CBDT inaugurates Web Portal for exchange of information on Income Tax

Published: November 24, 2019

Central Board of Direct Taxes (CBDT) has inaugurated the Web Portal for Exchange of Information on Income Tax which will consolidate all relevant Automatic Exchange of Information (AEOI) related information at one place. This portal will help in convenient access by public, financial institutions as well as departmental officers at large. Web Portal for Exchange ..

Month: Current Affairs - November, 2019

Category: Economy & Banking Current Affairs

Topics: AEOI • Automatic Exchange of Information • CBDT • Central Board of Direct Taxes • Income Tax • IT Department • Web portal

India gets first tranche of Swiss account details

Published: October 7, 2019

Under the new Automatic Information Exchange pact, India received its first tranche of Swiss Bank Account details. India hence is legally one among 75 countries with which the Switzerland Federal Tax Administration (SFTA) has exchanged information. The next exchange of information will take place in September 2020. This is because according to international agreement, the ..

Month: Current Affairs - October, 2019

Topics: AEOI • Automatic Information Exchange pact • black money • fight against black money • swiss bank

Money Parked by Indians in Swiss banks hit record low

Published: June 30, 2017

According to the data released by Zurich-based SNB, money parked by Indians in Swiss banks have nearly halved to 676 Swiss francs (about Rs. 4,500 crore) in 2016. The data release comes ahead of a new framework for the automatic exchange of information between Switzerland and India to check the menace of black money.  SNB (Swiss National Bank) is Switzerland’s central banking authority Salient Highlights ..

Month: Current Affairs - June, 2017

Topics: AEOI • Blackmoney • Current Affairs - 2017 • Economy • International • Switzerland • Tax Evasion

India, Switzerland sign Joint declaration on bank account holders

Published: November 23, 2016

As a step towards fighting black money stashed abroad, ‘Joint Declaration‘ for implementation of Automatic Exchange of Information (AEOI) has been signed between India and Switzerland. This will lead to automatic sharing of information regarding the Swiss bank accounts held by Indians as of September 2018 and onwards. However, details about the accounts held prior ..

Topics: AEOI • Bank secrecy • Banking in Switzerland • Common Reporting Standard • Economy • International taxation • Offshore financial centre • Privacy • Tax • Tax avoidance • Tax evasion • World economy

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