DTAA

Salient features of this multilateral convention are - It is based on international standard of transparency and exchange of information. - This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope for deviation. Full Article

With the globalisation of the world trade and liberalisation of the Indian economy, the number of persons moving in or out of India in the exercise of their business, profession or employment is on the increase. As in most of the countries, the liability under the Indian Income tax law is also co-related to the residential status of the concerned tax payer. Section 6 of the Indian Income-Tax Act creates 3 categories as far as residential status is concerned. Full Article

Notification No.4/2012[F.No.503/05/2006-FTD.I], dated 6-1-2012 Whereas an Agreement between the Government of the Republic of India and the Government of Georgia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital was signed at New Delhi on the 24th day of August, 2011; Full Article

CBDT Chairman M C Joshi leaves for Macau today to ink a double taxation avoidance agreement , a move to facilitate the exchange of tax-related and banking information between the two and prevent tax evasion. Macau is one of the most well-known offshore financial centres and tax havens worldwide. Full Article

The Isle of Man's agreement with France for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic will enter into force on 14 January 2012. The agreement was one of two tax co-operation agreements with France signed in Douglas on 26 March 2009 by Mr. Eric Woerth, the then French Secretary of State for the Budget, Public Accounts and Civil Service, and the then Treasury Minister, Mr. Allan Bell MHK. Full Article

The Protocol amending India-Australia Double Taxation Avoidance Agreement (DTAA) was signed, here today by Shri. S. S. Palanimanickam, Minister of State for Finance and Mr. Bill Shorten, Minister for Employment and Workplace Relations & Minister for Financial Services and Superannuation, Government of Australia. The original India-Australia DTAA was signed way back in 1991. Full Article

Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number of accounts in foreign locations, including tax havens, and it will now write to these countries to share information about past banking transactions under the amended and rectif.. Full Article

The Income Tax Department has received more than 30,000 pieces of information from various countries on stashed black money under the Double Taxation Avoidance Agreement, DTAA. The Financial Intelligence Unit (FIU), under the Finance Ministry has gathered voluminous data on suspicious transactions, the department informed a global Organisation for Economic Cooperation and Development, OECD conference held in New Delhi recently. Full Article