CBDT to scrutinise 0.35% Income Tax returns filed last year
Posted Date : 10-Aug-2018 , 02:06:12 am | Posted By CASANSAAR
Central Board of Direct Taxes Chairman Sushil Chandra said the income tax department picked only 0.35 per cent tax evasion cases for scrutiny of the 68.6-million returns filed for the 2018-19 assessment year.
He said the department had faith in the taxpayers, but would not allow evaders to go sco...
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CBDT signs 9 more unilateral APAs with taxpayers in July
Posted Date : 02-Aug-2018 , 08:58:50 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has signed nine more unilateral advance pricing agreements (APAs) with Indian taxpayers in July as it looks to reduce litigation by providing certainty in transfer pricing.
The nine APAs signed in the past one month pertain to sectors like telecom, healthc...
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CBDT |
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CBDT instructs Income Tax Dept to add 1.25-cr fresh tax filers this year
Posted Date : 23-Jul-2018 , 10:03:38 am | Posted By CASANSAAR
The Central Board of Direct Taxation (CBDT) has directed the Income Tax Department to add at least 1.25 crore fresh tax filers from across the country - the highest being from Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir - in view of increased economic activities.
The directions have b...
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CBDT |
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CBDT directs tax sleuths to survey, inspect high value transactions
Posted Date : 19-Jul-2018 , 08:27:34 am | Posted By CASANSAAR
Banking companies, co-operative banks, trustees of mutual funds (MFs), post offices, registrars, and others who are mandated to file the statement of financial transaction (SFT) report on high-value transactions have come under the income-tax department’s (I-T) scanner. The Central Board of Di...
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CBDT |
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CBDT instructs taxmen to withdraw appeals below threshold
Posted Date : 18-Jul-2018 , 07:49:45 am | Posted By CASANSAAR
Following the government’s move increasing the threshold for appeals filed by the direct taxes department in order to reduce litigation, the Central Board of Direct Taxes (CBDT) on Tuesday directed its field offices to withdraw by August 20 the appeals pending before tribunals and courts that ...
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CBDT |
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Election Commission writes to CBDT on affidavits
Posted Date : 12-Jul-2018 , 08:19:10 am | Posted By CASANSAAR
The Election Commission has told the Central Board of Direct Taxes (CBDT) to create a uniform format for reporting discrepancies between the assets and liabilities shown by candidates in their affidavits and those declared to the Income-Tax Department.
It plans to make the findings public. ...
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CBDT |
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Income Tax refunds worth Rs 70,000 crore issued, 99% claims processed - CBDT
Posted Date : 05-Jul-2018 , 09:24:41 am | Posted By CASANSAAR
Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today.
The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later...
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Prompt investigation taking place in fresh series of cases pertaining to Panama Papers
Posted Date : 22-Jun-2018 , 07:56:17 am | Posted By CASANSAAR
Central Board of Direct Taxes(CBDT) today said, prompt investigation is being taken in fresh series of cases pertaining to Panama Papers.
In a release, the Board said, the fresh Panama Papers reveal made in the media is being promptly looked into by the law enforcement agencies under the ae...
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CBDT |
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CBDT issues draft notification for amending computation of interest income
Posted Date : 21-Jun-2018 , 10:34:19 am | Posted By CASANSAAR
The Department of Income Tax (IT) through the Central Board of Direct Taxes (CBDT) has prposed to amend Rule 10CB of IT Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment u/s 92CE of IT Act, 1961.
In this regard, a CBDT spokesperson said that a draft notific...
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CBDT |
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CBDT marks Jun 1-15 for expeditious disposal of pending appeals
Posted Date : 07-Jun-2018 , 07:27:33 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has dedicated a fortnight beginning June 1 for expeditious disposal of pending appeals and rectification matters.
The direct tax body in a statement said the assessing officers have been directed to accord top priority to such matters and to give spe...
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CBDT |
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CBDT directs IT dept to hold grievance redressal fortnight in June
Posted Date : 16-May-2018 , 06:17:50 pm | Posted By CASANSAAR
CBDT has directed the Income Tax department to hold a special 'grievance redressal fortnight' next month to address taxpayers' disputes regarding rectification and adjustments made in tax demands.
The policy-making body for the tax department has asked the regional chiefs of the depar...
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CBDT |
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CBDT notifies the Protocol amending the DTAA between India and Kuwait
Posted Date : 07-May-2018 , 05:37:44 pm | Posted By CASANSAAR
A Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017. The said Protocol has entered into force o...
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CBDT |
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CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962
Posted Date : 04-May-2018 , 09:31:24 am | Posted By CASANSAAR
Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been prov...
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CBDT |
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CBDT achieves another milestone by signing its 200th UAPA in April, 2018
Posted Date : 04-May-2018 , 09:21:23 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into one Unilateral Advance Pricing Agreement (UAPA) during the month of April, 2018. With the signing of this Agreement, the CBDT has achieved another milestone of having signed its 200th UAPA. The total number of APAs entered into by CBDT has go...
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CBDT |
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CBDT proposes changes in norms for advance ruling
Posted Date : 12-Apr-2018 , 08:24:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives, which mandate spontaneous exchange of information on ruling with countries of immediate as well ...
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CBDT |
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CBDT amends PAN application form to include third gender option
Posted Date : 11-Apr-2018 , 08:38:22 am | Posted By CASANSAAR
In a positive move, the government has amended its Income Tax rules to allow transgenders to be recognised as the third gender in the Permanent Account Number (PAN). Changing its application form by including a new tick box for transgenders, Central Board of Direct Taxes (CBDT) on Monday issued a no...
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CBDT |
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Clarification regarding applicability of standard deduction to pension received from the former employer
Posted Date : 05-Apr-2018 , 02:55:50 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961(“the Act”) to provide that a taxpayer h...
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CBDT |
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Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018
Posted Date : 03-Apr-2018 , 04:06:06 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018. The 2 bilateral APAs have been entered into with the United States of America. With the signing of these Agreements...
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CBDT |
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CBDT extends date till 31.3.18 for linking of Aadhaar with PAN
Posted Date : 08-Dec-2017 , 08:18:51 pm | Posted By CASANSAAR
Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the ta...
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CBDT |
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CBDT warns taxman against roving, fishing scrutiny inquiries
Posted Date : 02-Dec-2017 , 09:07:55 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has warned the taxman against undertaking "roving or fishing" inquiries in the name of scrutiny assessments and asked them to scrupulously adhere to its guidelines.
The policy-making body of the department, in a stern two-page communication...
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CBDT |
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CBDT relaxes norms for MAP & APAs
Posted Date : 28-Nov-2017 , 07:47:52 am | Posted By CASANSAAR
The income tax department will continue to receive applications for bilateral advance pricing agreement (APA) and mutual agreement procedures (MAP) from companies despite the absence of a particular clause — corresponding adjustment — in the double taxation avoidance agreement (DTAA) wit...
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CBDT |
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300 pc jump in PAN applications post note ban - CBDT
Posted Date : 15-Nov-2017 , 08:10:52 am | Posted By CASANSAAR
There was a 300 per cent jump in the number of applications for PAN (Permanent Account Number) post demonetisation, the CBDT said.
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said while there were around 2.5 lakh PAN applications per month earlier, after the Centre announced to s...
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CBDT |
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CBDT may shelve plan to seek corporate tax estimates in advance
Posted Date : 14-Nov-2017 , 08:02:20 am | Posted By CASANSAAR
Giving corporates and professionals a breather, the Central Board of Direct Taxes may junk its proposal directing them to submit their tax payment estimate for the next two quarters in advance.
In September, the CBDT came up with a draft notification directing companies with an annual income of...
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CBDT |
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CBDT signs 7 more unilateral APAs with taxpayers
Posted Date : 03-Nov-2017 , 07:46:46 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
The seven APAs signed over the last month pertain to sectors like FMCG, semi-conductor, information t...
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CBDT |
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CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File
Posted Date : 01-Nov-2017 , 09:27:10 pm | Posted By CASANSAAR
In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the I...
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CBDT |
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MOU between the MCA and CBDT for Automatic and Regular Exchange of Information
Posted Date : 14-Sep-2017 , 09:26:18 pm | Posted By CASANSAAR
Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of D...
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CBDT |
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No inconsistency in number of tax payers - CBDT
Posted Date : 18-Aug-2017 , 09:45:49 pm | Posted By CASANSAAR
The tax department on Friday said the number of individuals filing income tax returns has jumped to 2.79 crore this year from 2.23 crore last year, matching with the 56 lakh new tax payer addition stated by Prime Minister Narendra Modi.
The statement by the tax department follows some doubting th...
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CBDT |
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CBDT comes out with clarification on MAT for Ind AS companies
Posted Date : 26-Jul-2017 , 08:13:43 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has come up with Frequently Asked Questions (FAQs) clarifying on issues around Minimum Alternate Tax (MAT) provisions for Indian Accounting Standard (Ind AS) compliant companies.
A specific circular with clarifications on this issue has now been issued in ...
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CBDT |
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CBDT entered into Five Unilateral Advance Pricing Agreement with Indian taxpayers
Posted Date : 28-Jun-2017 , 04:54:53 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into Five Unilateral Advance Pricing Agreement with Indian taxpayers during June, 2017. A Bilateral Advance Pricing Agreement (involving United Kingdom) was also signed during the month.
The APA Scheme endeavours to provide certainty to taxpayers i...
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CBDT |
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CBDT notifies new scrutiny notices with e-facility for taxpayers
Posted Date : 25-Jun-2017 , 09:44:00 am | Posted By CASANSAAR
The CBDT has notified revised income tax scrutiny notices that will allow taxpayers to conduct their business with the taxman over the Internet without needing to visit the I-T office, hence reducing physical interface between them.
The new format pertains to three types of notices that are issue...
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CBDT |
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