Page 42 - Tax
Arbitration does not curtail legal proceedings: Rakesh Nangia
Under the Bilateral Investment Protection and Promotion Agreement (BIPA) between India and the Netherlands, Vodafone issued arbitration notice to the Indian government in April 2014, under the UNCITRAL (The United Nations Commission on International Trade Law) rules. According to BIPA, the arbitral award shall be final and binding, and the parties are required to abide by and comply with the same. The case of Vodafone arbitration proceeding is still under way, and so is the tax dispute with the tax department.Arbitration is an adjudicatory process where a decision is reached by a neutral third-party arbitrator(s). Once a dispute is referred to arbitration, it is not referred back to the court by the parties involved, unless the process fails. The arbitration award is binding on the two parties, and is enforceable as a decree delivered by a court. The arbitration process is akin to the judicial process without it being that formal and rigorous in legal detail.One must note that the ar
 "Arbitration does not curtail legal proceedings: Rakesh Nangia")
Maharashtra govt may tap new sectors for tax to recover revenue loss
The govt will face a shortfall of at least Rs 7,000 crore in 2016-17 financial year if the Parliament does not pass GST Bill
 "Maharashtra govt may tap new sectors for tax to recover revenue loss")
Gift a house on which capital gains benefit has been claimed
If a close relative who gets the property sells it within 3 years of purchase, the original owner will lose the tax break
 "Gift a house on which capital gains benefit has been claimed")
What is LBT and why Maharashtra traders are against it
Traders says the proposed tax is a monster because it puts on them the onus to assess, compute and pay local body tax
 "What is LBT and why Maharashtra traders are against it")