I-T Dept will not Re-Open Cases Prior to April 1, 2012: Pranab
Facebook Twitter google+ RSS Feed

I-T Dept will not Re-Open Cases Prior to April 1, 2012: Pranab

Wednesday, 30 May 2012, 11:50 Hrs
cmt right
Comment Right
cmt right
cmt right
Printer Print Email Email
New Delhi: Providing comfort to worried foreign investors, the Finance Minister, Mr. Pranab Mukherjee said the Income-Tax Department will not reopen cases where assessment proceedings had been finalised before April 1, 2012.

"I gave a commitment in Parliament with regard to retrospective amendments that CBDT (Central Board of Direct Taxes) will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April 2012... Such cases shall not be reopened. Now CBDT has issued a circular in this regard", he said while inaugurating Pratyaksh Kar Bhawan here.

Mr. Mukherjee, in the Budget 2012-13, proposed to amend the Income-Tax Act, 1961 with retrospective effect to tax Vodafone-type merger and acquisition deals done overseas that involve domestic assets.
Source: PTI
Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Sr. Executive
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
Reena Khanna
Dellas  Asse
sys-network admin
Computer Station
Write your comment now
Submit Reset