The Finance Ministry has decided to arm its tax authorities with exhaustive financial and personal data of Indian residents who use the exemption clauses under the Double Taxation Avoidance Agreement (DTAA) and escape paying taxes in one of the countries. Official sources said that the ministry will request countries, including the US and Switzerland to supplement their data on Indian residents with PAN card information and other vital details. The move, aimed at checking the violation of the DTAA, has been prompted after Indian tax authorities found that vital data, sent by countries under the DTAA, of Indian residents working or doing businesses in these offshore locations were lacking data on Permanent Account Number (PAN), date of birth, name of parents and their Indian addressess.
News On AIR | July 9, 2010 8:00 PM
Finance Ministry to arm tax authorities with DTAA data