Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Tally On Cloud Tally on Cloud: Ready for the Daily Backup Requirement
Keep your Tally books accessible from anywhere while supporting your Rule 46(8) obligations. With daily backups configured on servers physically located in India, Tally on Cloud helps you maintain the backup arrangement required for electronic books of account under the Income-tax Rules, 2026. Move your Tally to the cloud with confidence.
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know
 Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose
 CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27
 CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details
 Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window
 Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do
 Tax audit deadline September 30: Common mistakes taxpayers should avoid
 Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck
 Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money
 ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR
 ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief

Trip to tax havens in govt crosshairs
April, 28th 2010

As a rule, the Swiss Alps and sunsoaked beaches of Cayman Islands make it to a tourists bucket list. Now, they also happened to have made it to another list the taxmans by virtue of being tax havens.

The income tax department is keeping a tight vigil on Indians, notably the ones suspected of owning bank accounts, visiting tax paradises such as Switzerland, Cayman Islands, Mauritius and the Bahamas, as it amplifies efforts to trace tax evasion and slush funds tucked away abroad.

The tax departments investigation directorates have been asked to collect information on Indians visiting tax havens, junior finance minister SS Palanimanickam replied to a query in the Rajya Sabha on Tuesday.

Besides peering into the itineraries of passengers from airlines, the government is also stationing tax officials in these destinations to keep a watch on Indians. Taxpayers will have to also declare details of their foreign travels while filing returns.

The latest measures are part of the governments redoubled efforts to crack down on money laundering as concerns grow over links between tax evasion and terror funding. Black money stashed away by Indian businessmen in tax havens was a raging topic during the last general elections, with the BJP penciling the figure at nearly Rs 70 lakh crore.

India is part of a long lineup of countries, including the US, pursuing tax transparency across the globe. The government is in talks with 20 tax havens including the Bahamas, Monaco, Panama, Seychelles, St Kitts & Nevis and the Maldives for new treaties that promise to exchange information more openly.

The so-called Agreements for Exchange of Information and Assistance in Collection will give India access to bank account details in these places.

The government has also started fresh talks with all the 77 countries with which it has double tax avoidance treaties (DTAAs) to increase their scope and prise out more information.

Paris-based Organisation for Economic Co-operation and Development, which has long led the fight again money laundering, lauded the efforts of India and governments across the globe in a recent circular. OECD said tax havens signed more than 300 agreements last year after greater scrutiny on hush money.

The government also recently posted two senior Indian Revenue Service officers as first secretaries at its missions in Singapore and Mauritius , which are hotbeds of investments into India.

On Tuesday, Mr Palanimanickam said there is no verifiable information available about black money amassed in foreign banks, but indicated that the government is stepping up the focus on the dodgy practice.

Agents and officials of foreign banks that offer services and facilitated the opening of bank accounts are also on the governments radar.

The tax department also plans to create divisions and post officers at the Indian missions in the US, the UK, the Netherlands, Japan, Cyprus, Germany, France and the UAE for raising the vigil on evaders and greater exchange of information.

These units are aimed at increasing flow of information from these jurisdictions on a real-time basis, a Central Board of Direct Taxes (CBDT) official told ET. The present practice is clumsy and wrapped in red tape. CBDT has to write to Indian missions or foreign governments for information under the DTAAs.

CBDT is also looking to tweak Indias tax treaty with Mauritius to shut the door on tax exemptions on capital gains on investments from that country. The treaty in its current form is a big draw for investments into India.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2026 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting