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Companies have been transferring funds abroad by showing payments being made to their own subsidiaries for goods or services at prices that are way above those in the market.

Equity-linked savings schemes are one of the best tax-saving instruments as these have delivered the highest returns compared with other options.
"I am hopeful that it would be possible to achieve the success in bringing the consensus though it may take some time," the finance minister said.
How will the Direct Taxes Code (DTC) affect the tax status of Ulips? Will the existing Ulips continue to qualify for tax incentives under the new regime?
The unique Document Identification Number, on the lines of numbers like PAN and TAN, will be quoted on every income-tax related communication.
The department has streamlined the process, as the statutory time limit to process the return and issue refund in the financial year 2009-10 is March 31.
Addressing a seminar, Finance Minister Pranab Mukherjee, however, admitted to some problems in the way of implementing the new indirect-tax system.
The new Direct Taxes Code and the Goods and Services Tax, both of which are set to transform the direct and indirect tax structure.
The I-T vigilance wing has also decided to conduct surprise inspections, to check the process of issuing refunds from both the department and the bankers side.