NEW DELHI: India may set up a panel to resolve legacy tax cases that have revived allegations of ‘tax terrorism’, making it difficult for the government to meet its pledge to boost investor sentiment. “I am considering a high-level committee to explore what can be done to resolve the past,… – Continue reading
Earlier, SEBI also beefed up norms for defaulters trying to raise fresh money. The Reserve Bank of India (RBI) has clarified that only nominee and independent directors who are not whole-time board members of a firm deemed as a ‘wilful defaulter’ would be excluded from being labelled as a party… – Continue reading
MUMBAI: The 1607-point decline on the Sensex in the past two weeks has unnerved many investors, but there could be more pain in store. May has historically been a bad month for stocks -in the past 24 years, the average monthly return of the Sensex has been a niggardly 0.24%…. – Continue reading
The Income Tax Department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore in taxes to the government in its bid to stop tax evasion. The names, last known addresses and vital financial details of these entities were published in newspaper. The department said they… – Continue reading
Benchmarks are poised just above their 200-day moving average — a long-term support April 25, 2015: Both the Sensex and the Nifty are very tantalizingly poised just above a long-term support level. This adds zing to next week’s trading that is expected to be full of action thanks to the… – Continue reading
Mumbai, April 25 (IANS): The capital gains tax claims on foreign funds with retrospective effect and worries over similar notices ahead hit the marked mood during the week ended Friday, sending a key index down to its lowest level in three-and-a-half months. The mixed corporate results for the last quarter… – Continue reading
Trade in today’s global era visualizes significant number of international transactions in form of transfer of goods, services, capital and intangibles. International transfers arise within the Multinational Enterprise group entities and are called intra-group transfer. What is actually paid by one entity to another entity in the intra-group transfer is… – Continue reading
India’s stand will show many nations in Asia and Africa the way to regain ill-gotten wealth stashed outside their countries “We have no information on any accounts held by Indian citizens in banks in Switzerland, Liechtenstein, Dubai or any other country. We have no information on the names of persons… – Continue reading
FPIs are battling it out with the income-tax department, which has issued notices demanding that they pay MAT to the tune of Rs40,000 crore New Delhi/Mumbai: Despite the government affirming that foreign portfolio investors (FPIs) can use tax treaties to fight tax demands on past capital gains, a majority of… – Continue reading
However, OECD being persuasive may not help funds based out of nations whose treaties do not give specific exemption The Indian government’s clarification that it would honour tax treaties while making a demand of Minimum Alternate Tax (MAT) at the effective rate of 20 per cent came as a relief… – Continue reading
New Delhi: The Income Tax department on Friday told the Delhi High Court that the amount offered by an “arm’s length buyer” for Nokia India’s Chennai mobile making plant, frozen over an alleged Rs 10,000 crore tax dispute, is “very little”. The submission was made by the IT department before… – Continue reading
A company announcement on the Malta Stock Exchange website announced on Tuesday that Arun Shankardass and Oumeshing Sookdawoor have tendered their resignation from the office of director of the company with effect from 17 April. Mr Shankardass will also be stepping down as chairman of the Audit Committee of the… – Continue reading
Mumbai: The equity markets snapped their five-day losing streak following a late hour surge in buying of blue-chip stocks on reports that the minimum alternate tax (MAT) would not be levied on overseas investors coming through those jurisdictions with which India has a double taxation avoidance agreement (DTAA). After trading… – Continue reading
MUMBAI: In a bid to attract investments into Luxembourg, once seen as a “tax haven”, its ambassador today assured industrialists and investors that his government “does not encourage money laundering.” “We do not encourage dirty money. It is a misconception that the Luxembourg is a tax haven,” the alpine nation’s… – Continue reading
Income Tax authorities in Bangalore have initiated proceedings against two prominent local businessmen who were featured in a list of Indians holding accounts with HSBC bank in London that was provided to Indian Income Tax authorities. I-T authorities have filed tax evasion cases against real estate businessman Jitendra Mohandas Virwani,… – Continue reading
The government on Wednesday assured over 1,000 foreign institutional investors (FIIs) across the United States, Hong Kong and Singapore they can avail of treaty benefits to ward off tax demands on capital gains booked over the years till March 31, reports the Financial Express. The development is significant given the… – Continue reading
While the government has stood its ground on the applicability of minimum alternate tax (MAT), saying that foreign institutional investors (FPIs) ought to consider judicial appeal for the retrospective tax demand, increasing number of foreign brokerages are red flagging the issue as a risk for the Indian equity market. Even… – Continue reading
Indian Railways Finance Corp, the finance arm of Asia’s largest rail network, plans to raise up to $1 billion through offshore rupee bonds, making it the first domestic issuer to eye so-called “masala” debt to diversify its source of funds. The Reserve Bank of India gave companies the green light… – Continue reading
India said foreign portfolio investors can use tax treaties to reject demands on past capital gains, seeking to defuse a row that cast a cloud over the $48 billion poured into stocks and bonds from overseas. Foreign institutional investors domiciled in countries that have signed double taxation avoidance treaties with… – Continue reading
Dinesh Kanabar, CEO, Dhruva Advisors explains that there are three kinds of FIIs: protected by double taxation avoidance treaty, no treaty but physical presence in India, and no treaty and no presence in India. So far notices have been sent only to the second category of investors. Minimum alternate tax… – Continue reading
MUMBAI/NEW DELHI: Markets fell 500 points on Monday. Punters’ worries about current tax disputes between Modi Sarkar and foreign portfolio investors (FPIs) being one reason why the Sensex dived. There has been a battle of phrases between FPIs and North Block. And it looks as if this will be a… – Continue reading
The Finance Minister has failed to assuage markets’ fears on the issue of retrospective tax Markets are getting jittery each time the finance minister or his ministry utters the T word. Finance Minister Arun Jaitley reminds the market of UPA’s finance minister Pranab Mukherjee, who introduced the now-dreaded retrospective tax…. – Continue reading
Myanmar remains an enigmatic country – one of the largest and most populated in Asia but also one of its poorest and least understood. It remains a country that has largely stood still for seventy years – hardly any infrastructure of note was developed in the country since the end… – Continue reading
New Delhi, April 21: The Supreme Court (SC) on Tuesday asked the Special Investigation Team to submit by May 12 for its consideration the status report on its work on bringing back unaccounted money stashed away in tax havens abroad. Supreme CourtThe directive came in the light of jurist Ram… – Continue reading
Indian companies had raised a record $18.6 billion in 2014 through offshore bonds. This year, it may cross $20.50 billion, says MD, Treasury and Markets, India, at DBS Bank Vijayan Subramani. In an interview with Bhavik Nair, Subramani indicates Singapore dollar-denominated bond issues from India are likely to make a… – Continue reading
ISLAMABAD: To check the revenue-related corruption and tax evasion of an estimated Rs2,000 billion annually, the National Accountability Bureau, on the recommendation of its committee of experts, has sent to the FBR a comprehensive package for implementation to overhaul the country’s tax machinery. The creation of an independent Pakistan Revenue… – Continue reading
MUMBAI: April is turning out to be the cruellest month for HSBC Geneva account-holders in India. Till now, only one — a Mumbai-based senior professional — among the thousands named on the list based on stolen data has been able to obtain a clean chit from Swiss authorities. Most others… – Continue reading
The United States of America (USA) has toppled Mauritius to become the top jurisdiction from where India is receiving the highest amount of foreign portfolio investment (FPI) into the equity markets. Mauritius lost out due to the uncertainty over the double tax avoidance treaty (DTAA) between India and Mauritius and… – Continue reading
The Union Finance Minister, Arun Jaitley, expressed concern over transfer pricing and several other measures taken by MNCs to avoid paying tax on international transactions. The Dollar Business Bureau Stressing on the need to keep a check on tax evasion by multi-national companies (MNCs), India has asked the G20 members… – Continue reading
Washington, April 20 (IANS): Finance Minister Arun Jaitley here has sought urgent implementation of the automatic exchange of financial account information globally to tackle the menace of black money. “We strongly feel that there is a need to ensure that the common reporting standards on automatic exchange of information should… – Continue reading
Vodafone’s long-standing tax woes in India have hit another hurdle after the country’s income tax department asked the operator to re-file its 2009-10 tax return for re-assessment. An inside source told the Economic Times he didn’t know what triggered the request, but the tax authority is looking to review the… – Continue reading
The government’s recent steps to check the flow of unaccounted wealth to foreign assets and bank accounts have had the unintended result of making tax compliance tough for expatriates on corporate assignments here, who have legitimate assets in their home countries, say experts. The tax troubles of these people over… – Continue reading
Global cues are negative with the Asian markets starting the week on the back foot, following a lower finish on Wall Street on Friday. Moneycontrol Bureau The Indian equity market is likely to open in the green as suggested by SGX Nifty, that was trading at 8618.00, up 3 points… – Continue reading
India and China developing frameworks for Reits but while their sheer sizes impress, both face tax and high interest rate hurdles, reports the Business Times. India and China are both developing frameworks for real estate investment trusts (Reits), but the threat to Singapore’s position as a major regional Reit centre… – Continue reading
India is considering allowing companies to raise rupee debt offshore, the country’s central bank said on Tuesday, noting strong demand for such debt following issues by Asian Development Bank and International Finance Corp. “These issues have been received with interest. The appetite for rupee debt amongst international investors is a… – Continue reading
India is considering allowing companies to raise rupee debt offshore, the country’s central bank said on Tuesday, noting strong demand for such debt following issues by Asian Development Bank and International Finance Corp. “These issues have been received with interest. The appetite for rupee debt amongst international investors is a… – Continue reading
Mumbai: The United States of America (USA) has toppled Mauritius to become the top jurisdiction from where India is receiving the highest amount of foreign portfolio investment (FPI) into the equity markets.Mauritius lost out due to the uncertainty over the double tax avoidance treaty (DTAA) between India and Mauritius and… – Continue reading
China may be the global electronics factory, but it is neighbouring Taiwan that India is increasingly looking at to drive its ‘Make in India’ initiative. A team led by secretary electronics and information technology RS Sharma went to Taiwan in March, and met a few major companies. The delegation will… – Continue reading
Finance Minister Arun Jaitley has sought urgent implementation of common reporting standards on automatic exchange of information globally, asserting that it is the only way to tackle the challenges posed by black money and stop tax evasion. The problem of offshore tax evasion and flow of illicit money can be… – Continue reading
Now, the Aadhar Card holders need not to file income-tax returns physically. New ITR forms will link to Aadhar card and do away with the physical ITR-5 for those who are Aadhar-verified by the Electronic Verification Certification (EVC) system. The Central Board of Direct Taxes (CBDT) has introduced Aadhar card… – Continue reading
The United Kingdom (UK) has followed Germany in lodging a formal protest with the Finance Ministry over the alleged breach of confidentiality of data and secret banking details received via diplomatic channels. While German authorities objected to the manner in which 18 names of Indian account holders in the LGT… – Continue reading
Even as the government is losing no opportunity to emphasise its commitment to a transparent and predictable tax regime, it’s epic seven year tussle with Vodafone is not showing any signs of losing steam. The income tax department is back in pursuit of the British telecom giant and has issued… – Continue reading
Finance Minister Arun Jaitley, who had previously stated that India was not a tax haven and legitimate dues from foreign investors will be pursued, had earlier this week said that “the amount involved is Rs 40,000 crore.” Refusing to relent on a Rs 40,000 crore tax demand on foreign portfolio… – Continue reading
Promising a ‘modern tax system’ with low and globally competitive rates, Finance Minister Arun Jaitley has assured foreign investors against any retrospective action and said taxpayers will be seen as “partners and not as potential hostages or victims”. For domestic taxpayers also, the rates need to be low as taxes… – Continue reading
Nothing is certain in India except death and tax disputes. Ask foreign portfolio investors: they now face demands for past dues of as much as $6.4 billion. The wrangle stems from the Minimum Alternative Tax, or MAT, which officials say leads to a 20 percent levy on capital gains by… – Continue reading
The outlook for uranium, moribund for some time, is looking up. And that means shares of Cameco Corp., the Saskatoon-based miner one analyst calls “the only real blue-chip stock in the sector,” are up, too – about 20 per cent from their 52-week lows. The stock has received a host… – Continue reading
In response to Pranay Gupte’s story on a story published by Firstpost, the Secretary to the Mauritius cabinet, S Seebaluck, has rebutted some of the points made in the story titled: “Mauritius cracks whip on Muslims, not a’ role model of democracy’ as PM Modi said after all.” The following… – Continue reading
“Tax policy and administration should incentivise compliance. They should be administered fairly, transparently, with minimum discretion, with no harassment of taxpayers but also ensuring that tax evasion is dealt with firmly.” Promising a ‘modern tax system’ with low and globally competitive rates, Finance Minister Arun Jaitley has assured foreign investors… – Continue reading
Finance Minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors as FIIs lost a case against levy of tax on capital gains they made. “FIIs went to a tribunal, which is called Authority for Advance Rulings (against levy… – Continue reading
New Delhi: The government has set the record straight on tax disputes, maintaining they are not covered by the Bilateral Investment Promotion and Protection Agreement (BIPA) and need to be judicially and legally settled. “…But again on the BIPA issue, let me mention, it has been our consistent view that… – Continue reading
