CBDT
Swiss authorities share bank accounts details with 101 countries including India (OCT 11, 2022)
India has received the fourth tranche of information on financial accounts from Switzerland since the two countries entered into an Automatic Exchange Of Information (AEOI) agreement in 2018, in order to improve tax discipline and avert potential evasion.
India received names, addresses, Taxpayer Identification Number (TIN) and account numbers and account balance of each reportable person, giving an insight into the exact nature of the transmitted data, ANI has learnt.
In India, the data is kept in the custody of and for action by the Central Board of Direct Taxes (CBDT).
BUSINESS NEWS
‘Foreign companies are looking at India for satellite manufacturing’ (OCT 11, 2022)
With the trend of small satellite constellations, satellite manufacturing offers good scope for India, states a sectoral report titled ‘Developing the space ecosystem in India: focusing on inclusive growth’ was prepared by the Indian Space Association (ISpA) and EY.
As per the report, the satellite manufacturing business in India is expected to touch $3.2 billion in 2025 from $2.1 billion in 2020.
Coupled with the government’s ‘Make in India’ initiative, satellite manufacturers are ideally placed to capitalize on the growing demand for small satellites.
DELHI HIGH COURT
Delhi High Court directs LÓreal India to pay penalty for profiteering after GST (OCT 11, 2022)
The court was hearing a petition filed by the LÓreal India against a tax demand raised by the National Anti-Profiteering Authority (NAA) for allegedly not not passing on the commensurate benefits to the end consumer.
In June, the NAA held the company guilty of not passing the benefits of about Rs186.3 crore after the GST Council reduced rates in 2017 on a host of products including shampoo and hair colour.
NEWS AT GLANCE
- India to set up fast track mechanism to resolve issues faced by Indian investors in UAE.
- Indian ecommerce user base to beat US numbers in two years: Bain report
WORD OF THE DAY
Tentative trust (also called a Totten trust) is a bank account where the account’s assets will be transferred to a beneficiary after the death of the depositor. A depositor may choose a tentative trust because the assets can quickly be given to the beneficiary instead of going through a probate court proceeding for a will.
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