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: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: cpt :: empanelment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS
 
 
General »
 While filing tax in India, NRIs do not have to report overseas assets
  Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
 SH. VISHWA NATH GUPTA Vs. PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL, KANPUR AND ANR.
 No tax scrutiny of big transaction if it matches income
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
  Home loan tax reliefs often missed by taxpayers
 Income tax department launches online facility for linking Aadhaar and PAN
 Home loan tax reliefs often missed by taxpayers
 Tax headache in India is a bonanza for global accounting firms
 Activities To Be Treated As Supply Even If Made Without Consideration Under CGST ACT
  Haryana Goods and Services Tax Bill passed

Govt.: Noose tightens on tax haven funds
November, 20th 2010

The government is hard on the trail of money allegedly stashed away in secret bank accounts in tax havens. Finance minister Pranab Mukherjee on Friday told delegates at the Hindustan Times Leadership Summit that India has written to 78 countries to amend existing tax treaties, insisting on their adding on Article 26 of the Model Tax Convention of the Organisation for Economic Cooperation and Development (OECD).

"We are regenotiating the double taxation avoidance agreements (DTAAs) with 78 countries," Mukherjee said.

He said the government has also finalised tax information exchange agreements (TIEAs) with eight countries.

"Once this is institutionalised, we can analyse how much the quantum (of black money is stashed away in secret accounts) would be," he added.

"I would not know the actual estimation of black money or unaccounted money stored in other countries," he said.

Global Financial Integrity, a Washington-based research group, says  India is losing about $16 billion (Rs 72,496 crore) a year to outflows related to tax avoidance by wealthy individuals and companies, besides money lost to corruption.

It has estimated that India has been drained of $462 billion (over Rs 20 lakh crore) between 1948 and 2008 at current prices. This is nearly 40% of Indias gross domestic product.

"My department is examining it ( the study)," Mukherjee said.

"Adequate measures would be taken to nip it in the bud as soon as possible as it could affect growth. It is definitely a matter of concern," he said.

He said no estimates have been made on the amount of slush funds from India stashed away in Swiss Banks. "It was estimated way back in the mid-1980s, in a government sponsored study," he said.
 
In August, India and Switzerland inked an amended tax pact.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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