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: VAT Audit :: form 3cd :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

No tax amnesty scheme for black money holders
January, 28th 2011

The government said it has no plans to bring out a tax amnesty scheme to lure black money stashed away in foreign accounts. The finance ministry made this submission before Parliament's standing committee on finance.

"Finance ministry officials said there is no such proposal and the minister was misquoted by the media," a member of the committee present in Thursday's meeting said.

The submission comes after finance minister Pranab Mukherjee said on Tuesday the government has constituted an expert group to look into the issue of black money.

When queried on an amnesty scheme at a press conference on black money on Tuesday, he said," you know there is always a double side to these amnesty schemes. Sometimes if somebody is allowed, you will be highly criticised because this will be at the cost of the honest tax payers but sometimes it helps to bring some money." The committee rapped the ministry on continuing with special tax concessions to Mauritius, a country responsible for largest inflow of foreign capital into India more than even US.

Pulling up the government's handling of black money, the committee asked the ministry to give written submissions on the measures that it had taken by February 2.

The panel headed by BJP leader Yashwant Sinha has asked the government to state as to what was the quantum of black money stashed outside India in foreign banks. It also asked the ministry to explain in detail how it had made use of the global fora such as G-20 to contain the menace of black money.

Mukherjee had said earlier that there were no clear estimates about black money and the government has constituted a multi-disciplinary committee to get studies conducted to estimate the quantum of illicit funds generated by Indian citizens.

He had said different estimates like the one by BJP Task Force which put the amount between $ 500 billion and $1400 billion and an international estimate of $ 462 billion are based on unverifiable assumptions and approximations.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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