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 STANDARD :: articles on VAT and GST in India :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: cpt
 
 
Direct Tax »
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal

CBDT asks Income Tax department to speed up overseas requests
February, 09th 2016

With the current financial year coming to a close soon, CBDT has asked the Income Tax department to speed up select black money and tax evasion probe cases which require cooperation from foreign agencies under existing bilateral treaties.

Officials said the Central Board of Direct Taxes (CBDT) has asked the taxman to send across to it all such cases for exchange of information which are getting "time barred" by March 31, the last day of the 2015-16 fiscal.

According to an official instruction in this regard, the department officials have been asked to send these requests latest by the end of this month so that they can be scrutinised, formatted and finally sent abroad before March end.

A special wing in the CBDT, called the Foreign Tax and Tax Research, is mandated to process these requests sent by various regions of the tax department from across the country in pursuance of their respective probes under IT laws.

"A good number of cases of tax evasion and black money are pending investigation and instructions have been specially issued for those cases which are getting time barred by the 2015-16 fiscal. Once the time barring period gets over, it becomes legally untenable for the department to take prosecution action against defaulters and evaders," a senior official said.

The official said instructions to get these judicial requests quickly sent to the CBDT have been notified after the issue was discussed by the top brass of the CBDT at a meeting held recently here.

India has two major mechanisms -- Double Taxation Avoidance Agreements (DTAAs) and Tax Information Exchange Agreements (TIEAs) -- to seek cooperation from foreign counterparts in cases of tax evasion, with an overseas ramification.

Government has collected a total of Rs 2,428.4 crore in taxes after over 600 declarations were made by stash holders to the IT department under the one-time black money compliance window that ended last year.

 
 
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