India signed a Tax Information Exchange Agreement with Bermuda on Thursday, the first in a series of such pacts.
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
The government may have to wait a little longer to get a trail of illegal money stashed by Indians in Liechtenstein.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
'Uncertainty level A in the morning, uncertainty level B in the afternoon. If I answer about tariff rates now, I'll be outdated by the evening.'
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
Move may make it difficult for Indians to do business with these countries
The agreement on sharing of financial information is a distinct and welcome break from its trend.
India has signed a pact with the British Virgin Islands to check tax evasion and money laundering.
The G-20 finance ministers are scheduled to discuss a report from the Organisation for Economic Co-Operation and Development which recommends, among other things, use of Tax Information Exchange Agreements to force tax havens to share information with a minimum of 12 countries.
The Centre is in talks with Mauritius with regard to the long-pending revision of the bilateral tax treaty.
'Once filed, it cannot be revised or rectified.'
Switzerland has been perceived for long as a safe haven for alleged illicit funds or black money
Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Black money is difficult to deal with.
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
Black money is difficult to deal with.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
Cyprus has said the Indian government has agreed to withdraw a notification that suspended tax benefits for investments from the island nation.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
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).
India and Cyprus had entered into a Double Taxation Avoidance Agreement in 1994.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
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.
Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency.
Occasionally, a whistle-blower releases sensitive financial data.
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
FATCA will facilitate flow of financial information between countries.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
India and the US inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
'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.'
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
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.
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
Global firm Accenture's fourth quarter results prove that the worst is behind for the Indian information technology (IT) sector, said analysts on Friday (September 27). While the pace and the broadness of recovery is debatable, they said Accenture's results and revenue growth guidance for the next financial year (FY25) reduce downside risks for Indian IT companies.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances