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: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: VAT RATES :: Central Excise rule to resale the machines to a new company :: due date for vat payment
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

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 2016 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