Tax experts said as a result of the amendments, companies operating from countries with which India didn't have DTAAs, would try to shift to countries with which India had such agreements, including Mauritius.
Fast-moving consumer goods (FMCG) companies are expected to witness pressure on volumes in the October-December quarter. However, price hikes will help push up revenues, said brokerages.For India's largest engineering firm, Larsen and Toubro (L&T), the analysts expect a 20 per cent growth in consolidated revenue, and an 8.1 per cent core business Ebitda margin, up 40 bps from a year ago.
The paper said that the taxation proposal needs to be accompanied by explicit redistributive policies to support the poor, lower castes, and middle classes.
Kejriwal had alleged Mukesh Ambani, Anil Ambani, Naresh Goyal and some members of Dabur Group's Burman family had secret accounts in HSBC.
"Let us both mobilise ourselves, each one in his respective country, in order to try and ease as much as possible on our businessmen, in opening barriers, easing regulations,...preventing double taxation," said Noked during the interactive session with business delegation, in New Delhi.
The United States has ruled out signing a Totalization Agreement with India for now.
Foreign companies that do not have a permanent establishment in India will be exempt from paying minimum alternate tax.
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
Company analysts and tax experts say neither the foreign direct investment nor the portfolio investment by large institutions will be affected.
Black money is difficult to deal with.
Black money is difficult to deal with.
Taking forward its efforts to track and unearth black money, India has now ratified its Double Taxation Avoidance Agreements with SAARC nations and the revised treaties will come into effect from next fiscal.
The government may have to wait a little longer to get a trail of illegal money stashed by Indians in Liechtenstein.
The MoU deals with creation of a useful forum for exchange of views on financial and macro-economic issues. Official sources said the MoU will facilitate dialogue between the tax authorities of the two countries.
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name.
It is believed that a large majority of them are third country investors which use the Double Taxation Avoidance Convention with Mauritius for saving capital gains tax.
Mukherjee and Swiss Foreign Minister Micheline Calmy-Rey signed the revised pact in New Delhi on Monday.
The strike is because of the government's decision to levy 10.3 per cent service tax on the film industry.
In a significant development towards renegotiation of tax treaty with Mauritius, the Finance Ministry has written to the Ministry of External Affairs to take up the issue of including more areas of information exchange in the agreement between the two countries.
The Centre on Friday declined before the Supreme Court to make public names of the people who have stashed black money in foreign banks, saying it is not possible to disclose information received from foreign governments under Double Taxation Avoidance Agreement.
The India government asked the Swiss government to expedite the ratification of the Double Taxation Avoidance Agreement (DTAA) signed between the two countries in August 2010, but the Swiss Parliament will take time to ratify the tax treaty.
More relief is in store as the revised draft suggested a less taxing dispensation for triggering the General Anti-Avoidance Rule.
Switzerland on Thursday said it would share data of black money allegedly stashed away by Indians in Swiss banks in accordance with the tax treaty between the two countries.
India can now sign treaties with five more countries in its pursuit to bring back black money stashed abroad with the Cabinet on Friday approving such pacts.
The government of Switzerland would be ready to reveal the names and bank account details of Indians who have stashed away billions of dollars of black money in Swiss banks once the Indian Parliament ratifies the revised Double Taxation Avoidance Agreement that was recently signed between the two countries.
Having made no headway to amend a 26-year-old double taxation avoidance agreement with Mauritius, the finance ministry has hardened its stance against broadening India's economic engagement with the island nation.
Prime Minister Manmohan Singh on Saturday left for home after a six-day visit to Ethiopia and Tanzania during which he announced a financial package of $6.6 billion to the African nations.
The amended treaty will enable India to get banking information in specific cases, beginning April 1, 2011.
Switzerland only provided information on tax fraud that led to criminal activity. But the Swiss definition of tax fraud is quite narrow, which means that a false invoice is not a crime. Now, any tax abuse will be covered.
Anti-money laundering efforts will not succeed unless banking secrecy laws are repealed.
India has bilateral tax agreements with more than 70 nations.
India on Tuesday said it is actively pursuing enforcing the amended tax treaty with Switzerland soon so that information on bank deposits in that country can be obtained in specific cases, Minister of State for Finance S S Palanimanickam said.
A right wing Swiss politician described the German government's plans as a declaration of war.
As India and Switzerland prepare to renegotiate the Double Taxation Avoidance Agreement, the Swiss government said it was confident that the pact would be finalised by next year.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Renegotiated tax treaty to relax banking secrecy laws.
'We do not believe in fire sale. We don't do it.'
Iron ore mining major NMDC's results for the April-June quarter (Q1) of FY25 were better than estimates. Weak volumes were balanced off by higher realisations, better average selling price (ASP) and lower royalties which boosted bottomline. The revenue was in line with estimates at Rs 5,400 crore, flat year-on-year (Y-o-Y) and down 17 per cent quarter-on-quarter (Q-o-Q).
In the midst of a row over tainted money stashed in banks in Switzerland, the government on Tuesday said it will begin talks with that country in December for amending the relevant treaty and it was not interested in a "roving inquiry".
