tax avoidance

Evil consequence of tax evasion or avoidance

Income Tax - The evil consequence of tax evasion or avoidance are manifold which are short listed as under 1. There  is substantial loss of much needed public revenue particularly in a welfare State like ours as India which is a developing Country day by day. 2. There is the  serious disturbance  caused to the economy of the […]...

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Tax Avoidance or Tax Planning or Tax Evasion or Tax Management – Understanding the terminologies!

Income Tax - ♦ Tax Avoidance is one of the most important method resorted to by the taxpayers as here they try to look after the loopholes present or existing in the tax law may be in the form of lack of proper jurisdiction to hear case or in the form of lack of proper stringent and vigil […]...

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Double Tax Avoidance Agreements & Taxation

Income Tax - The Double Tax Avoidance Agreement (DTAA) is essentially a bilateral agreement entered into between two countries. The basic objective is to promote and foster economic trade and investment between two Countries by avoiding double taxation....

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Tax Avoidance vs Evasion: A Harmonious reading of landmark Judgements of SC

Income Tax - In McDowell it was held that if a transaction was carried with an intention to avoid taxes it was up to the judiciary to decide whether the same ought to be regarded. In other words, the duty to decide the validity of the transaction was left to the court....

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Tax Avoidance v. Tax Evasion

Income Tax - This article draws a difference between the two concepts of Tax Law. Since an assessee wants to pay a minimal amount of taxes. So he strives for several ways by which he can avoid his taxes, Tax Avoidance and Tax Evasion are two ways by which an assessee can avoid and save his taxes. Tax Avoidance is a legally accepted method to avoid an...

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IRS Summarizes “Dirty Dozen” List of Tax Scams for 2017

Income Tax - The Internal Revenue Service today announced the conclusion of its annual Dirty Dozen list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. ...

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Govt will Promote Payments through cards and digital means

Income Tax - Promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of Government payments and collections to cashless mode, discourage transactions in cash by providing access to financial payment services to the citizens to conduct transactions through card/ digital means and shifting payment ...

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Mauritius Vice Prime Minister claimed his country is not a tax haven

Income Tax - 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 I...

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Income Tax authorities planning to broaden the tax base

Income Tax - Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provide better services to tax payers by 2020 when the direct tax reforms would be firmly in place. The apex direct tax body, Central Board of Direct Taxes (CBDT), has formed seven committees comprising senior reven...

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Government signs revised Double Tax Avoidance Agreement with Finland

Income Tax - A revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by Sh. S.S.N.Moorthy, Chairman, CBDT on behalf of Government of India and Ms Terhi Hakala, the Ambassador of Finland to India, on behalf of Government of Finland...

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Canada Tax Court Explains Tax Avoidance and General Anti Avoidance Rule (GAAR)

TRIAD GESTCO LTD. VERSUS HER MAJESTY THE QUEEN (Canada Tax Court) - The transactions undertaken by the appellant amount to abusive tax avoidance because they defeat the underlying rationale of the capital loss provisions in the Act. Through the manipulation of the fiscal 'amount' of the Rcongold com...

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AAR on Payment for end to end international long distance telecom services not taxable

Cable and Wireless Networks India Private Ltd., In re. (Authority for Advance Rulings) - Cable & Wireless Networks India Private Limited („the applicant?) is engaged in the business of providing international and domestic long distance telecommunication services in India. It proposes to enter into an agreement with its group company, Cable and Wireless UK („C&W UK?) to provide end t...

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Recent Posts in "tax avoidance"

Evil consequence of tax evasion or avoidance

The evil consequence of tax evasion or avoidance are manifold which are short listed as under 1. There  is substantial loss of much needed public revenue particularly in a welfare State like ours as India which is a developing Country day by day. 2. There is the  serious disturbance  caused to the economy of the […]...

Read More
Posted Under: Income Tax |

Tax Avoidance or Tax Planning or Tax Evasion or Tax Management – Understanding the terminologies!

♦ Tax Avoidance is one of the most important method resorted to by the taxpayers as here they try to look after the loopholes present or existing in the tax law may be in the form of lack of proper jurisdiction to hear case or in the form of lack of proper stringent and vigil […]...

Read More
Posted Under: Income Tax |

Double Tax Avoidance Agreements & Taxation

The Double Tax Avoidance Agreement (DTAA) is essentially a bilateral agreement entered into between two countries. The basic objective is to promote and foster economic trade and investment between two Countries by avoiding double taxation....

Read More
Posted Under: Income Tax | ,

Tax Avoidance vs Evasion: A Harmonious reading of landmark Judgements of SC

In McDowell it was held that if a transaction was carried with an intention to avoid taxes it was up to the judiciary to decide whether the same ought to be regarded. In other words, the duty to decide the validity of the transaction was left to the court....

Read More
Posted Under: Income Tax |

Tax Avoidance v. Tax Evasion

This article draws a difference between the two concepts of Tax Law. Since an assessee wants to pay a minimal amount of taxes. So he strives for several ways by which he can avoid his taxes, Tax Avoidance and Tax Evasion are two ways by which an assessee can avoid and save his taxes. Tax Avoidance is a legally accepted method to avoid an...

Read More
Posted Under: Income Tax |

Online Information Data Base Access and Retrieval (OIDAR) Services in GST

Online Information Database Access and Retrieval services (OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. download of an e-book online for a payment would amount to receipt of OIDAR services by the ...

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Posted Under: Income Tax |

IRS Summarizes “Dirty Dozen” List of Tax Scams for 2017

The Internal Revenue Service today announced the conclusion of its annual Dirty Dozen list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. ...

Read More
Posted Under: Income Tax |

Govt will Promote Payments through cards and digital means

Promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of Government payments and collections to cashless mode, discourage transactions in cash by providing access to financial payment services to the citizens to conduct transactions through card/ digital means and shifting payment ...

Read More
Posted Under: Income Tax |

Canada Tax Court Explains Tax Avoidance and General Anti Avoidance Rule (GAAR)

TRIAD GESTCO LTD. VERSUS HER MAJESTY THE QUEEN (Canada Tax Court) - The transactions undertaken by the appellant amount to abusive tax avoidance because they defeat the underlying rationale of the capital loss provisions in the Act. Through the manipulation of the fiscal 'amount' of the Rcongold common shares, the appellant created artifi...

Read More
Posted Under: Income Tax |

Mauritius Vice Prime Minister claimed his country is not a tax haven

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 I...

Read More
Posted Under: Income Tax |

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