tax havens

Empowering Central Government to enter into agreement with specified non-sovereign territories & Transfer Pricing

Income Tax - Amendment of section 90 :-The Finance Bill (No. 2) 2009 proposes to replace the existing Section 90 with a new section 90. The new section 90 is substantially the same as earlier section 90 except that the proposed amendment seeks to empower the Central Government to enter into an agreement with the Government of any country outside India...

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Experts view on FM statement on Tax treaty renegotiation with 77 countries

Income Tax - This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed a Treaty of Override Clause. Tax experts and India Inc are up in arms because if the code ...

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Govt may plug gaps in tax evasion laws to stop treaty shopping

Income Tax - The party could end soon for domestic and multinational companies that do tax planning only to avoid paying taxes in India. The government is set to usher in the next stage of reforms in taxation, framing anti-abuse rules that will empower tax authorities to lift the corporate veil and look for what are called `avoidance’ […]...

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RBI deal with the problem of black money being hidden in tax havens by continuously updating its regulations

Income Tax - The Reserve Bank on Tuesday said it would deal with the problem of black money being hidden in tax havens by continuously updating its regulations in line with the G-20 guidelines on strengthening transparency in cross-border movement of capital. “The Reserve Bank would continue to incorporate in its regulations latest international...

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India not a no-tax country – FM

Income Tax - In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of origin, you don't have to pay tax, if we have doub...

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Indians deposited over $500bn black money in banks abroad- CBI

Income Tax - Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday. India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British [&hel...

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Heat on tax havens – FDI from Mauritius, Cyprus drops

Income Tax - Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India's foreign direct investment from Mauritius and Cyprus, dropped significantly in 2010-11. While the FDI inflows from all the sources declined by 25% in 2010-11, the drop was steeper at about 33% to USD 6.98 billion from Mauritius. Likewise, th...

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Govt have enough tools to deal with tax havens not sharing info – Finance Minister

Income Tax - Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have developed a toolbox... We have enabled ourselves to declare (tax havens) as non-cooperating jurisd...

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Blackmoney – Finmin plans study on modus operandi of stashing

Income Tax - The Finance Ministry will conduct a study on the modus operandi of concealment of blackmoney in the country by major business and public sectors and other channels. The study report will be based on the investigation and intelligence reports of the Income Tax department which conducts nation-wide searches and raids in the country to unear...

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Recent Posts in "tax havens"

India not a no-tax country – FM

In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of origin, you don't have to pay tax, if we have doub...

Read More
Posted Under: Income Tax |

Indians deposited over $500bn black money in banks abroad- CBI

Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday. India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British [&hel...

Read More
Posted Under: Income Tax |

Heat on tax havens – FDI from Mauritius, Cyprus drops

Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India's foreign direct investment from Mauritius and Cyprus, dropped significantly in 2010-11. While the FDI inflows from all the sources declined by 25% in 2010-11, the drop was steeper at about 33% to USD 6.98 billion from Mauritius. Likewise, th...

Read More
Posted Under: Income Tax |

Govt have enough tools to deal with tax havens not sharing info – Finance Minister

Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have developed a toolbox... We have enabled ourselves to declare (tax havens) as non-cooperating jurisd...

Read More
Posted Under: Income Tax |

Blackmoney – Finmin plans study on modus operandi of stashing

The Finance Ministry will conduct a study on the modus operandi of concealment of blackmoney in the country by major business and public sectors and other channels. The study report will be based on the investigation and intelligence reports of the Income Tax department which conducts nation-wide searches and raids in the country to unear...

Read More
Posted Under: Income Tax |

India to look for secret bank accounts in tax havens

India has begun its search for the trail for money stashed away in secret bank accounts in tax havens, in a bid to get to the source of funds of investors in the firms that were granted telecom licences and scarce 2G spectrum at allegedly throwaway ...

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Posted Under: Income Tax |

IPL , CWG Game – IT dept makes seizures worth Rs 414 crore during the current fiscal

The income-tax department has made seizures worth Rs 413.7 crore during the current fiscal till October, registering a growth of 17.1% over the corresponding period of the last year, which was at Rs 353.31 crore The seizures include Rs 271.9 crore in...

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Posted Under: Income Tax |

Ex-It officials file petition in SC to make it mandatory for taxpayers to declare offshore bank accounts while filing Income Tax returns

The Supreme Court on Friday admitted a petition, filed by a retired chief commissioner of income-tax, which suggests that a legislation be made to make it mandatory for taxpayers to declare offshore bank accounts while filing annual returns. The premise behind the suggestion is to enable the government to take effective measures to seize ...

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Posted Under: Income Tax |

Finance Minister directed Income Tax Department to achieve revised direct tax target

Finance Minister, Shri Pranab Mukherjee has directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs.4 lakh crores. Addressing the All India Conference on Tax Deduction at Source (TDS) here today, Shri Mukherjee congratulated the department on reaching tax collection figure of Rs.2.50 lakh cror...

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Posted Under: Income Tax |

Empowering Central Government to enter into agreement with specified non-sovereign territories & Transfer Pricing

Amendment of section 90 :-The Finance Bill (No. 2) 2009 proposes to replace the existing Section 90 with a new section 90. The new section 90 is substantially the same as earlier section 90 except that the proposed amendment seeks to empower the Central Government to enter into an agreement with the Government of any country outside India...

Read More
Posted Under: Income Tax |
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