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 :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: due date for vat payment :: form 3cd :: TDS :: VAT RATES
 
 
Service Tax »
 IT infrastructure firm of GST under scrutiny for tax evasion
 GST council OKs draft law on relief to states
 GST Network gets notice for avoiding service tax
 GSTN contract may attract tax
 GST Council may discuss tax rate on gold at Udaipur meet
 Govt may rework indirect tax estimates mid-way after GST
 GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
 Government may rework indirect tax maths mid-way after GST entry
 Govt may rework indirect tax mid-way after GST entry
 GST rollout will reduce disparity among states
 GST: E-tailers oppose tax laws

India gets tax data from France, British Virgin Islands
March, 21st 2015

Tax authorities have obtained fresh information from France on the so called HSBC cases and a visit to British Virgin Islands has yielded positive outcome as the government steps up its fight against black money.

Government sources said special units have been set up under each director general of income tax (investigation) to undertake expeditious and focused investigation in undisclosed foreign assets. The government is keen to ensure that there is zero tolerance for black money and hopes the two legislations that it has proposed will help tackle the menace effectively.

"Proactive and regular follow-up measures with France have led to obtaining further information in respect of the HSBC cases. Contacts have also been established with whistleblowers for obtaining new information," sources said.

They said India is now a leading force in the efforts to forge a multilateral regime for proactive sharing of financial information known as automatic exchange of information (AEOI) which will help global efforts to combat tax evasion.

The government has also taken a decision to enter into information-sharing arrangements with the US under Foreign Accounts Tax Compliance Act (FATCA). "The AEOI and FATCA will enable India to get information about financial transactions done by Indian tax payers in other countries," sources said.

In another development which is expected to expedite sharing of information, Switzerland has assured to start talks with India for concluding an AEOI agreement. "This is the first time that Switzerland has agreed to commence discussions on a bilateral agreement," sources said.

Finance minister Arun Jaitley had spoken to his Swiss counterpart during his Davos visit in January on the issue. "As a result of the persistent efforts, information in certain cases involving substantial amounts of undisclosed income stashed abroad has started flowing in from Switzerland and other jurisdictions," sources said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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