Tax Evasion Current Affairs - 2019

Category Wise PDF Compilations available at This Link

India, US to Sign Pact for Exchange of Country-By-Country Reports

Both India and the US will sign an agreement to facilitate the exchange of country-by-country (CbC) reports filed by the ultimate parent corporations based in either of the countries. Country-By-Country Reports Base Erosion and Profit Shifting (BEPS) has been at the focus of OECD to address Tax evasion. Multinational companies were accused of gaming tax Read More…

Month:  Categories: Business, Economy & Banking

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CBIC sets up Working Groups to Facilitate Exports, Curb Tax Evasion

The Central Board of Indirect Taxes and Customs (CBIC) has constituted three working groups to suggest ways to facilitate exports, especially through e-commerce, and improve compliance by way of curbing tax evasion. The Working Groups would study and recommend measures to facilitate trade, promote exports and improve compliance. Mandate of Working Groups Export promotion and facilitation Read More…

Month:  Categories: Business, Economy & Banking

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President Approves Amendments to Indian Stamp Act 1899

President Ram Nath Kovind has given the assent for the amendments to the Indian Stamp Act 1899 introduced as part of the Finance Act 2019. Amendments Proposed The amendments proposed are: Creation of the legal and institutional mechanism to enable states to collect stamp duty on securities market instruments at one place by one agency (through Read More…

Month:  Categories: Constitution & Law

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Govt relaxes norms for Start-ups

The government has relaxed the norms under the definition of Start-Ups. The changes brought in are: The investment limit of angel investors to seek exemption under the Income Tax Act, 1961 has been increased to Rs 25 crore from 10 Crore. An entity shall be considered a start-up up to 10 years from its date of Read More…

Month:  Categories: Business, Economy & Banking

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India and China sign protocol to Double Taxation Avoidance Agreement to prevent tax evasion

India and China have signed protocol to amend Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income by allowing exchange of information. Under Section 90 of Income-tax Act, 1961, India can enter into agreement with foreign country or specified territory for Read More…

Month:  Categories: International

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CBDT forms Working Group to assess tax risks of High Net Worth Individuals migrating abroad

The Central Board of Direct Taxes (CBDT) has constituted 5-member working group (committee) to examine taxation aspects related to High Net Worth Individuals (HNWIs) who are migrating abroad to other jurisdictions. The Working Group will be headed by Pragya Sahay Saksena, a joint secretary with Foreign Tax & Tax Research Division of CBDT. Key Facts Read More…

Month:  Categories: Business, Economy & Banking

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India, Hong Kong sign double tax agreement

India and Hong Kong have signed agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Hong Kong is former British colony and is special administrative region of China which enjoys a high degree of autonomy under which it has an independent taxation system. It is Read More…

Month:  Categories: Business, Economy & Banking

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