« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  I-T dept to end retailers' rosy days... ‘Tax sops will help offset Re impact’... » Laws to curb tax evasion likely August, 07th 2007 The government is planning to bring in strict laws to check cross-border tax evasion, often achieved through special transactions. Under the proposed legislation, any transaction carried out primarily to evade tax will be denied the benefits extended by the double taxation avoidance agreement (DTAA); instead, such transactions will be governed under the domestic tax. It will also cover the practice of registering companies in tax havens. Many developed countries, including the United States and the United Kingdom, have already enacted laws to contain tax evasion through artificial transactions. In the US, tax havens have already become a major presidential election issue . The laws in these countries unambiguously support their revenue departments to deny the tax benefits to such transactions, while ensuring that genuine commercial transactions are not blocked. According to unofficial estimates, the tax havens hide nearly $12 trillion, a major part of which is due to tax evasion. The tax that could have been generated on hidden funds is estimated a $250-300 billion. The finance ministry has received proposals to enact stricter laws by the committees set up for framing the new tax code and also by the International tax division of the Income-tax department. The International tax division of the Income-Tax Department has faced serious problems in its attempt to tax the capital gains arising from the recent mergers and acquisitions involving Indian and foreign companies. Since some of the investments in such cases were routed through companies registered in tax havens, the department lacked the legal footing to make water-tight demand on these companies, though it had served the notices.