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: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: cpt :: due date for vat payment
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

fin min examining CBDT report
May, 14th 2012

Nearly ten months after it was formed to examine ways to check the menace of black money, a committee under the chairmanship of Central Board of Direct Taxes (CBDT) chief has submitted its report to the finance ministry. The ministry, however, declined to share its details saying "action

 
taken" on the basis of the report is to be laid in the Parliament.
The government had on May 27, 2011 constituted the committee to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.

The committee was mandated to consult all stakeholders and submit its report within a period of six months, that is by November-end. However, its tenure was extended thrice -- in November, January and February, 2012 -- to enable it to complete its work by March.

"The report, submitted by the Committee on March 29, 2012 to the government, is being examined by the government and action taken thereof is to be laid before the Parliament," the finance ministry said in a reply to an RTI query.

It also declined to share the copy of the report as it is "exempted under Section 8(1)(c) and Section 8(1)(e) of the RTI Act, 2005".

The Section 8(1)(c) bars "information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature".

Whereas, Section 8(1)(e) exempt disclosure of "information available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information".

The committee included Member (Legislation and Computerisation), CBDT, Director Enforcement (ED), Director General of Revenue Intelligence (DRI), Director General (Currency), Joint Secretary (Foreign Tax and Tax Research), CBDT and Director of Financial Intelligence Unit-India (FIU-IND) as members.

According to the information given by the ministry, the Committee has conducted seven meetings on June 9, 2011, July 29, 2011, September 23, 2011, December 21, 2011, March 21, 2012, March 26, 2012 and March 28, 2012.

Earlier, replying to another RTI application, the Government has said there was "no authentic figures" about the amount of deposits held by Indian citizens in Swiss banks, which are exclusive of their lawful and legitimate deposit.

The government has also commissioned a study to estimate quantum of black money in the country which is expected to complete its work by September this year.

The study is being done by three institutes -- National Institute of Public Finance and Policy, National Institute of Financial Management, National Council for Applied Economic Research.

The Government has said negotiations of 16 new Tax Information Exchange Agreements (TIEAs) to keep a tab on flow of black money have been concluded with Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Monaco, Saint Kitts and Nevis, Argentina, Costa Rica, Guernsey, Macau, Liberia, Marshall Islands, Congo and Gibraltar.

Besides, India has initiated a process to negotiate with 74 countries to broaden the scope of the Article concerning exchange of information to specifically include banking information and information which has no domestic interest.

Finance minister Pranab Mukherjee is likely to table a 'white paper' in the Parliament on black money during the ongoing Budget Session.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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