Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft
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 INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: TDS :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES
Direct Tax »
 CBDT clarification on Ind-AS makes tax calculation harder for companies
 I-T department to share companies' tax info with corporate ministry
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation

Pranab tells CBDT boss to focus on foreign shores: Black money
January, 27th 2011

As the clamour for bringing back black money stashed overseas grows, the Finance Ministry has quietly rejigged work allocation at the Central Board of Direct Taxes, with Chairman Sudhir Chandra told to exclusively focus on the agency's foreign taxation wing.

The foreign taxation wing in the Central Board of Direct Taxes (CBDT) and the Directorate of International Taxation (Income Tax) are the two units of the government that are dealing with all issues related to unearthing black money and signing and revising tax treaties with various countries and tax haven nations.

According to an internal note of the Finance Ministry, the CBDT Chairman will no longer handle the zonal charge of Mumbai, which is the largest tax-paying city and contributes the maximum revenue to the government's direct taxes kitty.

The Mumbai zone charge has traditionally been held by the CBDT's top boss and it is the only city identified as a zone by the I-T department, whereas the rest of the country has been categorised into larger regions like the West and Rajasthan, North and Uttar Pradesh, East and South.

"The CBDT chairman will now not handle the Mumbai zone.

He will exclusively deal with cases of international taxation and look after the flow of classified financial communication and information from various countries," sources said, adding that the rejig has been implemented with "immediate effect" with the approval of Finance Minister Pranab Mukherjee.

The foreign taxation unit of the CBDT is also the nodal agency to receive classified tax data from treaty countries, which is sent in code as stipulated by the Organisation for Economic Cooperation and Development (OECD).

The Mumbai zone will now be looked after by the CBDT Member (Personnel and Vigilance).

The rejig of work allocation has also put the operations of the Directorate General of Logistics -- which has been created to enable the "Income Tax Department to deal with the challenges emerging from the new work environment" under the chairman's control.

"The challenges of the new work environment are nothing but the laws, rules and regulations of foreign countries, especially tax havens which do not allow extraction of tax evasion and black money data simply. This unit studies all such areas and prepares case studies for Income Tax officers dealing with Double Taxation Avoidance Agreements (DTAA) and others," sources said.

Incidentally, the I-T department is all set to operationalise eight new units in foreign shores, like the United States of America (USA), United Kingdom, Netherlands, Japan, Cyprus and Germany, among others, and the officials will have to understand the tax laws of these countries.

Chandra, sources said, was till recently the Member (Investigation) in the CBDT before being elevated to the top post and he is completely abreast with all the high-profile probes that the Income Tax Department is currently pursuing.

"The new arrangement helps better processing and galvanising of investigations and foreign tax issues," they said.

The responsibilities of other CBDT Members are largely the same as earlier.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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