indian government

The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India. The securities kept by foreign entities in Swiss banks were valued at 2.39 trillion Swiss francs at the end of 2010 (about Rs 12,600,000 crore at the current exchange rates), down from 2.49 trillion Swiss francs (about Rs 13,00,000 crore) a year a.. Full Article

Yielding under pressure, Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. They (Mauritius) have given information related to a person being probed by ITD who had remitted funds from that country to India, an official told PTI. Full Article

Dismissing the notion that Mauritius is a tax haven, the island nation's Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However, Sithanen, who is also the finance and economic development minister, promised to cooperate with Indian authorities to check tax evasion in case of complaints, but added his country would not welcome 'fishing expeditions'. Full Article

After last week's robust performance, this week too major indices across the globe ended on a positive note. The Indian markets though, were not amongst the top gainers this week, and were infact the lowest gainers among all other markets. India’s benchmark index, the BSE-Sensex closed with gains of 0.4%. Part of the reason for this dull performance when compared to other major markets is the uncertainty surrounding interest rates and the Indian government’s anticipa.. Full Article

“The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all these cases,” said the Minister of State for Finance, S S Palanimanickam, in a written reply to the Rajya Sabha. Full Article

Indian diplomatic posts worldwide are no longer accepting employment visa applications from individuals who are not nationals of the country where the post is located. Instead, these applicants are advised to file their applications at the post in their country of citizenship. Full Article

It’s that time of the year again when you need to file your end of year income tax return, but is the plethora of paperwork bogging you down? The Indian government has just made things easier by launching the facility of filing your income tax returns online.  The advantages of filing your income tax returns [...] Full Article

In a major embarrassment for the Indian government, the Swiss Justice Department on Monday said it had received forged documents from New Delhi two years ago in connection with an alleged Rs.40,000 crore ($8 billion) money laundering case involving racehorse breeder Hassan Ali.  “The documents submitted are forged,” Folco Galli, a spokesperson for the Swiss government, told a private [...] Full Article