Info exchange treaties with tax havens in process: CBDT

The department also said that it is in the process of negotiating Tax Information Exchange Agreement (TIEA) with tax havens.

As Opposition parties mount pressure on the government to act on the issue of alleged black money parked in foreign banks,the income tax department today said it is already coming down heavily on black money generation.

The department also said that it is in the process of negotiating Tax Information Exchange Agreement (TIEA) with tax havens.

TIEA with three tax havens,including Bahamas,has been concluded and once the negotiations are complete,we will write to these countries for information, chairman,Central Board of Direct Taxes Sudhir Chandra said.

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We have been raiding several premises for the last two year to curtail black money generation. We detected Rs 15,000 crore as concealed income during this period. Last year (2009-10),we raided 408 groups and seized cash worth Rs 301 crore and jewellery worth Rs 132 crore while other assets totalled Rs 530 crore. The total undisclosed income during this period was Rs 8,101 crore, chairman,Central Board of Direct Taxes Sudhir Chandra said.

The country is already in the process of renegotiating Double Taxation Avoidance Agreement (DTAA) with 65 countries and with the conclusion of the dialogues,the department will be able to ask for information hitherto not permissible.

With Switzerland,India has already completed the talks and is now awaiting a ratification by the Swiss Parliament.

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Central Board of Direct Taxes

Mehul Choksi faces setback as Belgian court finds arguments against extradition irrelevant

India42 min ago

The Belgian government cannot extradite him without being held internationally liable; there is a violation of his right to a fair trial; and there are indications that he is subject to a political trial—these were some of the key points that Mehul Choksi, the fugitive diamond trader wanted in India for the alleged Rs 13,000 crore Punjab National Bank (PNB) loan fraud case, made before a court.

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