18 June 2014
Black money SIT Decides To Solve Tax Treaties Secrecy Puzzle June 08, 2014 New Delhi: Tasked with the job of recovering illicit wealth stashed away by Indians, the SIT on black money has decided to look into the contentious issue of secrecy clauses in India's tax treaties with Switzerland and other countries. India has signed tax information exchange treaties with many countries, but they typically contain a 'confidentiality' clause which forbids sharing of details obtained through such treaties...
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5 June 2014
INDIA DESPERATELY NEEDS NEW FISCAL SYSTEM TO ACCOMPLISH MODI DREAM A few years back, when the world was looking at us with high expectation of growth and stability, the apathetic fiscal management severely dented the Indian economic system. Anyway, that is past. Let’s look forward to a brighter future in the hands of indomitable team of Governors. In 1947, one rupee used to fetch one dollar and let’s hope the time returns. I am confident that, an emotional connects to nation and financial sensib...
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4 June 2014
Authority for Advance Ruling The scheme of advance rulings was introduced by the Finance Act, 1993, Chapter XIX-B of the Income-tax Act, which deals with advance rulings, came into force with effect from 1-6-1993. Under the scheme, the power of giving advance rulings has been entrusted to an independent adjudicatory body. Accordingly, a high level body headed by a retired judge of the Supreme Court has been set up. This is empowered to issue rulings, which are binding both on the Income-tax Depa...
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