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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: empanelment
 
 
« News Headlines »
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you
 Self e-filing of income tax returns
 Why do we get 3 extra days to file income tax returns in 2017?
 Income Tax department launches 'Operation Clean Money'-II
 Here’s how to e-file your income tax return
  Why SMEs should comply with income tax provisions

For effective tax information sharing
April, 28th 2016

The income-tax department’s reported move to seek sworn declarations from all those Indians whose names appeared in the Panama papers on whether they held undisclosed offshore accounts is ill-conceived. Not all foreign accounts and foreign registered companies have illicit money or business. Such an exercise could lead to needless harassment of law-abiding citizens, even if tax officers have the same powers as are vested in a court under the Code of Civil Procedure to examine a person under oath. Sure, the matter must be investigated thoroughly, and tough action taken to curb tax evasion.

Rightly, a multi-agency team is probing the list of Indian names contained in the over 11million files leaked from Panama based Mossack Fonseca. To establish audit trails, the tax department must push for effective sharing of information from tax havens such as British Virgin Islands that have reportedly registered companies and trusts — where the details of ownership don’t have to be filed with the authorities.

France has placed Panama on the list of uncooperative jurisdictions. India, which does not have a tax information and exchange-sharing agreement with Panama, could follow suit if Panama does not share information on suspected tax evaders. After all, India had earlier blacklisted Cyprus for similar reasons.

We must also follow Britain and create a Unique Legal Entity Identifier to make companies identify their real beneficial owners. It would be a step towards global cooperation on tax transparency. Here too, effective sharing of information holds the key to trace beneficial owners. India’s tax system also needs an overhaul, to widen the base and lower rates. Intensive training of tax administrators and use of big-data analytics to track evasion brooks no delay.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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