The tax department today said it has resolved disputes amounting to 5000 crore rupees with foreign companies under the Mutual Agreement Procedure in about two years time. The Central Board of Direct Taxes, CBDT, said in a statement that cases have been resolved with countries including the US, Japan, the UK and China. The CBDT has till date resolved 180 cases under MAP since April , 2014. The resolved cases pertain to sectors like software, IT enabled, manufacturing and consultancy services. AIR correspondent reports tax treaties signed by India with various countries contain an article to relieve taxpayers from double taxation through an MAP. Internationally, the MAP is an important mechanism to resolve tax disputes between countries.
News On AIR | February 16, 2016 2:10 PM
Tax dept resolves disputes amounting to Rs 5000 cr with foreign companies