Taxation Current Affairs - 2019

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Union Cabinet approves Protocol amending DTAA between India, China

The Union Cabinet has approved signing and ratification of protocol amending Double Taxation Avoidance Agreement (DTAA) between India and China. The DTAA aims for avoidance of double taxation  and prevention of fiscal evasion with respect to taxes on income and update the provisions on exchange of information of the DTAA to the latest international standards. Key Read More…

Month:  Categories: International

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Cabinet approves signing of India-Australia MoU for Secondment Programme

The Union Cabinet approved signing of Memoranda of Understanding (MoU) for Secondment Programme between India and Australia. The MoU will be signed between Department of Economic Affairs (DEA)-Indian Economic Service Cadre and The Treasury, Government of Australia for period of three months. Key Facts Under the Secondment Programme, one officer from Australian Treasury will be Read More…

Month:  Categories: Governance & Politics

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Highlights of Economic Survey 2017-18

Union finance Minister Arun Jaitley tabled the Economic Survey 2017-18 in Parliament during 2018 budget session. The survey was authored by chief economic adviser in the finance ministry Arvind Subramanian. The survey projects economy to grow in the range of 7% to 7.50% in the next fiscal year 2018-19 in the post-demonetisation year. Suvey 2017-18 Read More…

Month:  Categories: Reports & Indices

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CBDT relaxes norms for MAT on firms facing insolvency

The Central Board of Direct Taxes (CBDT) has announced to relax norms around levy of minimum alternate tax (MAT) for insolvent companies from financial year 2017-18. The purpose of the move is to make the Insolvency and Bankruptcy Code, 2016 more effective and minimise hardship faced by companies going in for insolvency resolution. Minimum alternate Read More…

Month:  Categories: Governance & Politics

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Income Tax Department launches on-line chat service

Income Tax (IT) Department under the Union Finance Ministry has launched an on-line chat service on its national website www.incometaxindia.gov.in with a prominent icon stating ‘Live Chat Online- ask your query’. It was announced by Minister of State (MoS) for Finance, Shiv Pratap Shukla while replying in the Lok Sabha. Since its launch in October Read More…

Month:  Categories: Governance & Politics

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Saudi Arabia, UAE introduce VAT for first time

Saudi Arabia and United Arab Emirates (UAE) became first countries of Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) for the first time to increase their revenue away from oil reserves. The other members of 6 member GCC– Bahrain, Kuwait, Oman and Qatar — have also committed to introduce VAT, though some have Read More…

Month:  Categories: International

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India-Switzerland ink agreement automatic sharing of tax-related information

India has signed agreement with Switzerland for automatic sharing of tax-related information from January 1, 2018 with an aim to combat black money. Prior to it, India had to ask Switzerland for specific bits of information against the Indian account holder in Swiss banks. But due to its earlier secretive laws it could delay or Read More…

Month:  Categories: Governance & Politics

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