Tag Archives: Taxation services

India-US agreement for Country by Country reporting

India-US agreement for Country by Country reporting

India and United States of America signed an inter- governmental agreement for exchange of country- by –country (CbC) reports on March 27, 2019. This enabled both the countries to exchange CbC reports filed by the ultimate parent organizations of multinationals in respect of jurisdictions, pertaining to the years commencing on or after January 1, 2016. Since there was no agreement between India and U.S before which resulted in a situation where CbC reports are required to be filed locally in India, even if the ultimate parent entities of the international group that were in U.S. had filed the CbC reports … Read more

Tax Evaders – Be cautious

Tax Evaders – Be cautious!

Tax is the primary compulsory public contribution of government revenue where finance data may have a direct impact on taxes triggering a company’s operations, risks or opportunities. Taxation could change radically as with effect from April 1, 2019 of the financial year, the taxman will begin looking into 360-degree profiles of Indian taxpayers. Tax evasion is an unethical action which results biased income distribution and a halt to the stability of economy. It is usually associated with informal economy. But now, life will be a change for the taxpayers whose spending patterns don’t match their earning declarations.  A range of … Read more