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NRIs in a bind as taxman slaps advisories on high-value transactions

NRIs in a bind as taxman slaps advisories on high-value transactions
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

Ashish mehtaSiddharth banwatPankaj bhutaRutvik sanghviKhaitan coPr bhuta coIncome tax act

NRIs in a bind as taxman slaps advisories on high-value transactions

NRIs in a bind as taxman slaps advisories on high-value transactions
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

Rutvik sanghviSiddharth banwatAshish mehtaPankaj bhutaPr bhuta coKhaitan coIncome tax act

Old overseas investment deals could come under ED fire

In two recent cases, the ED has seized the office space and immovable properties of companies which had used regular banking channels to transfer funds abroad under ODI route. While the companies under question remitted tax paid money and did not use hawala operators, they nonetheless faced harsh actions for using the ODI window to buy properties for personal use and hold funds abroad in an outfit that apparently had no bona fide business activity

Vrajesh shahMoin ladhaSiddharth banwatForeign exchange managementKhaitan coJayantilal thakkar companyForeign exchange management actEnforcement directorateLiberalised remittance schemeJayantilal thakkarReserve bankIndian corporatesBlack moneyOverseas direct investment

Old overseas investment deals could come under ED fire

In two recent cases, the ED has seized the office space and immovable properties of companies which had used regular banking channels to transfer funds abroad under ODI route. While the companies under question remitted tax paid money and did not use hawala operators, they nonetheless faced harsh actions for using the ODI window to buy properties for personal use and hold funds abroad in an outfit that apparently had no bona fide business activity

Moin ladhaVrajesh shahSiddharth banwatIndian school of businessForeign exchange managementSenior management programmeJayantilal thakkar companyOffering collegeKhaitan coForeign exchange management actEnforcement directorateCorporate journeyStrategic skillLiberalised remittance schemeJayantilal thakkarReserve bank

Income Tax Dept seeks more time for international cases

The Indian tax office has requested that hearings related to contentious transfer pricing and international taxation cases be adjourned until a ruling is given by the Supreme Court. If the top court upholds a ruling by either the Bombay High Court or earlier Chennai High Court order, a number of tax matters currently before the Dispute Resolution Panel would become time-barred under tax law, meaning the tax office would be unable to recover any tax from these claims.

Tamil naduSiddharth banwatResolution panelShelf drilling angel ltdSupreme courtHonble supreme courtBombay high courtRoca bathroom products privateIncome tax deptGetty imagesChennai highDispute resolution panelIncome taxIncome tax appellate tribunalMumbaii tHon ble supreme

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