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: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

Tax dept to submit info exchange request a month in advance
October, 05th 2016

In efforts to effectively deal with the menace of black money stashed abroad, the revenue department has asked field officers to submit their request for information under tax treaties at least one month in advance for time barred cases.

Observing that often the information requests are received by the Foreign Tax and Tax Research (FT&TR) Division just before the time barring date, the revenue department said "it becomes difficult to process and forward such requests after due scrutiny to the foreign competent authority in time".

In a direction to the field formations, the foreign tax division has said that Exchange of Information (EoI) requests in time barring cases should be made one month before the time baring date.

This would help in removing deficiencies in application and sending modified request under EoI agreements in time to foreign competent authorities, FT&TR added.

It said the request concerning EoI which are getting time barred on October 31, 2016, should be sent to the FT&TR division by October 15. And for those which are getting time barred on December 31, 2016, requests should be sent by November 30.

In the wake of Panama papers revelations earlier this year, the tax department has asked its field officers to be specific in their information requests to the authorities in the British Virgin Islands and also reply promptly to their queries.

India has already entered into tax information exchange agreement with over 130 countries and jurisdiction.

Under Section 90 of the Income Tax Act, the government can enter into an agreement with a foreign country or specified territory for exchange of information for the prevention of evasion or avoidance of income tax.

Under the agreement, the competent authorities of two countries provide assistance through exchange of information which is relevant to the administration and enforcement of the domestic laws.

The information received under the agreements are treated as confidential and may be disclosed only to persons or authorities concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the agreement.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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