Self Certification for FI Account holders

The income tax department has asked financial institutions (FIs) to ask their non-resident US-based account holders to provide self-certification of their 2014-15 (July-August) accounts by April 30. If norms under the Foreign Account Tax Compliance Act (FATCA) are violated, these accounts will be blocked till the self-certification is received. “The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts will be…

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Cairn India to pay 10,000 Cr INR Tax, Says ITAT

Before the Cairn India IPO, the India operations of Cairn Energy were owned by a company called Cairn India Holdings-Cayman Island and its subsidiaries. Cairn India Holdings was a 100% subsidiary of Cairn UK Holdings, which was a 100% subsidiary of Cairn Energy. At the time of the IPO, the ownership of the India assets was transferred from Cairn UK Holdings to a new company – Cairn India. In 2006…

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Tax agreement with India comes into force in Singapore

The third protocol amending the existing India-Singapore Double Taxation Avoidance Agreement (DTAA) entered into force on Monday, Singapore’s tax authorities have said. This would mean that the provisions provided in the third protocol — signed in December 2016 — have become law in the island country. Singapore was the largest foreign direct investor into India for the period April 2015 to March 2016, and one of the largest portfolio investors…

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Third Protocol Amending The India-Singapore Tax Treaty Signed

This article summarizes the key amendments proposed to the existing Double Tax Avoidance Agreement (DTAA) entered into between India and Singapore in 1994 (1994 DTAA) as amended by a protocol dated 18 July 2005 (2005 Protocol) and the second protocol dated 1 September 2011. The third protocol to amend the 1994 DTAA was signed on 30 December 2016 (the 2016 Protocol) followed by official announcements made by the Government of…

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