Positive reactions trickle in post-Union Budget announcement
The Dollar Business Bureau As expected, the focus for the Union Budget 2017 was on black money, demonetisation, crackdown on tax evaders, GST and digitisation of the nation. This was also a first, for the Union and Railway budget, to be presented by the Finance Minister within the same session. Across sectors, immediate reactions towards the budget were mostly on the positive side. Speaking to The Dollar Business, earlier today, Narendra Bansal, CMD, Intex Technologies said, “It is a progressive and futuristic budget. They have tried to move from a tactical budget to a strategic one - it is policy focussed.” Sunil Kant Munjal, Chairman, Hero Corporate Service welcomed the budget for covering a large spectrum and taking in account all the ...
India, Mauritius sign pact to tackle black money
The Dollar Business Bureau India and Mauritius on Tuesday inked a protocol for an amendment in the convention to avoid double taxation and prevention of fiscal evasion, with regards to taxes on income and capital gains. According to an official statement, the protocol will look into the issues pending from a long time related to abuse of treaty and round tripping of investment attributed to the India-Mauritius treaty, reduce revenue losses, avoid double non-taxation, streamline the flow of funds and encourage the flow of information exchange between the two countries. The latest development will improve transparency in all tax-related matters and help curb tax avoidance and tax evasion. The two countries listed out three key features of the protocol: (i) Source-based taxation of capital ...
India approves pact to share tax information with Seychelles
Source: PIB, Government of India Signing and Ratification of agreement between India and Seychelles for the exchange of information with respect to taxes The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes. The agreement will stimulate the flow of exchange of information between India and Seychelles for tax purposes, which will help curb tax evasion and tax avoidance. The salient features of the agreement are as follows: i. It will enable the competent authorities of India and Seychelles to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of ...
Centre prepares draft to include range concept in transfer pricing
The Dollar Business Bureau In an effort to make international transactions more convenient, the finance ministry has proposed a new rule for determination of arm’s length prices of any goods or services exchanged between multi-national companies in India and their units abroad. The Income Tax department has already prepared a draft of the proposed rule which seeks to change the method used to calculate taxes on such transactions. The move came in the wake of a number of incidents of tax avoidance through manipulation of transfer pricing regime by companies having business in India and other countries. The Finance Ministry has sought comments and suggestions on the draft scheme of the proposed rules for computation of arm length price (ALP) ...
