BENGALURU: AGacquisitions Group, one of India’s first few hedge funds, has launched an offshore fund in the Bahamas with an exposure of $40 million raised from family offices and high-net-worth individuals (HNIs) in India and overseas. Kanishk Agarwal, 32, and his brother Harsh Agarwal, 26, founders of AGacquisitions, have now… – Continue reading
Finance Ministry has informed that the negotiations on the double taxation avoidance agreement (DTAA) between India and Mauritius are in advanced stage and the pact would be revised soon. Revenue Secretary Shaktikanta Das has said that “DTAA treaty (with Mauritius) is in very advanced stage of negotiation. It is progressing… – Continue reading
The Indo-US deal on the Act will help both fight coountries tax evasion. Here’s a primer on how you could be affected The United States and India struck a bilateral deal on Thursday that would enable them to track the assets of nationals from both countries. As per the terms… – Continue reading
The National Board of Revenue (NBR) introduced the ‘Transfer Pricing Scheme’ hurriedly in the financial year 2011-2012. It, however, did not make any provision for infrastructure development to promote the scheme among concerned members of the public. Even it did not make any publicity for assessees, multinational and local companies… – Continue reading
The government’s grip over information is tightening not only in respect of transactions undertaken within the country but also overseas In a liberal economic and low tax rate environment, people are expected to go straight. Tax fraud and tax evasion deprive governments of revenues needed to restore growth and at… – Continue reading
The government’s grip over information is tightening not only in respect of transactions undertaken within the country but also overseas In a liberal economic and low tax rate environment, people are expected to go straight. Tax fraud and tax evasion deprive governments of revenues needed to restore growth and at… – Continue reading
MUMBAI: Mauritius, which serves as the gateway to Dalal Street for most foreigners, will be back in news soon. India and the tax haven are believed to be close to finalising a revised tax treaty that would lower tax on interest income of overseas investors betting on Indian debt papers…. – Continue reading
MUMBAI: The Bombay Stock Exchange (BSE) today called for ending exemption of capital gains tax on securities to contain various entities using capital markets to evade taxes and launder money. The government should re-think the exemption on capital gains taxes on traded securities, which listed companies enjoy, in order to… – Continue reading
NEW DELHI: The government on Monday clarified that authorities will not use information furnished under the one-time compliance scheme for undisclosed overseas assets to launch an anti-money laundering probe unless it is established that there is a “predicate offence”, or an act that results in the proceeds being used for… – Continue reading
NEW DELHI: India said it was cracking down on attempts to launder black money locally and told people with unaccounted assets abroad that it will become increasingly difficult to conceal these, urging them to make use of a window that shuts on September 30. The government will start receiving financial… – Continue reading
NEW DELHI: India is likely to sign the inter-governmental pact for the US tax compliance law FATCA on Thursday, a move that will help it fight tax evasion. Foreign Account Tax Compliance Act (FATCA) is aimed at combating possible tax evasion by Americans through financial entities of other countries. The… – Continue reading
With a new government at India’s center and positive macroeconomic fundamentals working in its favor, the private equity industry is expected to invest more actively into India over the short to medium term. In the past year, inflation has steadily tapered, the fiscal deficit has been reduced, domestic demand has… – Continue reading
As far as Sebi’s role goes, it might spread itself too thin if it chases every whiff of a tax scandal Lately, there have been a string of orders by the Securities and Exchange Board of India (Sebi) alleging misuse of stock exchanges for tax evasion. The market regulator’s investigations… – Continue reading
The taxable income might now be visibly de-linked from the accounting income Historically, enterprises have computed taxable income applying profits as per the financial statements as the starting point and making additions or deductions thereto, as required by the Income-tax Act. 1961 (I-T Act) for the purposes of annual income… – Continue reading
Calcutta, July 5: Singapore and Hong Kong, with their low corporate tax rates, have started to hove into view on the radars of multinational companies that are looking to lower their tax burdens through profit shifting. Profit shifting is a perfectly legal way of moving the earnings of an MNC… – Continue reading
MUMBAI: The Central Board of Direct Taxes has signed a taxation rate agreement with BNP Paribas India Solutions, the local arm of the European bank, as part of efforts to reduce disputes with foreign companies over tax-related issues. BNP Paribas Solutions is the first company in the information technology and… – Continue reading
The Advance Pricing Agreement (‘APA’) program was introduced in August 2012. APA helps a tax payer to ascertain the transfer pricing between related party transactions upfront to avoid any litigation. The APA program has been a success and there has been a rise in the number of applications filed year… – Continue reading
MUMBAI: Tax treatment could well decide the fate of rupee-denominated offshore bonds, envisaged as a solution to the country’s infrastructure funding needs. The authorities are likely to levy just 5 per cent withholding tax in the final guidelines as anything higher than that could strangle the plan at birth, said… – Continue reading
Mauritius and India have reached consensus in the conclusion of the Double Taxation Avoidance Agreement (DTAA) which has been long awaited between the two countries following fruitful discussions yesterday between joint working groups of Mauritius and India, reports All Africa. The positive conclusion of the negotiations will open a new… – Continue reading
Premier Li Keqiang has strengthened China’s cooperation with the Organization for Economic Cooperation and Development (OECD) after he signed two agreements with the international economic organization in Paris on Wednesday. China has also been officially made a member of the Development Centre of the Organization for Economic Cooperation and Development… – Continue reading
New Delhi, July 1: The government will come out with a road map to eliminate corporate tax exemptions and incentives within 45 days as a prelude to lowering the tax rate to 25 per cent by 2019. “In the next 45 days or so, we will be spelling out the… – Continue reading
Australia’s largest new coal project will struggle for finance and amounts to a gamble on the future of India’s power supply Queensland Treasury warned the state’s government as it pondered pouring hundreds of millions of dollars into the development of the Galilee Basin. Documents released under Queensland’s freedom of information… – Continue reading
Jayant Sinha said that we will make sure all investors get a safe harbour with respect to permanent establishment New Delhi: The government will soon set rules so that private equity and venture capital investors can shift base to India without any adverse tax consequences, junior finance minister Jayant Sinha… – Continue reading
Swiss banks have long been seen as ‘safe havens’ for parking funds by Indians and other foreign nationals, but global pressure has been mounting in recent years on Switzerland to clamp down on their secrecy walls. Facing possible criminal action by India and some other nations over suspected black money,… – Continue reading
The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to take forward its probe in the alleged financial irregularities in the Indian Premier League tournament (IPL) and its former chairman Lalit Modi. New Delhi: The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to… – Continue reading
June 30 — Taxpayers continue to wrestle with big questions a year after the Foreign Account Tax Compliance Act opened for business. Acknowledging that the Internal Revenue Service is doing its best to implement a complex law, issues still remain as the reach of FATCA goes global, practitioners told Bloomberg… – Continue reading
The Dubai International Financial Centre spent the first 10 years of its existence looking to banks in the West. It’s planning to spend the next decade looking East, reports the Gulf Times. DIFC, as the tax-free business park is called, became the Middle East’s biggest financial centre by attracting the… – Continue reading
A common mistake when analyzing the tax implications of a cross border transaction is to jump too quickly to the ramifications of a tax treaty without first having a clear handle on the tax implications under the Income Tax Act (Canada) (“ITA”). A related issue is that even though a… – Continue reading
To check laundering of black money through stock market platform, regulator has enhanced its vigil for the entities engaged in such illicit trades and has suggested further probe by other agencies in this regard. The Securities and Exchange Board of India (Sebi) has found hundreds of entities to have devised… – Continue reading
NEW DELHI: Anecdotes about the first Income Tax searches in the T-20 IPL cricket tournament and a letter by former Finance Minister P Chidambaram seeking information about alleged illegal accounts by Indians in Switzerland find place in a new book on black money. The recently launched book “It’s Raining Black!… – Continue reading
India and Thailand will sign a double taxation treaty and an MoU for setting up an Ayurveda Chair in one of the Thai Universities during the three-day visit of External Affairs Minister Sushma Swaraj beginning on Saturday. The Minister will be the guest of honour on Sunday at the inaugural… – Continue reading
NEW DELHI, India – Tanzanian President Jakaya Kikwete was recently in New Delhi at the invitation of Indian investors and to drum up more foreign investment for his country The interactive session was attended by several hundred businesspeople and organised by the Confederation of Indian Industries (CII). Kikwete said although… – Continue reading
NEW DELHI: Anecdotes about the first Income Tax searches in the T-20 IPL cricket tournament and a letter by former Finance Minister P Chidambaram seeking information about alleged illegal accounts by Indians in Switzerland find place in a new book on black money. The recently launched book “It’s Raining Black!… – Continue reading
It is that time of the year when you get your Form 16 from your employer and gear up to file income tax returns (ITR) for the financial year gone by. This year the government has come out with a new ITR form. Also there is more to disclose while… – Continue reading
MUMBAI: India 0 Vs Pakistan 1. It’s not the outcome of a ODI series between the traditional rivals but a progress card on reforms in the world of real estate. At a time Indian realtors and investors are struggling to roll out real estate investment trusts (REIT) amid regulatory complications… – Continue reading
Corporate entities are often deemed to be related in terms of excise law if (a) they are interconnected undertakings and / or (b) they have mutuality of interest in the business of each other. Excise and Customs law are the oldest surviving indirect tax legislations in India. Despite this, till… – Continue reading
UNCTAD supported India’s plans to replace bilateral investment protection treaties with a new pact that seeks to plug gaps and enhance legal protection of foreign investors in India as well as Indian investments abroad. Developing nations are witnessing annual tax revenue losses to the tune of $100 billion due to… – Continue reading
Finance Minister Arun Jaitley said India will sign an agreement with the US under the Foreign Account Tax Compliance Act (FATCA) that would facilitate automatic transmission of information and would help counter the scourge of black money. Wrapping up his nine-day US visit, Finance Minister Arun Jaitley said India will… – Continue reading
When Indian President Pranab Mukherjee gave Finance Bill 2015 his assent on May 14, most provisions were largely hailed as improvements to the business environment in India. Others, while seen as primarily positive, have been the cause of some concern. One such provision changes the residency test for companies doing… – Continue reading
NEW DELHI: A month after Parliament passed the black money bill – which targets those curb the stashing of illegal wealth abroad — a new law is in the pipeline to control tax evasion, sources said. The Special Investigation Team, which is handling the investigation into black money stashed abroad,… – Continue reading
The General Anti-Avoidance Rules (GAAR) are of no use to India, and may work against the country by hurting foreign inflows is the word coming in from Vishnu Lutchmeenaraidoo, the Finance Minister of Mauritius, reports Money Control. He told CNBC-TV18 that lower taxation is the need of the hour for… – Continue reading
NEW DELHI: Finance Minister Arun Jaitley, who is currently on a nine-day visit to the United States, will on Monday meet representatives of pension funds and other long- term investors to allay their concerns over tax issues and ease of investing in India. He is scheduled to meet investors, including… – Continue reading
NEW DELHI: Seeking to send a stern message to chronic evaders, the Income Tax department plans to take stringent action against them to ensure that they are prosecuted. This follows a strategy evolved at a recently-concluded national conference of I-T brass here where it was decided to go after the… – Continue reading
Amid a swirl of allegations involving Lalit Modi’s business interests, the government is examining evidence of tax evasion and unlawful foreign exchange transactions between the ousted IPL commissioner and BJP MP Dushyant Singh. Sources told HT the Enforcement Directorate (ED), which tracks overseas transactions and money laundering deals, is scrutinising… – Continue reading
Washington, June 21 (IANS): Indian Finance Minister Arun Jaitley is wooing American investors with twin assurances — more economic reforms and a stable policy regime with no intention to legislate or apply laws retrospectively. Jaitley has held talks with US Treasury Secretary Jacob Lew, Commerce Secretary Penny Pritzker and US… – Continue reading
REASI, June 20: A major tax evasion bid has been detected with the seizure of illicit liquor which was being sold in open market without paying ‘Excise Duty’ at Katra while Excise department initiated enquiry into the matter. Police spokesman said that FIR number 96 of 2015 under section 48-A… – Continue reading
NEW DELHI: Mauritius has offered to put in place stringent conditions for investors seeking benefits under its tax treaty with India to weed out post-box operations, addressing a key concern of New Delhi that has been attempting to amend the agreement for years. “We don’t want investors to open shell… – Continue reading
Lutchmeenaraidoo, who met foreign minister Sushma Swaraj, played down the issue of misuse of the India- Mauritius Double Taxation Avoidance Convention (DTAC). Mauritius will make it difficult for shell companies using a liberal and controversial bilateral tax treaty with New Delhi to evade taxes in India, said the island nation’s… – Continue reading
MUMBAI: Taxing overseas properties bought by Indians who stashed away money in Swiss banks and tax havens is tricky terrain in the framing of black money rules. Compared to extracting tax and penalties on funds lying with offshore banks, there is no easy way to decide the tax amount on… – Continue reading
MUMBAI: The Central Board of Direct Taxes (CBDT) recently issued clarifications on the rollback provisions available under the advance pricing agreement (APA) mechanism in the arena of transfer pricing. While some clarifications – such as availability of a rollback even when a revised income tax return is filed, or the… – Continue reading
