DTAA News

Tax tribunal ITAT as upheld levy of Rs 10,247 crore capital gains tax on UK's Cairn Energy Plc but has held that interest cannot be charged on it as the demand was raised using retrospective tax legislation.

India and Singapore have signed the third protocol for amending DTAA on Friday, informed Finance Minister Arun Jaitley.

The amended bilateral tax treaty between India and Japan, which provides for strengthened exchange of information to help reduce tax evasion, has come into force from October 29.

India has notified the revised double tax avoidance agreement with South Korea under which capital gains tax will be levied at the source with effect from April 1, 2017.

India is renegotiating over a two-decade old tax treaty with Singapore and the revised protocol will take into account the concerns of both.

New Delhi: FIIs are unlikely to abandon India due to the tax treaty revision with Mauritius and foreign investment flow can actually increase for a few months as investors may take tax advantage by investing more before March 31, 2017 deadline, says a report.

New Delhi: India and Slovenia have signed a protocol to amend the bilateral double taxation avoidance agreement, broadening the pact to include exchange of information to curb tax evasion.

India will have to renegotiate the tax treaty with Singapore to extend the capital gains tax provisions of the recently-concluded tax pact with Mauritius, Finance Minister Arun Jaitley said on Monday.  

The reworked India-Mauritius tax treaty has kept out derivatives and non-share securities like debentures from levy of capital gains tax in India as these are to be taxed only in host country, Mauritius.

A day after the revision of bilateral tax treaty with Mauritius, Finance Ministry on Wednesday said GAAR provisions, which are to take effect from April next year, will override the DTAA provisions in case they are abused.  

The new pact to levy capital gains tax on investments coming through Mauritius may put foreign portfolio investors in a fix and the impact is likely to be reflected in stock markets Tuesday with experts expecting the cost of foreign investments to go up.

In a bid to prevent "abuse" of the tax avoidance treaty, India Tuesday signed with Mauritius an amendment to the pact to get rights to tax capital gains on shares of Indian company sold after April 1, 2017.

India on Wednesday approved protocols amending tax pacts with Israel and Vietnam to include effective sharing of bank information, a move aimed at dealing with the menace of black money.

In a big relief to foreign firms, government on Thursday said the I-T Act will be amended with retrospective effect to exempt overseas companies which do not have a permanent establishment in India from paying MAT.  

The Finance Ministry issued 32 Frequently Asked Questions (FAQs) on the compliance window on July 6, and came out with the second set today.

India and Germany have agreed to enhance exchange of tax-related information and revise the bilateral tax pact, the final version of which would be ready by September 2015, Finance Ministry said Friday.

The negotiations on the double taxation avoidance agreement (DTAA) between India and Mauritius are in advanced stage and the pact would be revised soon, Finance Ministry said Thursday.

India and South Korea Monday signed a revised double taxation avoidance pact and agreed to begin talks from mid next year to widen the scope of free trade pact to boost bilateral economic cooperation.

The Income Tax department has directed its officers that cases of foreign institutional investors (FIIs) seeking tax exmption under the Double Taxation Avoidance Agreements (DTAAs) with other countries must be decided within a month of claim filing.

Central Board of Direct Taxes will settle all minimum alternate tax (MAT) matters of FIIs coming under the ambit of Double Taxation Avoidance Agreements within a month of filing of claims.