In the light of the judgement of the ITAT Pune in Serum Institute, Chirag Wadhwa argues that the approach of the department that even foreign entities entitled to the benefit of the DTAA should be subjected to a higher rate of TDS u/s 206AA for failure to quote the PAN is impractical and hinders the process of an effective and efficient taxation regime. He urges the department to take a holistic approach of the matter and ensure that while the noble object of detecting tax evasion is achieved, taxpayers are not put to unnecessary harassment

The author expresses dismay over the fact that though a Special Bench was constituted to resolve an important controversy, the controversy is far from over. Worse, there appears to be no quick resolution in sight in view of the conflicting High Court judgements on the issue. She pleads for the adoption of a quick dispute resolution process to deal with such issues

The Entire Law On Taxation of Undisclosed Foreign Income and Assets CA P. N. Shah The author, an eminent Chartered Accountant, has meticulously analyzed the provisions of The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 and explained …

The Entire Law On Taxation of Undisclosed Foreign Income and Assets Read More »