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DTAA With Singapore Amended, Switzerland To Give Information On Money Parked By Indians: Arun Jaitley

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DTAA With Singapore Amended, Switzerland To Give Information On Money Parked By Indians: Arun Jaitley

Finance Minister Arun Jaitley said revisiting of Double Taxation Avoidance Agreements is very important.


Highlights

  1. Round-tripping of money has stopped, said Arun Jaitley
  2. After 2019, entire capital gains tax will come to India, Mr Jaitley added
  3. 2016 has been historic, 3 double taxation agreements have been amended

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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