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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TDS :: VAT RATES :: cpt :: due date for vat payment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
Indirect Tax »
  Indirect Tax collections up
 A GST rate that can unlock India’s potential
 Why India fared badly in World Bank’s Doing Business survey
 Income Tax dept to intensify anti-black money operations
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up

India in talks with Cyprus over tax info exchange
June, 17th 2015

India, which blacklisted Cyprus in 2013 for not sharing tax information under the treaty, is in dialogue with the island nation to resolve the issue, a top finance ministry official said today.

"It's not only exchange of information but it is also the quality of exchange of information and how they are operating internationally on their behaviour on exchange on information. The dialogue is on with Cyprus," Central Board of Direct Taxes (CBDT) Chairperson Anita Kapur told reporters here.

India blacklisted Cyprus in 2013 for not sharing tax information. The finance Ministry classified the island nation as a notified jurisdictional area on grounds that Cyprus was not providing information requested by tax authorities under the taxation treaty.

Following the notification, all payments made to Cyprus attracted a 30 per cent withholding tax and Indian entities receiving money from there were required to disclose the source of funds.

The notification also meant that 'no deduction in respect of any other expenditure or allowance arising from the transaction with a person located in Cyprus shall be allowed unless the assessee maintains and furnishes the prescribed information'.

It had also added that if "any sum is received from a person located in Cyprus, then the onus is on the assessee to satisfactorily explain the source of such money in the hands of such person or in the hands of the beneficial owner, and in case of his failure to do so, the amount shall be deemed to be the income of the assessee".

India and Cyprus had entered into an agreement for avoidance of double taxation of income and prevention of fiscal evasion in December 1994.

Under the agreement, both countries have a legal obligation to exchange such information.

In Budget of 2011--12, the Finance Ministry had inserted a clause Section 94A in the Income Tax Act to notify and guard against countries that do not cooperate in the exchange of information protocol.

On long pending revision of Double Taxation Avoidance Treaty (DTAT) with Mauritius, Kapur said, "We will have another round of talks with Mauritius shortly. Dates are not finalised yet."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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