'Reviewing terms such as war, invasion, acts of foreign enemies or hostilities, which often appear in industry exclusion lists, can help avoid surprises at the time of claim.'
In a major development in the fight against black money, multilateral grouping OECD today unveiled a 'single global standard' for automatic exchange of financial account information by various countries including India and Switzerland.
Divya Nair/Rediff spoke to international career counsellors to understand what you can do if your visa is delayed or denied when you have received a scholarship.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
The CBDT is investigating Jane Street for possibly misusing the India-Singapore tax treaty.
'Government officials use Gmail and ordinary phones without basic security consciousness.' 'Interoperability, especially in joint exercises with countries like the US, worries me.' 'It often means we open our systems to them, but they don't reciprocate.' 'They could have kill switches in their systems and might even be able to affect ours.'
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
'Begin with a small investment, observe performance, then scale up gradually.'
The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
Four Maoists were killed in an encounter with police and CRPF commandos along the Maharashtra-Chhattisgarh border in Gadchiroli district. The encounter took place on Friday following a joint operation launched based on intelligence inputs about the presence of Maoist formations near a recently opened FOB (Forward Operating Base) in Kawande area. The exchange of fire lasted for nearly two hours, and security forces recovered bodies of the four Maoists, along with weapons, ammunition, and Naxal literature.
The people of Indian descent account for a vast majority (about 70 per cent) of Mauritius population.
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth
'Violating the terms of your student visa can result in revocation, deportation and even long-term ineligibility for future US visas,' says the US embassy in India.
'Visualise those 15 to 18 seconds: Fully loaded aircraft, pilot manually controlling with both hands (no autopilot immediately after takeoff), looking forward while switches are behind.'
'Who tried engine relight?' 'If the first officer was the one flying at takeoff, the captain may have taken control immediately post-thrust loss.' 'But the AAIB report doesn't clarify any of this.'
Pananjay Tiwari, founder and director of Impel Overseas Education, explains how the new changes can impact Indian students who are applying to US universities and those who are already studying in the US.
There have been concerns in India about limited flow of tax information from Switzerland about Indian citizens, who have allegedly stashed away unaccounted money in Swiss banks.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Could the impending new crisis, vibe coding, similarly create not a disaster like what befell Indian handlooms during the Industrial Revolution but another opportunity like what the Y2K crisis created?' asks Ajit Balakrishnan.
Total market funds are ideal for long-term investors who prefer a simple, hands-off approach, making them suitable for those unwilling to manage multiple funds.
Experts of both the countries will meet by mid-September 2016 to further discuss the modalities for the reciprocal bilateral implementation of AEOI between India and Switzerland with a view to reaching an agreement at the earliest, possibly by the end of the year
India has received the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland, as part of an annual exercise under which the European nation has shared the particulars of nearly 33 lakh financial accounts with 96 countries.
India has called for implementation of the automatic exchange of tax info.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
The Securities and Exchange Board of India (Sebi) on Monday approved the introduction of a new asset class, designed to offer greater flexibility to fund managers and target investors with a higher risk appetite. The markets regulator also cleared the liberalised Mutual Funds Lite (MF Lite) framework, aimed at fund houses that solely launch passively managed schemes. In another significant move, the board reduced the timeframe for rights issues from the current 317 working days to just 23.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
India and a large number of other countries, including Switzerland, have adopted a global declaration for automatic exchange of tax information under auspices of OECD.
G20 summit noticeably lacked in responses to illicit financial flows, one of the largest drags on development worldwide
India has already signed the OECD's global standard for automatic exchange of information between tax authorities two years back and once the new format is implemented, the country will follow the new protocols envisaged in it.
Switzerland will not share details about accounts held prior to September 2018.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Due to the success of the operation, the entire Korchi-Tipagad and Chatgaon-Kasansur Dalams of Maoists have been wiped out, they claimed.
China became the 56th signatory to the agreement by signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. With this all the G20 nations, including India, have become official partners to combat the menace of tax crimes and evasion across international borders.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
'If you see another 1000-point correction, people may start panicking.'
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. "Caution is the word that should be in the minds of the people dealing with crypto. "In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said.
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