Nearly 1,400 tax disputes of global firms are pending: govt

To address the issue of foreign companies’ pending tax disputes with the authorities,the government has decided to set up a dispute resolution panel for settlement of disputes of foreign companies operating in India,the Minister said.

The panel would be functional in Ahmedabad,Bangalore,Chennai,Delhi,Hyderabad,Kolkata,Mumbai and Pune.

To a separate question on the income tax refunds pending with the I-T department,Palanimanickam said there are difficulties in processing returns due to wrong quoting of Permanent Account Number (PAN) or incorrect bank details and address by the assessee.

However,total number of returns claiming refund till April 2009 were 38.17 lakh while 29.93 lakh returns claiming refund till October 31.