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Press Release of the Ministry of Finance dated 30.05.2012

Statement of Union Finance Minister, Shri Pranab Mukherjee Regarding Issues of Retrospective Amendment and Transfer Pricing

On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT 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, the Finance Minister has stated.

Regarding the issue of Advisory Group relating to transfer pricing and International taxation, the Finance Minister has said that he has constituted an advisory group to resolve various issues in the area of transfer pricing and International taxation. The group has held its first meeting on 25th May 2012 and on advice of group and NASSCOM, the Finance Minister has approved issue of a circular to avoid multilevel TDS on software u/s194J.This will remove hardship in case of software distributors.

5 Responses to “Press Release reg FM’s statement on retrospective law & TDS on software”

  1. Useful Miscellania » CBDT’s Clarification On Reopening Assessments Due To Retro Law in FA 2012» Useful Miscellania Says:

    [...] Finance Minister had stated that a letter would be issued by the CBDT regarding reopening of completed assessments [...]

  2. Articles » Blog Archive » FM’s & CBDT’s Promise Not To Reopen Cases Despite Retro Law Is Illegal Says:

    [...] author argues that the promise made by the Finance Minister in Parliament, which is now endorsed in a CBDT Circular dated 29.05.2012, that completed [...]

  3. Anil Gupta Says:

    good step for software industry

  4. Articles » Blog Archive » Why The FM’s & CBDT’s Promise Not To Reopen Cases Despite Retro Law Is Lawful Says:

    [...] promise made by the FM in Parliament, which is now endorsed in a CBDT Circular dt 29.05.2012, that completed assessments [...]

  5. Articles » Blog Archive » Why The FM’s & CBDT’s Promise Not To Reopen Retro Cases Is Still Illegal Says:

    [...] Q whether the promise made by the FM & the CBDT in Circular dated 29.05.2012 not to reopen completed assessments despite the [...]

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