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...
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...
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...
The government has served notices on 50 people for stashing black money abroad and evading taxes. Sources told that the government is proceeding against the 50tax evaders on the basis of documents received from Germany in April last year.
“The opaque system of exchange of information in these tax havens and their non-compliant behaviour are matter of concern not only for revenue base but also linked to financing of activities which are detrimental to the national security interests,” Finance Minister Pranab Mukherjee said at a CBDT seminar on transfer pricing in New Delhi on Wednesday.
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’.
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 crore by December 2009 showing a growth rate of around 8.5%.
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 or a specified territory outside India, inter alia, for avoidance of double taxation of income.
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 becomes the law, that law would override any existing treaty and its provisions, creating confusion and uncertainty for tax payers. And, then last week came the bombshell.
Income tax officials from India could be posted in the tax haven nations to collect information about tax evasion from these countries; if a proposal made by a committee set up to investigate abuse of tax treaties goes through.
Government is considering the inclusion of new provisions in the existing tax laws, called Controlled Foreign Corporation (CFC) laws, as suggested by the Kelkar Task Force on tax reforms.In view of a spurt in overseas investment by Indian companies, it has become necessary to frame CFC laws to prevent loss to the exchequer, the official […]
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’ […]
The government has made the first move to home in on individuals and entities who have stashed away black money in one of the offshore banks. The Central Board of Direct Taxes (CBDT) has sent notices to at least 50 individuals figuring among a list of Indians who hold accounts with the LGT Bank, Leichtenstein, a tax haven […]
