The Central Board for Direct Taxes (CBDT) in India has given taxpayers an extra two months to file their Tax Audit Report (TAR) for the Assessment Year 2014-2015 because of changes it made in July to the forms required. However, there is no extension for the filing of income tax returns, which are still required by September 30.
EXCLUSIVE: On Monday July 21 the OECD released the full version of the Standard for Automatic Exchange of Financial Account Information in Tax Matters, which requires financial institutions to report detailed financial account information to their governments, which then exchange such information automatically with other jurisdictions on an annual basis. The Standard developed by OECD in response to a mandate by the G20 was first presented to and endorsed by the G20 Finance Ministers in February 2014.
The OECD today unveiled the full version of the new global standard for automatic exchange of information between jurisdictions, which will be presented to the meeting of G20 finance ministers in Cairns, Australia on September 20 and 21.
