 mn to set up legal entity and settle tax dispute in Italy

Netflix has agreed to pay more than 55.8 million euros and set up a legal entity in Italy to settle a tax dispute, Milan prosecutors said on Friday.

Industry has a role to play in reducing tax disputes, says FinMin

Two prominent policymakers - finance secretary TV Somanathan and revenue secretary Tarun Bajaj - said on Monday that the larger industry had a big role to play in reducing tax disputes

Companies facing probe get relief from HC for settling pre-GST disputes

Bombay HC paves the way for firms to settle disputes with tax authorities

Vedanta group entities withdraw multiple tax disputes with Indian govt

With this, the group is a step nearer to closing the dispute on withholdings tax with Cairn India