Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Identity of 427 account holders abroad has been established and 250 of them have admitted to having accounts, Finance Minister Arun Jaitley revealed on Wednesday.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
The amended treaty will enable India to get banking information in specific cases, beginning April 1, 2011.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
Switzerland's Ambassador to India Linus von Castelmur also said the past cannot be undone, while promising full support of his country in cases where at least some proof is provided on tax frauds.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
Addressing Parliament on the first day of Budget session, President Pratibha Patil said steps have already been initiated for negotiations to enter into agreements for the exchange of information with major jurisdictions.
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
It has been in force since October 2011.
Infosys will pay California $800,000 to resolve allegations that, between 2006 and 2017, approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said. In 2017, Infosys had agreed to pay the State of New York $1 million to settle allegations of submitting wrong documents to federal authorities.
Gearing up to ensure greater compliance by companies to listing agreement, NSE is planning to increase its headcount to bring in more efficacy in its oversight role as a front-line regulator of the securities market.
NDTV promoter group firm RRPR Holding has told VCPL, which along with two other Adani group firms has launched a hostile takeover bid for the media firm, that its stakeholding in NDTV has been provisionally attached by the I-T authorities and require their approval for the transfer. The contention has been rejected by the Adani group, which termed it as "misconceived and misleading" statements while asking RRPR Holding to convert the warrants into equity shares. In a regulatory filing, NDTV said that its founders Radhika and Prannoy Roy have informed that RRPR Holding has intimated Adani group firm Vishvapradhan Commercial Pvt Ltd (VCPL) that the attachment of the shareholding, notified in 2018, shall remain in place until the completion of reassessment proceedings.
Did you know that the Government of India has granted certain tax exemptions to start-ups for a prescribed period?
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
According to a senior official, Sebi has written to various stakeholders under its jurisdiction with regard to the requirement of FIs to report under CRS.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
The Supreme Court had observed that issues of national economic interest; disclosure of information regarding currency or exchange rates/interest rates/ taxes; regulation or supervision of banking, insurance and other financial institutions; proposals for expenditure or borrowing, and foreign investments, could all, in some cases, harm the national economy, especially if released prematurely.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
635 declarations of illegal wealth were made in the 3-month compliance window.
PAN could be used by the probe agencies.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
Kochhar has been issued a showcause notice by the regulator for alleged violation of the code of conduct.
India has been probing hundreds of black money cases.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
FATCA is aimed to strengthen business ties.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
Database to contain taxable financial transactions and history of any tax-paying individual.
Rejecting the charge that the National Democratic Alliance has done a U-turn on disclosure of names of black money holders, Finance Minister Arun Jaitley has said the government will not be pushed into an act of adventurism and jeopardise the chances of getting cooperation of other countries in future.
Concluding the three-part series, Paranjoy Guha Thakurta says that the black money law is likely to fail because of the ineptness of India's investigative and enforcement agencies.
India on Monday got the backing of Switzerland in its bid to become a member of the Nuclear Suppliers Group.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
Govt depts, banks prone to information leakage.
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
Promoter entity RRPR - owned by Prannoy and Radhika Roy - says allegations baseless; replies to queries by Sebi.
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
If India was able to provide additional and new information about people and entities that figure on stolen lists, they may consider it to exchange information
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