Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: VAT RATES :: cpt :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
« General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Revised tax treaty with Switzerland will help seek specific information on illegal funds
October, 12th 2011

 

In a statement, the Swiss Federal Department of Finance said the revised agreement contains provisions on the exchange of information in accordance with international standards applicable at present.

As per the latest data from the Swiss National Bank, the total deposits of Indian individuals and companies in Swiss banks at the end of 2010 is pegged at about $ 2.5 billion.

Curiously, while the Swiss government has said that India can seek tax information on cases dating from January this year, the Central Board of Direct Taxes pointed out that information can be sought in specific cases starting from April 1, 2011.

Also, while the treaty will be applicable in Switzerland on income originating in tax years starting on or after January 1, 2012, in matters pertaining to exchange of information, the provisions in the treaty will apply to information referring to tax years which start on or after January 1, 2011, the Swiss statement said.

Under the revised accord with the Alpine tax haven, India will be allowed to seek information on tax evasion cases whereas, under the earlier agreement, the country could only seek bank details in relation to tax fraud cases.

The provisions of the agreement will apply in India to income originating in tax years which start on or after April 1, 2012, the statement said, while noting that the treaty will contribute to further the positive development of bilateral economic relations.

The CBDT said India could obtain data for cases dating from April 1, 2011.

It is also clarified that upon entry into force, the revised DTAA will allow India to obtain banking information [as well as information without domestic interest] from Switzerland in specific cases for a period starting from April 1, 2011, it said.

India had inked an agreement with Switzerland to revise the tax treaty in August 2010. The amended pact was subsequently approved by Swiss Parliament on June 17.

As per Swiss rules, bilateral tax treaties are subject to public scrutiny for a period of 100 days, which ended on October 6.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions