Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | 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: ACCOUNTING STANDARD :: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 How to pay tax on bitcoins profit?
 Tax liability on taxable income: Clarification from CBDT is a must
 Income Tax Returns (ITR) filing for salaried staff, others: Advance tax payment deadline nearing, pay or face penalty
 To avoid extra TDS, give tax-saving proofs
 TDS on Rent under section 194I of Income Tax Act
 New direct taxes code aims for lower rates, wider base
 Towards a new direct tax system
 Central Board of Direct Taxes (CBDT) signs two Indian Advance Pricing Agreements (APAs) in November, 2017
 CBDT asks I-T to slap higher tax rate on fraudulently revised ITRs
 CBDT to accept transfer pricing MAP sans riders
 CBDT relaxes norms for MAP & APAs

Tax information exchange pact with Panama on cards
June, 04th 2016

The Central Board of Direct Taxes, which is overseeing investigation in the leaked Panama papers listing at least 500 Indian entities, is trying to strike a tax information exchange agreement with the tax haven to receive more data than what has been revealed in the leaks from the law firm Mossack Fonseca.

A source said there has been no major headway in investigation in the Mossack Fonseca case so far as tax authorities have no evidence to rely on whether the entities disclosed in the list have any illegal business operations or possess any undisclosed income.

The government has entered into Tax Information Exchange Agreement (TIEA) with many of the tax havens and countries believed to be favouritie for Indians for round-tripping their undisclosed income. The Income Tax department is hopeful of a similar pact with Panama soon to get the required information.

Earlier, the I-T department had sent notices to people who were found linked in the Panama list soon after it was disclosed by the International Consortium of Investigative Journalists (ICIJ) in mid-April. However, tax officials say it is difficult to ascertain who are running illegal business operations and involved in laundering money. The ICIJ list had names of at least 500 Indians, some of them prominent businessmen and film celebrities.
"A questionnaire was sent to all the Indian entities in April after the disclosure was made, but it would take at least an year to reach any conclusion," said a senior I-T official involved with the probe.

Soon after the list was disclosed, the finance ministry had set up a multi-agency group to probe the Mossack Fonseca case involving the I-T department, the RBI, Financial Intelligence Unit and the Enforcement Directorate.
There has been no information flow from Panama authority so far, said the official. The government is working on a bilateral agreement with the tax haven besides the TIEA to receive all suspicious transaction reports in future and banking data linked to Indians.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-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