A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments. The finance ministry on Wednesday said it had not taken a decision on the banking cash transaction tax (BCTT) a day after speculation arose that it could be introduced in the Budget for 2017-18 because a panel on digitalisation had made a case for it. A committee on digitalisation headed by ... Rediff.com, 1 month ago
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement. Foreign portfolio investors (FPIs) are jittery as recently revised India-Singapore tax treaty has created confusion over general anti-avoidance rule (GAAR) overriding bilateral tax treaties. This is despite the fact that a high-level panel, led by tax expert Parthasarathi Shome, had recommended that GAAR should ...Rediff.com, 1 month ago
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore. The finance ministry sent positive signals to foreign portfolio investors on Friday by clarifying that the general anti-avoidance rules (GAAR, on taxes) will not override tax treaties with suitable limitation of benefit (LoB) clauses, but which had certain grey areas to interpret. Experts said it would have been better if these clarifications could have come earlier, as it takes ...Rediff.com, 1 month ago
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