Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: empanelment :: due date for vat payment :: form 3cd :: VAT RATES :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« News Headlines »
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year

Govt. to act on tax havens
April, 15th 2009

Noted jurist and former Union minister Ram Jethmalani said he would file a public interest litigation soon to persuade the government to take steps to bring back Indian money stashed away in various tax havens across the world.

Mr Jethmalani's statement coincides with reports in western media regarding Swiss bank Credit Suisse planning to close the accounts of 2,500-5,000 US citizens who have not informed the US governments Internal Revenue Service (IRS). Swiss bank UBS, too, has given out names of 250 US citizens who hold accounts with the bank.

If we do not bring the money back to India, it will soon disappear," Mr Jethmalani told ET. He said that he would wait until the elections were over. This is the first time that a senior lawyer has spoken out against tax havens. Money stashed away in these destinations have drawn the attention of world leaders, many of whom blame offshore havens for deepening the financial crisis and the current economic slowdown. The issue featured prominently in the recently-concluded G-20 meeting held in London.

Three Indian political parties CPM, BJP and JD(U) have included the issue in their manifestos. LK Advani, BJP's prime ministerial candidate, recently said that Indians have parked close to $5 billion in these accounts, a part of which would be sufficient to pay off the country's foreign debt.

The idea about bringing back this money has captured the attention of some of the Indian political parties after the February 2 edition of ET published the contents of a document submitted to the Prime Minister's Office and the Central Board of Direct Taxes (CBDT) by former chief income tax commissioner KVM Pai.

Some of the tax havens are beginning to relax their tight secrecy laws following a campaign by IRS of the US for more transparent banking laws. Deviating from their age-old tradition of preserving client confidentiality, some tax havens have bowed to IRS pressure and released the details of 250 of their account holders. On the other hand, Germany has offered the government details of Indians having deposits in LTG Bank in Liechstentein, a small principality that also serves a tax haven.

While it's not possible to come up with a precise figure of the total money stashed away in all the tax havens, the Tax Justice Network, an international organisation that has an observer status with the United Nations, has estimated it at over $11 trillion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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