The government is considering the Special Investigation Team (SIT) recommendation to ban all cash transactions of more than Rs three lakh, chairperson of the Central Board of Direct Taxes Rani Singh Nair said on Tuesday. “The SIT recommendations are under consideration,” Ms. Nair said while speaking at an Assocham conference. “So now that we have renegotiated Mauritius, Singapore is under discussion,” Ms Nair said. The General Anti-Avoidance Rule (GAAR) would supersede all other international tax treaties Indian has entered into, except those with specific provisions that run counter to GAAR, Mr Ranjan said. Black Money“There has been a change in the mindset of young people,” Ms Nair said while speaking on black money and how the taxation system could address the problem.

Source: The Hindu August 23, 2016 10:41 UTC