Finance minister Mr. Arun Jaitley presented the 2016 Union budget on February 29. This article summarizes some of the key amendments made under the Union budget impacting the transfer pricing (TP) provisions in India.

When countries around the world were walking on the path paved by the Organisation for Economic co-operation and Development ('OECD') for curbing Base Erosion Profit Shifting ('BEPS') by way of their 15 Action Plans; Indian multinational enterprises waite

As per the order, fixed deposits in savings accounts opened before June 30, 2014 and December 31, 2015 will not have to be reported for FATCA and CRS, respectively.

In today's increasingly integrated global economy, for many organisations, the pressure to compete effectively has led to an increase in the size and complexity of their global workforce.

Finance Ministry said that those who have not taken advantage of the compliance window to declare their unaccounted overseas assets and come clean will \"regret.\"

With disclosure scheme under the new Black Money Act coming to a close on 30 September 2015, Manish Tewari, a minister in previous UPA government, answers if the scheme would be able to achieve results.

Here's why the new Black Money Act is bound to fail in bringing back the illicit cash stashed abroad.

The Alpine nation, known for banking secrecy practices, has come under international pressure amid various countries including India stepping up their fight against the black money menace.

After signing of FATCA, banks, mutual funds, insurance, pension and stock-broking firms will report their Indian client details to the United States which will be shared with India.

Revenue Secretary Shaktikanta Das said there was no assurance of confidentiality but the Income Tax Department will not disclose the information without any reason.

The CBDT said the confidentiality of taxpayers' information has assumed a greater significance in view of increased availability of information regarding offshore tax evasion, tax avoidance and stashing of unaccounted money abroad.

Several factors are driving this flourishing trade in bad assets. But the biggest trigger came in November 2013 when RBI Governor Raghuram Rajan, in a strongly worded exhortation, asked the banking system to clean up its act.

Washington has signed pacts covering more than 80 tax jurisdictions to implement the Foreign Account Tax Compliance Act, or FATCA, requiring financial institutions to share information about Americans' accounts worth more than $50,000.

\"India is expected to start receiving information through Automatic Exchange of Information (AEOI) route under FATCA from USA later in the year 2015. Further, under the multilateral agreement India will start receiving information from other countries under AEOI route from 2017 onwards,\" it said.

Also, it will not be available for persons against whom any information has been received from foreign nations on or before June 30.

Investigators have received a new dossier on tax-related business information on about a dozen entities whose names were reported by an international group of investigative journalists.

Finance Minister Arun Jaitley says India is ready to sign a bilateral pact on automatic sharing of bank information.

Taxmen have been asked to obtain from the assessee information about the source of funds used for creating the particular asset in the foreign land, an official said.

The sources said it will help the government curb tax evasion and deal with the problems of black money.

Finance Minister Arun Jaitley on Saturday presented his maiden full-year Budget for the 2015-16 financial year in the Lok Sabha. Read the full text of his speech here: