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Retrospective tax: What steps govt has taken, Arun Jaitley explains

Mon August 01 2016, 2:53 pm
  • retrospective tax, corporate tax, budget 2016, union budget 2016, 2016 budget news, budget news, union budget news, budget 2016 news, budget income tax, union budget 2016, income tax, budget expectations, arun jaitley, budget news india, budget india news

    In a meeting with India Inc on Wednesday, Finance Minister Arun Jaitley said the government has taken the first "significant" step to resolve retrospective tax cases by installing a statutory mechanism to handle these and reiterated the need for fiscal discipline to meet economic targets. In his Budget 2016 speech on Monday, the finance minister made a one-time offer to corporates facing tax demands on account of retrospective tax, of waiver of interest and penalty if they pay the principal tax amount. Here are the top Arun Jaitley quotes on retro tax: (PTI)

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  • retrospective tax, corporate tax, budget 2016, union budget 2016, 2016 budget news, budget news, union budget news, budget 2016 news, budget income tax, union budget 2016, income tax, budget expectations, arun jaitley, budget news india, budget india news

    Arun Jaitley: "I think what is most important is our desire to resolve all pending disputes. British oil major Cairn Energy is facing a tax demand of Rs 10,247 crore on a nine-year-old business reorganisation it effected in Cairn India, while another British firm, telecom giant Vodafone, is facing tax a liability over its $11 billion stake purchase in 2007 in the mobile phone business of Hutchison Whampoa. (PTI)

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    Arun Jaitley: "Fiscal discipline is going to be very important, and I'm sure that if we keep to it, we'll be able to meet the targets set by Chief Economic Advisor Arvind Subramanian in the Economic Survey." (PTI)

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    EPF tax rollback: The Union Budget for 2016-17 proposed taxing 60 per cent of withdrawals from the Employee Provident Fund (EPF) on contributions to be made after April 1, 2016 unless the sum is reinvested in pension product such as an annuity. (PTI photo)

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    Arun Jaitley: The government said on Tuesday that a total of Rs 4.18 lakh crore of taxes are pending from corporate defaulters as of January-end this year. "The total amount of corporate tax demand pending for collection at the end of January 2016 is Rs.418,399 crore," Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha. The top 50 defaulting companies account for Rs 22,903 crore of the total amount due for recovery, he added.

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    ascfas
    Mar 2, 2016 at 5:09 pm
    overnment should roll back tax on EPF...As government shouldn't tax the forced savings of the people.....Very bad decisionInstead of improving their failed tool NPS they are trying to make other retirement tools equally bad to make NPS por.If government doesn't take it back probably they are going to get the impact of it in 2019.Probably they have to and they will take it back because of government's heavy criticism on this par
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