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India Norway agrees to exchange information on potential cases of tax evasion

  10 Oct 2010   0 comment
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...
Posted Under: Income Tax |

NSDL releases new Return Preparation Utility (RPU version 2.2) for FY 2010-11

  10 Oct 2010   0 comment
NSDL has released new RPU 2.2 for e-TDS/TCS return preparation as well as correction statements. The key feature of new RPU 2.2 are as follows. Preparation of quarterly e-TDS/TCS statements (regular and correction) pertaining to FY 2010-11...
Posted Under: Income Tax |

India Signs First Tax Information Exchange Agreement with Bermuda

  09 Oct 2010   0 comment
India and Bermuda have signed a Tax Information Exchange Agreement (TIEA). The agreement was signed by Shri S. S. Palanimanickam, Minister of State for Revenue in the Ministry of Finance from Indian side and Dr. Ewart Brown, Premier of Bermuda from B...
Posted Under: Income Tax |

1.52 Crore seized from Mumbai-bound bus -The Unaccounted Money Was Being Sent via Courier

  08 Oct 2010   0 comment
The Pune rural police on Wednesday seized Rs 1.52 crore as well as 356 gm of gold ornaments worth Rs 1.58 lakh from two bags in the hold of a Mumbai-bound luxury bus. The unaccounted for money and ornaments, which were loaded into the bus at Ichalkar...
Posted Under: Income Tax |

Government removes the limit on the number of employment visas that may be granted to the foreign nationals

  08 Oct 2010   0 comment
The Ministry of Home Affairs (‘MHA’), Government of India had in August, 2010 clarified that the number of employment visas that may be granted to foreign nationals employed in sectors other than the IT Software and IT enabled Services sector (‘IT Se...
Posted Under: Income Tax |

Commerce Department wants MAT on SEZ to be lowered

  08 Oct 2010   0 comment
The commerce department will push for lowering of the minimum alternate tax (MAT) proposed in the direct taxes code (DTC) Bill on units in special economic zones (SEZs) as it believes that it would not be viable for units to pay such high taxes. The ...
Posted Under: Income Tax |

CBI starts investigation in alleged fraud in loans worth Rs 2,500 crore disbursed to Zoom Developers

  08 Oct 2010   0 comment
The Central Bureau of Investigation (CBI) has begun preliminary examination of allegations of banking fraud in loans worth Rs 2,500 crore disbursed to Zoom Developers, a Mumbai-based project developer. Confirming the approach made by CBI, two senior ...
Posted Under: Income Tax |

Government of Switzerland would be ready to reveal the names and bank account details of Indians

  08 Oct 2010   0 comment
The government of Switzerland would be ready to reveal the names and bank account details of Indians who have stashed away billions of dollars of black money in Swiss banks once the Indian Parliament ratifies the revised Double Taxation Avoidance Ag...
Posted Under: Income Tax |

India and Mozambique sign Double Taxation Agreement (DTA)

  08 Oct 2010   0 comment
On September 30, India and Mozambique signed a Double Taxation Agreement (DTA) alongside two others which also supported economic co-operation: one regarding mineral resources, the other small and medium sized enterprises....
Posted Under: Income Tax |

Indian Holding Green Card in US facing threat of being taxed in the US for income generated in India

  08 Oct 2010   0 comment
Tax laws in the US empower the Internal Revenue Service, the apex body for US tax administration, to tax global incomes of those holding US citizenships or the green card. As a result, Indians who hold a US citizenship or green card, face the threat ...
Posted Under: Income Tax |

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