Revise the tax treaties with partner countries to enable the CBI and ED to use the data for prosecution

03-02-2017

Government is contemplating to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad. Treaty partner countries have been requested to modify the tax treaties, so as to explicitly include provisions that will enable information exchanged for tax purposes to be utilized for other purposes, including criminal proceedings in non-tax matters. 40 treaties for avoidance of double taxation have been revised accordingly. In addition, India has also signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which also

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Utilisation of Foreign Exchange Reserves
February 3, 2017

India’s foreign exchange reserves (FER) increased from US$ 341.6 billion at end March 2015 to US$ 360.2 billion at end March 2016 and US$ 360.8 billion as on 20th January 2017. India’s foreign exchange reserves (FER) comprise foreign currency assets, gold, Special Drawing Rights (SDRs) and Reserve Tranche Position (RTP) with the IMF. The level

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Money Credited in Bank Accounts
February 3, 2017

Reserve Bank of India (RBI) has advised the banks vide in circular Ref. No.DBS.CO.PPD / 4220/11.01.005/2016-17 dated November 29, 2016 to take action to prevent / detect / contain the malpractices or wrongdoing by staff in branches exchange / deposit of Specified Bank Notes (SBN). The banks were also advised vide the same circular to strengthen

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Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore; the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore
February 3, 2017

Total direct tax collections up to 16th January 2017 amount to Rs. 5,76,408 crore. For the financial year 2017-18, the Budget Estimates fixed for direct taxes are Rs. 9,80,000 crore. As per Receipt Budget 2017-18, the Budget Estimates for direct taxes have been fixed at Rs. 9,80,000 crore, including Rs. 5,38,745 crore for Corporation Tax and

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Closure of Public Sector Undertakings (PSUs)
February 3, 2017

NITI Aayog constituted a committee on Sick/Loss making/Non performing Central Public Sector Enterprises (CPSEs) on March 9th 2016. The committee noted that financial performance of 74 CPSEs has been unsatisfactory and a number of these have requested for and received periodic support from budgetary resources. Over the years, this has become a

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Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
January 29, 2017

 The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards.  The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.The provisions of

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Dr. Mahesh sharma Inaugurates ‘Bharat Parv’ at Red Fort, Delhi
January 29, 2017

Bharat Parv, a national festival showcasing the country’s diverse culture, cuisines, handicrafts and catch glimpses of a progressive India was inaugurated by Dr. Mahesh Sharma, Minister of State (Independent charge) for Tourism and Culture at Red Fort, Delhi today. Bharat Parv event is being organized by the Government of India at the Red Fort,

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