NEW DELHI - Indian taxpayers making large purchases over the next two months could be visited by tax investigators trying to determine the origin of the money used for the transaction. On January 18th the Finance Ministry of India released a new statement announcing that the Income Tax Department has received instruction from the country’s Central Board of Direct Tax to begin a new campaign against tax evasion. The new drive will see the Income Tax Department’s investigators scrutinize high value transactions ... Read More

NEW DELHI - The new Direct Tax Code will be instated next year, bringing several major changes to the tax system of India. While addressing the International Tax Dialogue conference in New Delhi on December 7th, the Finance Minister of India Pranab Mukherjee stated that on April 1st 2012 the country’s Income Tax Act would be replaced with the new Direct Tax Code. The new legislation will introduce a number of long discussed proposals to change India’s tax system, with the primary aim ... Read More

NEW DELHI - India is setting out on a new crackdown of tax evaders hiding their money in overseas bank accounts and neglecting their tax obligations. At a press conference held in New Delhi on November 1st the Finance Minister of India Pranab Mukherjee said that the Income Tax Department has begun acting on newly received information regarding Indian taxpayers with undisclosed bank accounts overseas. The Minister remained tight lipped over the source of the new information and the names of the ... Read More

NEW DELHI - Indian tax authorities are looking at fresh means to fight tax evasion, and considering new rules to significantly extend their powers when conducting investigations into international tax evasion. Over the weekend the Ministry of Finance of India revealed that it is currently considering new measures aimed at aiding the fight against international tax evasion. The study is being led by a recently appointed committee headed by the Chairman of the Central Board of Direct Taxes (CBDT) Sudhir Chandra. The ... Read More

Indirect tax collections in India have been on the rise this fiscal year, and the Central Board of Excise and Customs is taking the growth as an indicator of an upcoming boom in economic activity in the country. The latest analysis of the current fiscal year’s tax collections released by the Central Board of Excise and Customs on August 9th, indicated that the country’s economy is set to see a strong pick up in the coming months, as indirect tax collections underwent a ... Read More