Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: form 3cd :: VAT RATES :: ACCOUNTING STANDARDS :: 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% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: VAT Audit
Direct Tax »
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today
 Here are a few last-minute tax saving ideas Not planned taxes yet?
 Confessions of a fake CA exposes lacuna in e-filing of tax return
 Greetings from the income tax department

Get recommendation from boss to serve abroad: CBDT to taxmen
June, 10th 2013

The Finance Ministry has introduced new rules for sending Income Tax officers to newly created overseas units like in the US and the UK that include asking aspirants to get testimonials from bosses and write a note on how they can help maximise revenue from this front.

The ministry had announced creation of eight new Income Tax Overseas Units (ITOUs) in 2011 as part of its multi-pronged strategy to tackle the menace of blackmoney.

It had designated I-T officers to go as First Secretaries in these countries to "maintain effective coordination and liaison between Indian tax authorities and the tax authorities of countries concerned."

"The new terms and conditions for posting the tax officers were recently finalised after meetings between the Ministry of External Affairs (MEA) and Finance Ministry in coordination with the Central Board of Direct Taxes (CBDT)," top sources said.

According to the freshly revised selection criteria, the aspiring candidate, with a mandatory 15 years of service in the Indian Revenue Service (IRS), will be evaluated for ten marks each in getting recommendations from two serving officers who were "immediate supervisory authority" anytime during their service and for writing a 1,000 word statement of purpose describing how his "knowledge, experience and commitment" will help in bolstering tax administration in the international context.

The applicant, who will have to go through a final interview by a panel headed by Central Board of Direct Taxes (CBDT) chairperson, will be judged for a maximum of 40 marks for providing a brief bio-data of five of their "outstanding work" in the field of revenue administration.

The interview will carry 35 marks.

While two ITOUs are already there in Mauritius and Singapore, the eight new are all set to be fully operational at Indian missions in Cyprus, France, Germany, Netherlands, Japan, UAE, UK and USA.

"The new rules will however be applicable for postings of officials to all the ten ITOUs," the sources said.

During the meetings held between the MEA and Finance Ministry over a year on these new eight postings, it was decided that unlike earlier, the seniority of I-T officials should be kept at a minimum of 15 years considering the nature of job and "seniority of officers from other services" in Indian missions abroad.

"The new postings, after finishing these procedures, should take place by August after the CBDT will obtain approval of the Finance Minister on the final list of selected candidates, consult the MEA and take final approval by the Appointments Committee of Cabinet (ACC)," the sources said.

The aspiring I-T officials will also be rated on their investigation skills and acumen to handle international financial transactions, overall awareness in respect of financial scenario and methods used for tax avoidance.

The other areas on which these senior officers will be rated include awareness of international financial protocols, issues pertaining to transfer pricing, working knowledge of tax treaties like the Double Taxation Avoidance Agreement (DTAA) and Tax Information Exchange Agreements (TIEAs) and other tax dispute resolution mechanisms like Advance Pricing Agreement (APAs) and Mutual Agreement Procedure (MAP).

The posting of an officer in these ITOUs is for a period of three years.

Fourteen new ITOUs in different countries are now in the pipeline.

The government's intention to increase their numbers is drawn from the idea that these units could obtain hassle-free information on tax and financial data of investments made by individuals and institutions in these countries and facilitate exchange of data on legal investment or routing of money in India and vice-versa.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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