Industry & Economy
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Taxation
US-India tax practitioners seek alternate dispute resolution
K.R. Srivats
New Delhi
,
Jan. 23
THE buoyant Indo-US trade and economic exchanges have nudged tax practitioners from both the countries to look into the possibility of asking the Indian Government to evolve an alternate dispute resolution (ADR) mechanism for income-tax disputes.
If such a mechanism were to be eventually evolved, it would be the third alternative, apart from the existing litigation and double-taxation avoidance treaty routes, which would be available to a US investor for resolving tax disputes in a speedy manner, according to Mr Mukesh Butani, Executive Board Member of the India branch of the International Fiscal Association (IFA).
"At the first ever joint session of India and US branches of IFA held here today, there was a general consensus that a paper should be prepared for recommending the need for an ADR mechanism for resolving income-tax disputes. We are looking at forming a task force for this purpose", Mr Butani told Business Line.
He also pointed out that a number of US investors is concerned over the long-drawn litigation process in India.
About 70 tax practitioners from the US including the tax heads of a number of multinational corporations such as General Motors are here to participate at the joint session. Coinciding with the joint session, a three-day international tax conference is also being organised by IFA-India.
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