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Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;

News and Press Release - Dated:- 9-1-2017 - Press Information Bureau Government of India Ministry of Finance 08-January-2017 14:51 IST Signing of contract for implementation of Project Insight to develop a comprehensive platform for effective utilization of information to promote voluntary compliance and deter noncompliance, to impart confidence that all eligible persons pay appropriate tax and to promote fair and judicious tax administration Year End Review - 2016 CBDT, Department of Revenue, M .....

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xemption given in respect of certain activity related to diamond trading in Special Notified Zone . · Conditions of special taxation regime for off shore funds modified. · Exemption from Dividend Distribution Tax (DDT) given on distribution made by an SPV to Business Trust. · Section 115QA has been amended to provide that the provisions shall apply to any buy back of unlisted share undertaken by company in accordance with the provisions of the law relating to the Companies a .....

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tion of taxation of income by way of dividend · In case of shares of unlisted companies period of holding shall be 24 months instead of 36 months for them to be treated as long term capital assets. · Tax incentives for start-ups · Incentives for Promoting Housing for All · Tax incentive for employment generation · Provision for Tax benefits to Sovereign Gold Bond Scheme, 2015. · Provisions for tax benefits to Rupee Denominated Bond · Consolidation .....

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mpanies for the period prior to 01.04.2015 rationalized with a view to provide certainty in taxation of foreign companies. · Tax Incentives given to International Financial Services Centre · Definition of the term 'unlisted securities' for the purpose of Section 112 (1) (c) clarified. · Rationalization of Section 50C in case sale consideration is fixed under agreement executed prior to the date of registration of immovable property · Rationalization of convers .....

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uiding principles and proposed phasing out plan. Subsequently taking into account the response of the stakeholders on the proposed phasing out plan, incentives under the Income-tax Act are being phased out. · Exemption of income of Foreign Company from storage and sale of crude oil stored as part of strategic reserves. · In order to reduce the cash transactions in sale of goods and services, the Act 2016 has amended section 206C (1D) of the Income-tax Act to provide that the seller .....

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thin the tax net, it has been provided in sub- section (1F) of section 206C of the Income-tax Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. · It has also been further amended to provide that the sub-section (1D) relating to TCS in relation to sale of any goods (other than bullion and jewellery) or services shall not apply to certain class of buyers who fulfil .....

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Amortization of spectrum fee for purchase of spectrum allowed. · In order to encourage indigenous research & development activities and to make India a global R & D hub, the Government has decided to put in place a concessional taxation regime for income from patents. · Presumptive taxation scheme introduced for persons having income from profession · Threshold limit for audit for persons having income from profession increased · Threshold limit for presumpti .....

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rom the definition of Income · Extension of scope of section 43B to include certain payments made to Railways · Clarification regarding set off losses against deemed undisclosed income introduced. · The provisions of clause (va) of section 28 of the Income-tax Act have been amended so as to bring the non-compete fee received/receivable( which are recurring in nature) in relation to not carrying out any profession, within the scope of section 28 of the Income-tax Act i.e. the .....

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ns of section 197A of the Income-tax Act have been amended so as to provide that the recipients of payments referred to in section 194-I shall also be eligible for filing self-declaration in Form no 15G/15H for non-deduction of tax at source in accordance with the provisions of section 197A of the Income-tax Act. · In view of the fact that housing projects often take longer time for completion, the second proviso to clause (b) of section 24 has been amended to provide that the deduction u .....

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0(2A) · Legal framework has been provided for automation of various processes and paperless assessment. · Time allowed for filing of returns, completion of proceedings, and realization of revenue rationalized to reduce compliance burden on the taxpayer, and to promote the culture of compliance. · Time limit for assessment, reassessment and re-computation rationalized. · Time limit for assessment in search cases rationalized. · Advance tax payment schedule under .....

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alized. · In line with the decision of the Government to minimize litigation, sub-sections (2A) and (3A) of section 253 have been omitted in order to do away with the filing of appeal by the Assessing Officer against the order of the DRP. Consequent amendments have been made in sub-section (3A) and (4) of the said provision. · Penalty provisions rationalized. · In order to rationalize the rate of penalty and to reduce discretion, clause (c) of sub-section (1) of section 271A .....

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erests of the revenue. · Legislative framework introduced to enable and expand the scope of electronic processing of information. · Immunity from penalty and prosecution in certain cases given by inserting new section 270AA. II. Other initiatives for Tax Reforms: · AGREEMENT BETWEEN INDIA AND MALDIVES The Agreement between India and Maldives for avoidance of double taxation of income derived from International Air Transport was signed at Government level during the visit of .....

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on the profits arising out of international transactions, the Government of India introduced the APA programme in the year 2012. It gives tax certainty for the Indian taxpayers regarding their international transactions for a period of five future years without regular Transfer Pricing Audits. Further, the Rollback provisions in the APA program were introduced in the year 2014 to enable the taxpayer to roll back the provisions of the APA for four previous years from the first year of the APA pe .....

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ix months of the current Financial Year. The CBDT expects more APAs to be concluded and signed in the near future. · MUTUAL AGREEMENT PROCEDURE (MAP) MAP is an alternative mechanism available to taxpayers through Double Tax Avoidance Agreements (DTAAs) for resolving disputes giving rise to double taxation. Multi National Enterprises (MNEs) seek to resolve transfer pricing disputes through this mechanism. In the last two years, CBDT has invigorated the MAP proceedings with many countries. .....

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pretation were agreed to be resolved during the meeting held in October, 2016. · SHIPPING BUSINESS A Circular bearing No 30 of 2016 has been issued by CBDT on 26/08/2016. The Circular lays down guidelines that are to be followed by the Assessing Officers at the time of issue of No Objection Certificate leading to the Port Clearance of Ships belonging to the foreign shipping companies and also assessment of voyage returns that are subsequently filed by foreign ships. The Circular has done .....

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gation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme), has been introduced. Under the Scheme, an applicant, subject to conditions specified therein, may seek resolution of appeals, pending with the Commissioner (Appeals) as on 29th February, 2016 in respect of disputed income and disputed wealth, and with any appellate authority in respect of tax arrears (specified tax) resulting out of retrospective amendment. The Scheme came into effect on the 1st of June, 2016, and shall be open .....

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t of taxes has been enabled through Net Banking and ATMs and more than 88.49% of tax is collected through this mode facilitating payment to taxes anytime from home/office without having to go to a bank branch. Companies and auditable cases (taxpayers where provisions of section 44AB of the Income-tax Act, 1961 are applicable) are mandatorily required to electronically pay taxes. The percentage of tax collected using electronic payment option has increased to 74.91% in count terms and 88.49% in v .....

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his refunds directly into his bank account or dispatch of the cheque by speed post from 18 different locations of SBI across the country without any intervention and avoiding delays in decentralized posting of cheques etc. The refunds despatched under this scheme now account for 99% of the refunds (in count) received by the taxpayer without any direct interaction with the Department. Non-filers Monitoring System (NMS) The Non-filers Monitoring System (NMS) has been rolled-out for pilot implemen .....

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ve, more than 94 lac returns have been filed and self-assessment tax of more than ₹ 16,500 crore has been paid by the target segment. · Project Insight The Income Tax Department signed contract for implementation of Project Insight in July 2016. Project Insight aims to develop a comprehensive platform for effective utilization of information to promote voluntary compliance and deter noncompliance; to impart confidence that all eligible persons pay appropriate tax; and to promote fai .....

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gement, preliminary verification, generation of bulk letters/notices and follow-up for greater productivity and efficiency; and (ii) an Income Tax Transaction Analysis Centre (INTRAC) for data integration, data processing, data quality monitoring, data analytics, web and text mining, enterprise reporting, alert and compliance management and research support. The Project will be rolled out in a phased manner during the period 2016-18. · Tax Deduction at Source 1. Tax Deduction at Source (T .....

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Cell for TDS, CPC(TDS), has been conceptualized to undertake end-to-end processing of TDS Statements through a Rule based Technology enabled system, leading to uniform results and faster turn-around-time, ensuring seamless flow of data for tax credits. CPC-TDS introduces transparency in the processes through online display of information and provides an integrated platform for tax deductors, taxpayers and the officers of the Department. Thus, it forms the backbone of overall TDS administration i .....

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es and correlates information from various sources including Banks (tax payment), Deductors (reporting tax deduction), Assessing Officers (mapping of no/low tax deductions) and Tax Professionals (reporting International transactions). 6. With a robust tax reconciliation mechanism put in place through the CPC(TDS), the tax payer is given accurate and timely credit for the taxes paid/deducted. This has led to faster refunds and minimal grievances. The savings for the tax payers include: o Cost of .....

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lacs in F.Y. 2006-07 to 434 lacs in F.Y. 2015-16. Nearly 74% of the e-returns are voluntarily filed; this facility is free of cost to tax-payers. E-returns now constitute for nearly 85% of total returns filed with the Department. In F.Y. 2015-16 nearly 434 lacs e-returns have been filed in comparison to 341 lacs e-return filed during F.Y. 2014-15 representing a growth of around 27%. No of e-returns filed during F.Y. 2015-16 (upto 30.09.2015) stands at 245 lacs in comparison to 289 lacs e-return .....

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R-5 693413 562670 -18.85% 8 ITR-6 506278 300554 -40.63% 9 ITR-7 140829 129779 -7.85% 24569867 28961087 17.87 Grand Total Other highlights of e-filing project are: - · Around 53% returns are filed after office hours, indicating the convenience of the tax-payers of not having to stand in queues outside tax offices on last few days. · The e-filing website also facilitates the filing of returns in response to issue of defective notice, filing of rectification request, filing of respons .....

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re processed as compared to 35, 12,734 returns during the corresponding month of the previous year. · CPC has achieved a peak processing capacity of 5.48 returns per day. · Electronic Verification Code (EVC) process implemented in April, 2015 is successful and more than 15 lacs tax-payers have adopted this green initiative. CPC has already processed 44 lacs returns through EVC. · Average processing time is reduced to 61 days which is less than the period specified in Citizen .....

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on of grievances and thereby providing ease of compliance and better taxpayer services. Monitoring and Administration of Taxpayer Services through ASK Centres As per the structure of the Tax Payer Services delivery and monitoring system, Aaykar Seva Kendra (ASK) has been made the smallest unit for Tax Payer Services. Aayakar Seva Kendra (ASK) is the mechanism used by CBDT for implementing the philosophy of Sevottam initiated by the PMO. Aayakar Seva Kendra (ASK) is the single window system for i .....

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IS). In this regard, the BIS have certified 80 ASK Centres under the IS 15700: 2005. The work of certification of the other ASKs is under progress. The continuous monitoring and visits to the ASK Centres by this Directorate has contributed to increased awareness amongst the officers regarding disposal of DAK using the Sevottam Software and has resulted in improved performance in the area of grievance redressal. Revamped ASKs using e-Nivaran Unified Grievance Handling Mechanism (e-Nivaran) is aim .....

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B. ISSUES REGARDING BLACK MONEY The Government has taken several steps to effectively tackle the issue of black money, particularly black money stashed away abroad. They include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, focus on capacity building and better capture and use of information through ICT and data mining. Recent major initiatives in this regard include: (i) Constitution of the Special I .....

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ate (ED) and Financial Intelligence Unit (FIU) for investigation of recent revelations in Panama paper leaks (iv) Proactively engaging with foreign governments with a view to facilitate and enhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Conventions (v) Participation in global efforts to combat tax evasion/black money by joining the Multilateral Competent Authority Agreement in respect of Automatic Ex .....

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attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime has been taken or held outside the country (viii) Enactment of the Benami Transactions (Prohibition) Amendment Act, 2015 to amend the Benami Transactions (Prohibition) Act, 1988 with a view to enable confiscation of Benami property and provide for prosecution (ix) Initiation of Project Insight by the Income Tax Department to enforce better tax compliance through effective use .....

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hree years and preliminary outcome thereof are as under: 1.2 Search and seizure Financial Year Number of groups searched Total assets seized (In Rs. crore) Undisclosed income admitted u/s. 132(4) of the Income-tax Act, 1961 [in Rs. crore] 2013-14 569 807.84 10791.63 2014-15 545 761.70 10288.05 2015-16 445 712.68 11066.24 2016-17* 222 510.59 6304.71 *Provisional figures up-to 30th September 201 Surveys Financial Year No. of surveys conducted Undisclosed income detected (in Rs. crore) 2013-14 5327 .....

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9 2016-17* 229 13 257 *Provisional figures upto 31st August 2016 2. The Special Investigation Team (SIT) on Black Money: The SIT on Black Money was constituted by the Government in May 2014 in compliance with the directions of Hon ble Supreme Court. The Chairman and Vice-Chairman of SIT are Hon ble Justices Shri M.B. Shah & Shri Arijit Pasayat respectively. Members include - Secretary(Revenue); Dy. Governor, RBI; Chairman, CBDT; Director, Cabinet Secretariat; Director, ED; DG, NCB; DG, DRI; .....

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1 Recognizing limitations of the existing legislations in bringing back black money held by Indian entities abroad, the Government enacted a stringent new law to specifically deal with the issue. The new law - The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force w.e.f. 01.07.2015. Its features include (i) Separate taxation of undisclosed foreign income and assets (ii) stringent penalty for concealment (iii) stringent prosecutions provisions allo .....

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ected to the stringent provisions of the BMA. A total of 648 taxpayers filed declarations up-to 30.09.2015 leading to disclosure of foreign assets worth Rs.4164 crore. 4. Amendment of the Benami Transactions (Prohibition) Act, 1988: The Benami Transactions (Prohibition) Amendment Act, 2016 has been enacted w.e.f. August 2016 by the Government to deal with domestic black money. The Act enables confiscation and management of Benami property and provides for prosecution, to enable prevention of gen .....

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he tax advantage obtained through shell companies/companies in tax havens introduced in Finance Act, 2013. Government reiterated its commitment for implementing GAAR from Assessment Year 2018-19. iv. Sections 269SS, Section 269T, Section 271D and Section 271E of the Act were amended to prohibit acceptance of any payment, repayment of advance of ₹ 20,000 or more, otherwise than by an account payee cheque or account payee bank draft or by banking clearing system in relation to transfer of an .....

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o enable determination of residence of a company incorporated in a foreign jurisdiction on the basis of place of effective management (POEM) [Finance Act, 2016] viii. Country-by-country reporting requirements for MNCs have been introduced to address Base Erosion and Profit Shifting. [Finance Act, 2016] 6. Streamlining of information collection system: AIR reporting regime has been replaced with the Statement of Financial Transaction (SFT) and has been expanded to cover a larger segment of transa .....

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m French Government on Indians holding bank accounts in HSBC bank in Switzerland has resulted into detection of considerable amount of undisclosed income. Concealment penalty of about ₹ 1282 crores has also been levied in 159 cases and 164 prosecution complaints have been filed in 75 cases. 8. Investigation in cases revealed by International Consortium of Investigative Journalists (ICIJ): In 2013, the ICIJ, a Washington based organization, put out in public information pertaining to offsho .....

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as submitted 5 reports to the Government. 9. The Income Declaration Scheme, 2016: The Income Declaration Scheme, 2016 (the Scheme) came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets. Declarations could be made online as well as in printed copies of the prescribed Form up to midnight on 30th September, 2016. In order to facilitate the taxpayers and to spread aw .....

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the scheme in respect of the declarations made to reassure the declarants. Innovative publicity methods like Talkathons, Walkathons, Nukkad Nataks, etc. were used to spread awareness about the Scheme. The Department s strategic use of taxpayer information and data mining techniques further spurred the declarations. These steps resulted in a tremendous response, especially in the last two months. As a consequence, 71,726 declarations were filed up to the midnight of 30th September, 2016 with an a .....

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nment, to further this goal, the Indian Prime Minister met with the Swiss President at Geneva on 6th June 2016 and discussed the need for expeditious exchange of information for combatting tax evasion together with an early start to negotiations on the Agreement for Automatic Exchange of Information. As a follow up, India s Revenue Secretary and Switzerland's State Secretary for International Financial Matters met in New Delhi on 15.06.2016 and agreed to move towards an early agreement for t .....

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atic Exchange of Information is systematic and periodic transmission of bulk taxpayer information by the source country to the residence country, which is possible under most of the DTAAs and Multilateral Convention on Mutual Administrative Assistance in Tax Matters. On 3rd June 2015, India joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information (AEOI) under the Common Reporting Standard (CRS) based on the provisions of the Multilateral .....

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54 countries will start exchanging information automatically. And from 2018 onwards, it is expected that another 47 countries will start exchanging information automatically 12. Foreign Account Tax Compliance Act (FATCA On 9th July, 2015, India and USA signed an Inter-Governmental Agreement ( IGA ) to implement the Foreign Account Tax Compliance Act ( FATCA ) of the USA to promote transparency between the two nations on tax matters. The Union Cabinet in its meeting on 17th March, 2015 approved t .....

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. On the similar lines, India will also provide the information to USA Reporting of information under the IGA with USA began from 30th September, 2015 and information pertaining to the calendar year 2014 & 2015 has already been exchanged between the two countries 13. Implementation of AEOI under CRS and FATC For implementation of AEOI and FATCA, amendment was carried out in the Income Tax Act, 1961 through Finance Act, 2014. Vide Notification No. 62 of 2015 dated 7th August, 2015, the Income .....

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holders for providing guidance for implementation. Thereafter, an updated version of the Guidance Note was released on 31.12.2015 and the latest version has been released on 31.05.2016. The new account due-diligence procedures have started from the 01.01.2016 and first reporting will be done in September 2017 for the year 2016. Signing of the IGA with USA and India joining the MCAA are important milestones in India s fight against the menace of black money as it would enable the Indian tax auth .....

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to strategies adopted by taxpayers having cross-border operations to exploit gaps and mismatches in tax rules of different jurisdictions which enable them to shift profits outside the jurisdiction where the economic activities giving rise to profits are performed and where value is created. BEPS has been a cause of concern for developing and emerging economies for long as it erodes their tax base depriving them of much needed resources for developmental activities. It is also unfair to general .....

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to prevent base erosion and profit shifting and (b) safeguarding the interests of India and other developing countries in development of new standards. The major package of recommendations of Base Erosion and Profit Shifting (BEPS) Project, were endorsed by the G20-Leaders at Antalya, Turkey in November, 2015. However some elements of the BEPS Action Plan have yet to be finalised in 2016 and 2017 and the main tasks ahead relate to the implementation of the agreed package. India being a G-20 memb .....

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s a follow up to the call of the G-20 Finance Ministers meeting in April 2016, the first plenary meeting of the G-20/OECD Inclusive Framework was held at Kyoto from 30th June to 1st July 2016 and the 1st meeting of the Steering Group of the Inclusive Framework held on 18-19th October, 2016. Further, for implementation of BEPS at the local level, the Central Board of Direct Taxes in the Ministry of Finance has constituted a committee of officers to examine all the 15 reports and chalk out a clear .....

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ble Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital Gains between India and Mauritius was signed between both countries on 10th May, 2016 and entered into force in India on 19th July, 2016. The Protocol has amended the existing DTAC to provide for source based taxation of capital gains in shares. India has been trying to amend the Mauritius DTAC since 1990s and signing of Protocol is culmination of such efforts. The Protocol will tackle treaty abuse and roun .....

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nt issues raised by stakeholders. The revised DTAA between India and Korea signed at government level during the visit of the Prime Minister of India, to Seoul, Korea on 18th May, 2015 has entered into force. The revised DTAA, aims to avoid the burden of double taxation on tax payers in two countries in order to promote and thereby stimulate flow of investment, technology and services from Korea to India and vice versa and to provide tax certainty to the residents of India and Korea. Besides, it .....

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