Taxation
CBDT signs 7 advance pricing agreements to cut tax litigation
In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Monday signed seven more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.
 
"With today's signing, the total number of APAs entered into by the CBDT has reached 77. This includes 3 bilateral APAs and 74 unilateral APAs.
 
"In the current financial year, a total of 13 Unilateral APAs have been entered into so far," a Union Finance Ministry statement said here.
 
The latest APAs signed with taxpayers pertain to various sectors like banking, information technology and automotives.
 
APAs provide for signing an agreement between a taxpayer and the income tax department on an appropriate transfer pricing methodology for determining the value of assets and taxes on intra-group overseas transactions.
 
The scheme attempts to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance, the ministry said.
 
"Since its inception, the APA scheme has attracted tremendous interest from taxpayers that has resulted in more than 700 applications (both unilateral and bilateral) having been filed in just four years," the statement said.
 
"The progress of the APA scheme strengthens the government's mission of fostering a non-adversarial tax regime," it added.
 
According to the government, the APA mechanism helps to achieve tax certainty for a period of up to nine years.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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Environment Ministry monitoring smuggling of animals online
Minister of State for Environment and Forests Anil Madhav Dave on Monday said the ministry is monitoring all the online websites involved in the smuggling of rare animals and will soon take necessary action against them.
 
Some of the websites involved in the sale of rare animals include Quikr.com, QuickIndia.in and OLX.in and Gumtree.com among a dozen others.
 
Outlining the steps taken against such animal smuggling, Dave said: "Services of Cyber Crime Specialist on contractual basis is being utilised to carry out regular cyber patrolling to detect any posts and offers over such trade portals on the World Wide Web."
 
"On detection of such offers, details are retrieved of the suspect and the information is passed on to relevant enforcement agencies for legal action," the minister said. 
 
According to the ministry, a meeting of representatives from online trade portals was convened on May 19, 2016 to discuss issues pertaining to online wildlife trade and sensitise them on illegal wildlife trade. 
 
The information was given to the Rajya Sabha by Dave in a written reply.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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CBI arrests Corporate Affairs Ministry official in graft case
The CBI on Monday said that it had arrested BK Bansal, director genral of the Ministry of Corporate Affairs, who was dealing with matters related to alleged violations by a Mumbai-based pharmaceutical company, on charges of bribery.
 
Bansal, who was detained by sleuths of the Central Bureau of Investigation (CBI) on Saturday while allegedly receiving the second lot of the bribe amount, was arrested on Sunday, said an official.
 
CBI spokesperson Devpreet Singh told IANS that "Bansal was arrested for receiving a bribe of Rs nine lakh for extending favours to a corporate firm. The money was being given outside a Delhi hotel".
 
Along with Bansal, a middleman named Vishwadeep Bansal, who worked as the distributor for Elder Pharmaceuticals, was also arrested by the investigating agency, the officer said. 
 
A case was also registered against the company's chief operating officer, Anuj Saxena, who allegedly sought the assistance of Vishwadeep Bansal for negotiations.
 
The officer further said that the Corporate Affairs DG was dealing with matters related to alleged violations committed by Elder Pharmaceuticals. 
 
The alleged violations were detected during an inspection by the Regional Director of Western Region (Mumbai) of the Ministry of Corporate Affairs.
 
"Bansal sat on the ministry report and started negotiating with the company and demanded Rs 50 lakh as bribe for not recommending SFIO (Serious Fraud Investigation Office) investigation," Singh said, adding, "The deal was stuck at Rs 20 lakh. First installment of Rs 11 lakh was already paid and when the second installment was being paid he was trapped and arrested."
 
On the company's alleged violations, Singh said: "Elder Pharmaceuticals had floated debantures and fixed deposits under some clause of Companies Act. In that they collected more than Rs 176 crore from over 4,000 investors and later they didn't pay the interest and siphoned off the money to invest in some other companies they floated." 
 
The company was siphoning money to some other companies abroad, a senior officer said.
 
An agency official, requesting anonymity, said they siphoned money to some Dubai-based companies and were also acquiring a company in Bulgaria. 
 
The CBI investigation also revealed that the ministry official has 20 properties in Haryana's Sirsa, Gurgaon, Faridabad as well as Delhi. All the properties were bought in the last two years and most of them were on his name along with his wife's and son's name.
 
On Saturday, the CBI said Rs 54 lakh were recovered during searches at different locations in connection with the case.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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