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THE Supreme Court has asked the finance ministry and Central Board of Direct Taxes (CBDT), the apex body in charge of administering India’s taxation system, to amend transfer pricing, or TP, laws if it wishes to bring domestic transactions under thei Full Article

The government plans to keep a tight vigil on foreign investment inflows by making it mandatory for companies bringing in foreign equity to periodically disclose the end-use of such funds. The Economic Intelligence Council (EIC), led by finance minis Full Article

India has dropped its plans to introduce a new accounting norm for agriculture as part of the move to converge its accounting standards with globally adopted International Financial Reporting Standards (IFRS). The Institute of Chartered Accountants o Full Article

India would intervene in the foreign exchange markets if needed to maintain stability, the central bank's governor said during a panel discussion at the International Monetary Fund in Washington on Saturday. Full Article

India and Norway are all set to expand the scope of their double taxation avoidance agreement (DTAA) to facilitate greater information exchange on potential cases of tax evasion. After changes to the Indo-Swiss tax treaty this would be the second suc Full Article

New Delhi: The Bar Council of India (BCI), a statutory body of advocates, today decided not to permit foreign lawyers or their firms to practise in India, but assured that a more detailed and rational scrutiny of the subject would be done soon. Full Article

The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs). The rules on CFCs, proposed under the Direct Taxes Code, are aimed at ensuring that all companies and individuals pay tax on income arising from investments overseas. Full Article

Finance Minister Pranab Mukherjee asked on Wednesday commissioners of the income tax departmentand customs to focus on low growth in service tax, the high level of arrears and amounts locked in litigation and adjudication. Full Article