Transfin.

Govt to Broaden Scope of Tax Dispute Resolution Scheme

In a bid to ensure more cases of dispute settlement and make the direct tax dispute resolution scheme "Vivad Se Vishwas" more attractive, the Government has expanded its scope to cover litigation pending in arbitration forums and debt recovery tribunals (DRTs).

 

POLICY

Government to expand scope of tax dispute resolution scheme.

Vivad Se Vishwas

In a bid to ensure more cases of dispute settlement and make the direct tax dispute resolution scheme "Vivad Se Vishwas" more attractive, the Government has expanded its scope to cover litigation pending in arbitration forums and debt recovery tribunals (DRTs). The scheme will also include cases related to revision and small-value search disputes. [Livemint]

 

The scheme will also cover cases where search and seizure have taken place where the ‘recovery’ is below ?5cr ($0.7m). The cabinet decision also allows assessees to opt for the scheme by paying 50% of the total tax demand in cases where the taxpayer has won the case. 

 

Lack of granularity in regulations leave portfolio management services providers wondering how to showcase returns.

Shooting in the Dark

As per this BS report, the move to provide standardised returns across portfolio managers which follows the revised portfolio management services (PMS) guidelines issued last monthmay be experiencing some teething troubles. [BS]

 

Lack of granularity in the regulations has left PMS providers confused about how they should showcase returns. 

 

The new regulation seeks to change how portfolio managers are governed, raising minimum investment size to ?50L and warranting minimum net worth of

?2-5cr (0.2m-0.7m).

FIN.

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