DTAA With Singapore Amended, Switzerland To Give Information On Money Parked By Indians: Arun Jaitley
The 50-day deadline to deposit old Rs 500 and Rs 1,000 notes ended today. Finance Minister Arun Jaitley addressed the media.
Here are the key highlights:
- Double Taxation Avoidance Agreement (DTAA) with Singapore amended today
- With this, all 3 Double Taxation Avoidance Agreements amended this year (with Singapore, Mauritius and Cyprus)
- 2016 has been historic, three double taxation agreements have been amended to avoid round-tripping
- Revisiting of Double Taxation Avoidance Agreements very important
- Round-tripping of money has stopped
- After 2019, entire capital gains tax will come to India
- From 2019, Switzerland will give information about all money parked there by Indians
- Under the amended agreements, these countries will share taxes with India till 2019
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