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.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
India told Mauritius that it will not take any decisions that will "adversely impact" bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides.
Jethmalani said that the BJP-led government at the Centre should take no step without obtaining the consent of the SIT which has been set up to probe the matter.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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 fourth finance ministerial meeting, to be held in New Delhi, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
Taxpayers might face several issues while filing returns this year.
Union budget was mildly for cable broadcasting industry and DTH.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
If you were deputed abroad, filing income tax can be tricky.
'The difference between black money in India and the black money out of India is, in India, it is tax evaded money and Indian money outside India is not only tax evaded money, but money which has been taken out of India's capital resources needed for India. So it is not only tax evasion, but treason too.'
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
The paper will invite comments on whether or not the royalty ceiling applicable till 2009 should be re-imposed.
The company moved the income-tax appellate tribunal and its appeal is pending there.
Indians are the biggest non-Arab investors in Dubai's real estate market.
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.
The government on Wednesday came under a blistering attack in Rajya Sabha on the issue of black money, with Congress asking it to apologise before people for 'selling lies' or else fulfill the poll promise made to them.
When an NRI returns to India, he should be aware of his tax residency status.
The second and final part of advocate Prashant Bhushan's interview with Sheela Bhatt/Rediff.com. Bhushan is one of the petitioners in the black money case in the Supreme Court
The second and final part of advocate Prashant Bhushan's interview with Sheela Bhatt/Rediff.com. Bhushan is one of the petitioners in the black money case in the Supreme Court
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.
The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
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