Income Tax : Dubai remains income-tax-free, but new corporate, VAT, and excise taxes make it no longer fully tax-free. Learn what expats and bu...
Income Tax : Explore impact of tax havens on income inequality in India, revenue loss, and legal reforms to address this pressing issue in glob...
Income Tax : हाल में ही आर्थिक सहयोग और विकास संगठन ( ओईसीडी) के ...
Income Tax : Before we go into a detailed analysis of the various consequences that Tax Havens have on the Indian economy, let us understand wh...
Income Tax : There was a great need and importance to stop malicious practices of tax evasion. To combat the same, government of various countr...
Corporate Law : Shri Piyush Goyal calls for strengthening of ethics and corporate governance norms in startups. Shri Piyush Goyal urges startups t...
Income Tax : In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday as...
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...
Income Tax : The following achievements are noteworthy: a) Huge network of amended DTAA (81) and TIEA with tax havens (4) has been created. b) ...
Income Tax : Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India's foreign direct investment from...
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 jurisdiction and countries as and when the situation arises. We will take appropriate steps, Finance Minister Pranab Mukherjee told reporters here today.
Desperate to curb the flow of blackmoney into the country’s economy, the Income Tax department has now begun to track all fliers and visitors who travel to tax havens like Switzerland, Virgin Islands and Bahamas for personal or business purposes secretly. The department has focussed its intelligence and investigation scanner on all such travellers who have visited tax haven nations last year and have not disclosed the expenditure and instances of such tours in their Income Tax returns.
The income tax department will soon post 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries, an official in the finance ministry said. Concerns have been raised in the recent past over suspicion of round tripping or routing of Indians’ illicit money back into the country through tax havens.
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 unearth tax evasion and flow of blackmoney. The I-T orders and tax demand notices which were raised after such searches will form a part of this report which will have both public and restricted versions. These will be put in public and departmental domain respectively, a senior Finance Ministry official said.
Dismissing the perception that Switzerland is a tax haven, a senior Swiss government official today expressed hope that the revised tax avoidance treaty with India will be ratified during the year, following which Swiss authorities would provide administrative assistance to India to deal with cases of tax evasion.
The government may soon be able to obtain classified financial data from tax-haven countries and some foreign shores as it plans to set up new overseas Income Tax offices in countries like the US, the UK and Cyprus to liaise with local tax authoritie
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
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
The Income Tax department is probing the source of investments in the real estate firm Ireo for alleged violations of FDI norms and evasion of taxes in bringing a whopping Rs8,000 cr through tax havens.The Income Tax department is probing the country
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 wealth parked in Swiss and other offshore bank accounts by Indian residents.
