Proceedings' Summary of FIT & IBFD’s International Taxation Conference 2016

Year 2016 has certainly been eventful for tax professionals across the globe! And what better way to end the year

Dec 06,2016

CBDT seeks to clarify rumours around jewellery taxation under proposed demonetisation amendments

CBDT seeks to clear air around rumors making rounds that gold jewellery (including ancestral jewellery) shall be taxed @ 75%

Dec 01,2016

Searches yield Rs. 11,000cr undisclosed income’ admission; Black money rampant in real estate, education

Analysis of data pursuant to searches conducted by IT Department during last three financial years reveals that the main sectors

Nov 30,2016

LS passes demonetization related amendments to Income-tax Act, Taxation Laws Bill

Lok Sabha passes Taxation Laws Amendment Bill, amendments proposed by Govt. to Income tax Act, amid din; Finance Minister Arun

Nov 29,2016

Govt.'s demonetization tax proposals decoded, evaders get another IDS

Government introduces comprehensive proposals to tax unexplained demonetization deposits; Proposes another Income Disclosure Scheme by the name of 'Pradhan Mantri

Nov 28,2016

Govt. introduces amendment to IT Act pursuant to demonetization

Government tables Taxation Laws (Second Amendment) Bill, 2016 relating to demonetization; Proposes amendments to Sec. 115BBE (which provides taxation for unexplained cash

Nov 28,2016

Mauritius joins BEPS inclusive framework

Mauritius joins BEPS 'inclusive framework' becoming the 90th member; As part of inclusive framework , Mauritius to participate with OECD

Nov 25,2016

60% tax-rate likely on demonetisation deposits; 20 years lock-in for 25% money

Govt. likely to insert a new clause in Sec 115BBE (which provides taxation at a flat rate on unexplained cash

Nov 25,2016

100+ countries agree to Multilateral Instrument text; "Turning point" in tax treaty history, says OECD

Jubilant OECD says negotiations successfully concluded by over 100 jurisdictions on multilateral instrument for BEPS implementation; Instrument to " transpose

Nov 25,2016

Cabinet approves amendments to tax post Nov. 8 deposits; 60% rate likely

Cabinet approves amendments in Income Tax Act to tax post Nov. 8 deposits, reports CNBC TV18; Rate of tax on

Nov 24,2016