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, legal experts said. Shailesh Kumar, Director- Direct Taxation shares his views on aforementioned story for Hindu Business Line. Attached is link to the article http://www.thehindubusinessline.com/news/world/tax-agreement-with-india-comes-into-force-in-singapore/article9565537.ece

The income tax department on Friday clarified that the Place of Effective Management (POEM) rules that require foreign firms to pay taxes in India if the effective control is within the country, will not apply to companies with a turnover of Rs 50 crore or less in a financial year. Last month, the tax department had come out with the POEM rules that will require foreign companies in India and Indian firms with overseas subsidiaries to pay local taxes based on where the business if effectively controlled. Rakesh Nangia, Managing Partner shares his views on aforementioned story for following publications:

1. Business Standard
2. Indian Express
3. PTI(News Agency)

(News flashed by PTI has been picked up by  209 other news publication like Economic Times, Free Press Journal, New Indian Express, Deccan chronicle, NDTV, DNA etc.) Attached are links to the article http://www.dnaindia.com/money/report-companies-with-sales-below-rs-50-cr-out-of-poem-loop-govt-2333697 http://www.newindianexpress.com/business/2017/feb/25/firms-with-sales-below-rs-50-crore-out-of-poem-rules-1574457.html http://indianexpress.com/article/business/economy/cbdt-place-of-effective-management-below-%E2%82%B950-cr-turnover-firms-out-of-poem-ambit/ http://www.business-standard.com/article/economy-policy/poem-rules-will-not-apply-to-companies-with-sales-below-rs-50-cr-117022400718_1.html http://www.deccanchronicle.com/business/companies/240217/companies-with-sales-below-rs-50-crore-out-of-poem-loop-govt.html

The tax department has removed restraint on sharing of information by its officers regarding taxes and foreign exchange with other authorities or agencies, with a view to effectively track black money. The Department of Revenue has tweaked Section 138 of the Income Tax Act, which deals with mechanisms for disclosure of information of assessees by taxmen to other authorities, with retrospective effect from May 23, 2003. Rakesh Nangia, Managing Partner shares his views on aforementioned story for following publications:

1. Income tax dept notifies amendments for sharing taxpayer information for Livemint.

Attached is link to the article http://www.livemint.com/Politics/WPHbMo1XAga3E5IgiSVSeN/Tax-dept-removes-restraint-on-sharing-of-info-with-agencie.html

2. Tax dept removes ‘restraint’ on sharing of info with agencies for PTI(News Agency).

(This story has been picked up by 31 other news publication like Economic Times, Business Standard, Times of India etc.) Attached are links to the article http://www.business-standard.com/article/pti-stories/tax-dept-removes-restraint-on-sharing-of-info-with-agencies-117022200721_1.html http://timesofindia.indiatimes.com/business/india-business/tax-dept-removes-restraint-on-sharing-of-info-with-agencies/articleshow/57293501.cms http://economictimes.indiatimes.com/wealth/personal-finance-news/restraint-on-taxmen-sharing-information-removed/articleshow/57293604.cms

As the government looks at measures to stop the practice of using shell companies as conduits for money laundering and tax evasion, a key legal challenge facing enforcement agencies relates to piercing the corporate veil behind which such companies operate. A release from the Prime Minister’s Office points out: Of 1.5 million registered companies in India, only 600,000 file their annual returns. Rakesh Nangia, Managing Partner shares his views on aforementioned story for Business Standard. Attached is link to the article http://www.business-standard.com/article/opinion/the-unmaking-of-shell-companies-117021900848_1.html