India, U.S. to intensify cooperation in tax evasion cases

TheHindu.com

India and the United States have decided to enhance cooperation for automatic exchange of information on tax evasion and detection of financial crimes, shoring up efforts to crackdown on blackmoney cases involving economic channels of the two countries.

A team of the US Treasury officials recently met Indian Income Tax and CBDT officials for negotiating an Inter-Governmental Agreement (IGA) which will enable faster access to tax evasion related information and tax crimes by individuals and entities of the two countries.

India, since 2009, has a Double Taxation Avoidance Agreement (DTAA) treaty with the US which is also under revision for betterment of protocols.

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