India US to sign tax sharing agreement

News:

• India and the United States will sign a tax information sharing agreement, under a new US law meant to combat offshore tax dodging by Americans.
• By signing the agreement, India hopes to garner Washington’s support for its own efforts to bring back illicit funds stashed by Indians in foreign tax havens and boost revenues.
• Under the agreement, banks, mutual funds, insurance, pension and stock-broking firms will report their American client details to the tax department for sharing with the US.