Daily Archives: July 26, 2015

SIT on Black money

Recommendations of SIT on Black Money as Contained in the Third SIT Report Misuse of exemption on Long Term Capital gains tax for money laundering Misuse of Participatory notes for money laundering Shell Companies and beneficial ownership (Reference p. 73-76 of the Third SIT Report) Action under PMLA for Trade Based Money laundering Use of… Read More »

Gold Deposit Scheme (GDS)

Gold Deposit Scheme (GDS): Salient Features Include-All Designated Banks can Operate GDS as per Guidelines  The Central Government, with a view to bring privately held stock of gold in circulation, to reduce the country’s reliance on import of gold and to provide its owners with some income apart from freeing them from the problems of… Read More »

How NRIs can claim tax benefits under DTAA

How NRIs can claim tax benefits under DTAA Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax… Read More »