The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...
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Black money: I-T may get to re-open returns beyond 6 yrs
-PTI The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT...
More »Black money debate: Government agrees to bring white paper
-The Economic Times Finance minister Pranab Mukherjee has said he had directed three institutions - NIPFP, NIFM and NCAER - to come out with a defendable assessment of the quantum of black money stashed away by Indians in foreign banks. Replying to the discussion on the adjournment motion moved in the House by BJP veteran LK Advani on "the situation arising out black money deposited illegally in foreign banks", Mukherjee declared...
More »Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur
The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted. The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been...
More »France gave info about Rs 400 crore black money: Pranab
-The Times of India Finance minister Pranab Mukherjee on Wednesday said the government had received information from France about Rs 400 crore unaccounted money in as many as 69 overseas accounts of Indians and had recovered Rs 30 crore in taxes from them. Briefing economic editors, the FM said with the help of Double Taxation Avoidance Agreement (DTAA) with France, India was able to extract some information regarding Indians having bank accounts. He...
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