Daily Archives: November 22, 2016

Action in retrieval of Black money in Swiss Banks : Indian Govt Steps

By | November 22, 2016

Action in retrieval of Black money in Swiss Banks Information of 628 Indian persons holding bank accounts in HSBC bank in Switzerland was obtained from the Government of France under Double Taxation Avoidance Convention (DTAC) between India and France in 2011. As a result of systematic investigations in these cases, undisclosed income of about Rs.8200… Read More »

Retrieval of Black Money stashed in Foreign Countries : Indian Govt Steps

By | November 22, 2016

Retrieval of Black Money stashed in Foreign Countries The Government has taken several measures to effectively tackle the issue of black money, particularly black money stashed away abroad. Such measures, which are an ongoing process, include putting in place robust legislative and administrative frameworks, systems and processes with focus on capacity building and integration of… Read More »

Accounts of Indian residents in Switzerland :-Sharing of financial information w.e.f sep 2019

By | November 22, 2016

India and Switzerland Sign ‘Joint Declaration’ for the implementation of Automatic Exchange of Information (AEOI) between the two countries Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the present Government. To further this goal, Mr. Sushil Chandra, Chairman, CBDT signed the‘Joint Declaration’ on behalf of India… Read More »

Declaration of undisclosed Black Money

By | November 22, 2016

Declaration of undisclosed Black Money A total number of 64,275* declarants have made declaration of undisclosed income of Rs.65,250* crore under the Income Declaration Scheme, 2016. (*Provisional). Under the Income Declaration Scheme, 2016 the amount of tax, surcharge and penalty is payable in three instalments. The notified date for payment of first instalment is 30th… Read More »

Indian Govt Action against Black Money in Foreign Accounts

By | November 22, 2016

Action against Black Money in Foreign Accounts In the cases of HSBC overseas bank accounts, tax demand of about Rs.5377 crore was raised till 31st March 2016, which includes demand in protective assessments. Information regarding 628 Indian persons holding bank accounts in HSBC bank in Switzerland was obtained from the Government of France under Double… Read More »

Waiver of Loans to Industrialists

By | November 22, 2016

The details of industrialists against whom a debt exceeding Rs.50 crore remains pending alongwith debt amount is as under: NPA accounts above Rs.50 crore for PSBs as on June 30, 2016 No. of NPA Accounts Amount (Rs. in Crore) 2071   3,88,919  Source: PSBs  In terms of instructions of Reserve Bank of India (RBI), every bank… Read More »

Expenditure on advertisement on television is Revenue Expenditure

By | November 22, 2016

Facts of the case The Assessee incurred expenditure on advertisement on television aggregating to Rs.29.99 crores. This expenditure related to advertisements published on television relating not only to individual products manufactured by it but also towards corporate advertisement to the extent of Rs.5.47 crores. The Assessing Officer disallowed the expenditure claimed towards corporate advertisement amounting… Read More »

SAP software Implementation fees is revenue expenditure : HC

By | November 22, 2016

Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in treating the professional fees paid to its collaborator KSB AG of Germany for implementing the SAP programme as an allowable expenditure when the use of this software enhances the efficiency of the organization which is enduring… Read More »