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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes

Black Money: Finance Ministry to ask tax havens for past banking info
December, 14th 2011

Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases.

Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number of accounts in foreign locations, including tax havens, and it will now write to these countries to share information about past banking transactions under the amended and rectified provisions of the Double Taxation Avoidance Agreement (DTAA).

"The CBDT has begun renegotiation with almost 75 countries to broaden the scope of exchange of information under DTAA and the Tax Information Exchange Agreement (TIEA). Banking information on select accounts of the past are now being asked from some of the countries as the I-T department has obtained reports of suspected money stashed by few entities," official sources said.

The countries that will be approached include the US, UK, British Virgin Islands among others, they said.

India, at present, has completed negotiation with 60 countries/jurisdictions which includes 24 existing DTAAs, 19 new DTAAs and 17 TIEAs while negotiations with 26 countries/jurisdictions are underway.

"In certain treaties, like that with Switzerland, CBDT cannot ask for transactions and banking information done in the past but in some treaties past information can be obtained. Such countries and tax havens are being approached," sources said.

More than 30,000 pieces of information about black money in India are also under scrutiny of the Income Tax Department.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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