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: ACCOUNTING STANDARD :: empanelment :: due date for vat payment :: TDS :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES
 
 
Direct Tax »
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers
 Central Board of Direct Taxes (CBDT) signs four more unilateral Advance Pricing Agreements (APAs)

I-T dept to bring 1 crore new people under tax net this fiscal
July, 20th 2015

To protect confidentiality of tax information from abroad, the CBDT has warned of stern action against those making unauthorised disclosures as it amounts to breach of treaty commitments and cause embarrassment to the government.

The Central Board of Direct Taxes (CBDT) said the confidentiality of taxpayers' information has assumed a greater significance in view of "increased availability of information" regarding offshore tax evasion, tax avoidance and stashing of unaccounted money abroad.

The information or evidence of such tax avoidance or evasion and the underlying criminal activity is often located outside the territorial jurisdiction and is obtained only through bilateral and multilateral cooperation amongst countries/jurisdictions, it said.

The government of a country/jurisdiction will, however, agree to exchange information with another country only if the information exchanged is kept confidential and used only for the specified purposes in accordance with the agreement.

The government will soon start getting more tax related information under the US law FATCA. That information too would have to be kept confidential.

An Information Security Committee (ISC) has been constituted in the Central Board of Direct Taxes (CBDT) with a view to put in place a robust information security mechanism. It has also decided to set up a Local Information Security Committee (LISC).

"If an unauthorised disclosure takes place, the LISC should undertake an investigation and prepare a complete report, fixing responsibility and recommending actions to be taken against the person(s) concerned for the breach...," CBDT said.

The CBDT further said that the files/documents classified as top secret/secret/confidential/restricted need to be safeguarded since their authorised access or disclosure "may cause embarrassment to the government and result in breach of treaty commitments".

Under FATCA, all information exchanged would be subject to the confidentiality and other protections provided for in the Convention, including the provisions limiting the use of the information exchanged. The pact was signed between India and the US earlier this month.

India has also signed Automatic Exchange of Information (AEOI), under which 58 jurisdictions (including India) have agreed to share information from 2017 and 36 nations from 2018. These include those jurisdictions which have beneficial tax regime.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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