THE President
of India Mrs. Pratibha Devi Patil, while addressing the Joint Houses of
the Parliament in New Delhi today ,declared that the Indian Government
has initiated action on various fronts to tackle the menace of black money.
These include enactment of the Benami Transactions (Prohibition) Act, amendment
of the Prevention of Money Laundering Act, setting up of a special committee
to examine measures to strengthen laws to curb black money generation in
the country, and commissioning of studies by independent agencies to assess
the quantum of black money both inside and outside the country. She also
said that the framing of the General Anti-Avoidance Rules and Controlled
Foreign Company Rules has been taken up under the proposed Direct Taxes
Code and efforts are underway to build political consensus on the Goods
and Services Tax, which will give a major boost to the economy by rationalising
indirect taxes and giving full input credit .Also operationalization of
new Income Tax Overseas Units, signing of new Double Taxation Avoidance
Agreements and new Tax Information Exchange Agreements and better implementation
of Transfer Pricing and International Taxation provisions have begun to
curb tax evasion.
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