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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: form 3cd :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment
 
 
« General »
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India
 Tax Benefits from Different Types of Loans under the Income Tax Act, 1961
 Do you have any question about tax filings? Now, chat online with income tax experts to clear your doubts

Pranab: Details of black money flowing in
August, 01st 2011

Details of assets and payments received by Indian citizens in several countries have started flowing in and are being investigated, Finance Minister Pranab Mukherjee said on Saturday.

Information about wealth stashed away in Swiss banks by Indians was expected before year-end, he said, pointing out that New Delhi had signed a Double Taxation Avoidance Treaty with Berne. It was likely to be ratified by the Swiss Parliament by September and information about tax avoidance should be available thereafter.

Information on assets and payments received by Indian citizens was under different stages of processing.

Rejecting the Opposition charge that the Centre was not serious about dealing with black money, Mr. Mukherjee told PTI that while previous governments, which included those under the BJP, the CPI and other Opposition parties, had done nothing, the United Progressive Alliance regime launched a five-pronged strategy.

Besides creating an appropriate legislative framework, the government started renegotiations with 75 countries to get more information. Negotiations had been completed with 53 countries or jurisdictions.

According to the latest estimates available, the Directorate of International Taxation had collected Rs. 33,784 crore in taxes from cross-border transactions in the last two financial years. In a large number of specific cases, information had been obtained under the Double Taxation Avoidance Agreements (DTAAs).

The Directorate of Transfer Pricing had detected mispricing of Rs.34,145 crore in the last two financial years, up from Rs.14,655 crore in the previous five years.

The investigation wing of the Central Board of Direct Taxes had detected a concealed income of Rs.18,750 crore in the last two financial years.

Mr. Mukherjee said India achieved success in getting information about black money in the last two years after the Pittsburgh summit of the G-20, where clear signals had been given that countries and tax havens could not continue with non-cooperation.

India joined the global crusade against black money and now had a huge network of amended DTAAs and Tax Information Exchange Agreement (TIEA) with tax havens.

Dismissing Opposition claims, he said that by simply sending a couple of tax officials the government could not bring back black money from abroad.

On various estimates of Indian money stashed away abroad, including the figure of $ 468 billion, Mr. Mukherjee said, This is just playing to the gallery.

He had asked three expert groups to go into the estimates on black money independently and report to the government.

We have taken a number of steps. Substantive issues are being addressed. You can get information only through legal instrumentalities. You can't get information through fishing expedition.

Explaining the way the DTAAs work, the Minister said if the government found that there was a possibility of tax evasion, then a notice would be issued through courts, and the country concerned would be able to share information.

The DTAAs worked in two phases. One way was to collect taxes and the other was prosecution.

The government had got the names of 16 or 17 black money holders from Lichtenstein, he said.

On the Supreme Court appointing a committee of officials and two former judges to probe the issue of black money abroad, Mr. Mukherjee said the government had already filed a review petition because there are certain law points we are fighting.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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