CBDT forms task force for a unified I-T assessment system
Posted Date : 16-Jun-2017 , 08:50:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has constituted a special task force to chart the road map for its ambitious proposal of a jurisdiction-free income tax assessment system and e-scrutiny of taxpayers.
The 13-member task force has been asked to submit its report on the new tax assessment pr...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 612
|
 |
CBDT invites comments on draft notification for foreign companies held as resident in India as per POEM
Posted Date : 16-Jun-2017 , 08:32:20 am | Posted By CASANSAAR
CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961
Finance Act, 2016, inter alia, introduced special provisions in respect of foreign company said to be res...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 444
|
|
Aadhaar must for filing returns from July 1 - CBDT
Posted Date : 12-Jun-2017 , 07:55:22 am | Posted By CASANSAAR
The CBDT made it clear that Aadhaar will be a “must” for filing of Income Tax Returns or for obtaining a new PAN from July 1.
The policy—making body of the Income Tax Department issued a statement stating that the Supreme Court yesterday had only given a “partial relief&rd...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 807
|
|
CBDT notifies new Safe Harbour Regime
Posted Date : 09-Jun-2017 , 09:51:21 am | Posted By CASANSAAR
In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of th...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 474
|
|
CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response
Posted Date : 26-May-2017 , 12:28:35 pm | Posted By CASANSAAR
Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.
In case there are reportable transactions for the y...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 3950
|
|
CBDT signs two unilateral advance pricing agreements
Posted Date : 23-May-2017 , 07:41:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered two unilateral Advance Pricing Agreements (APAs) pertaining software and information technology sectors.
"The CBDT has entered into two Unilateral Advance Pricing Agreements (APA) on May 4, 2017, and May 11, 2017, respectively, with Indian...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 261
|
|
CBDT invites comments from stakeholders on Draft ICDS on Real Estate Transactions
Posted Date : 11-May-2017 , 08:11:13 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017
The Committee constituted by the Finance Minister to suggest the areas in respect of which further I...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 590
|
|
CBDT chairman Sushil Chandra gets one-year extension
Posted Date : 10-May-2017 , 07:59:29 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra, whose current term was until June 1, has been given a one-year extension, a cabinet communique said on Monday.
"The Appointments Committee of the Cabinet (ACC) has approved the proposal for re-appointment of Sushil Chandra as Chai...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 467
|
|
CBDT clears the air on rental incomes from industrial parks, SEZs
Posted Date : 27-Apr-2017 , 10:22:50 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property&rdqu...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 479
|
|
CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
Posted Date : 11-Apr-2017 , 01:51:00 pm | Posted By CASANSAAR
In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.
Applicant companies submit a common application form SPICe (IN...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1416
|
|
CBDT requests for stakeholder’s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961
Posted Date : 03-Apr-2017 , 07:41:48 pm | Posted By CASANSAAR
Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017, provided that the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 569
|
|
No relief to those who defaulted on IDS installment - CBDT
Posted Date : 30-Mar-2017 , 10:39:46 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has ruled out any relief for those who declared unaccounted income under the Income Declaration Scheme (IDS) but failed to pay the first instalment of the tax and penalty.
The CBDT said any relaxation will be “discriminatory” against thos...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 370
|
|
CBDT to waive interest if tax demand paid in retro cases
Posted Date : 26-Mar-2017 , 06:12:30 pm | Posted By CASANSAAR
The tax department will waive interest liability if the principal demand of capital gains tax is paid by companies like Cairn India and Vodafone plc.
The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios.
In ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 305
|
|
CBDT forms panel to trace Absconding I-T Dept officials
Posted Date : 25-Mar-2017 , 09:24:26 am | Posted By CASANSAAR
There could be about 100 officials of the income tax department across the country who have been on unauthorised leave and not reported to work for years.
These officials, without resigning from the government, have either gone ahead with other ventures or have not reported to work after being se...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 524
|
|
CBDT asks field officers to fast track prosecution cases against shell companies
Posted Date : 13-Mar-2017 , 07:59:24 pm | Posted By CASANSAAR
CBDT asks its field officers to fast track prosecution cases against shell companies which claimed bogus long-term capital gains.
The Central Board of Direct Taxes, CBDT has asked its field officers to fast track prosecution cases against shell companies which claimed bogus long-term c...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 531
|
|
CBDT signs 10 more unilateral APAs with taxpayers
Posted Date : 01-Mar-2017 , 08:16:20 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has signed 10 more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
The 10 APAs signed in the past one week pertain to sectors like telecom, pharma, banking and ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 428
|
|
No threat, show cause to be issued under Operation Clean Money - CBDT
Posted Date : 22-Feb-2017 , 08:43:05 am | Posted By CASANSAAR
The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban.
The Central Board of Direct Taxes (CBDT), the policy-making body of t...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 357
|
|
SMEs to pay 25 per cent tax even if Rs 50 crore limit crossed in FY17 - CBDT Chairman
Posted Date : 06-Feb-2017 , 11:37:22 pm | Posted By CASANSAAR
The I-T department on Monday said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 per cent from April 1 even if they cross the threshold in 2016-17 or subsequent years. Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said the inco...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1045
|
|
CBDT identifies 18 L people with suspicious deposits
Posted Date : 01-Feb-2017 , 08:22:43 am | Posted By CASANSAAR
The Income Tax department has identified 18 lakh people who have made 'suspicious' cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds.
These people will have to reply within 10 ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 675
|
|
CBDT issues Guiding Principles for determination of Place of Effective Management (POEM) of a Company
Posted Date : 24-Jan-2017 , 09:48:59 pm | Posted By CASANSAAR
The concept of Place of Effective Management (POEM) for deciding the Residential Status of a company was introduced by the Finance Act, 2015. It is effective from 01.04.2016 and accordingly shall apply from assessment year 2017-18 onwards. The guidelines for determining the POEM has been uploaded on...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 342
|
|
IDS disclosures valid if taxes realised by December 5 - CBDT
Posted Date : 18-Jan-2017 , 09:06:28 am | Posted By CASANSAAR
In a minor relaxation to IDS tax payment rules, the Income Tax Department has said disclosures under the scheme will be considered valid even if the tax amount has been realised by December 5.
The first instalment of taxes was to be paid by November 30.
The government had come out ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 513
|
|
CBDT plans to act on accounts with huge deposits first
Posted Date : 31-Dec-2016 , 08:35:41 am | Posted By CASANSAAR
As the time-frame to deposit the cash in demonetised Rs 500 and Rs 1,000 notes comes to an end, the Income Tax Department on Friday said that it will have to prioritise and plan the action and is likely to verify accounts with huge deposits first, considering the constraints of a limited manpower co...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 982
|
|
CBDT asks I-T to ensure better collection of revenue arrears
Posted Date : 21-Dec-2016 , 10:20:56 pm | Posted By CASANSAAR
Concerned over 60 per cent shortfall in cash collection from arrear demands, the CBDT has asked the Income Tax department to pull up its socks and ensure it achieves the target in this regard as the current fiscal is running out fast. While the Central Board of Direct Taxes (CBDT), the policy-making...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 401
|
|
CBDT to organise drive to sensitise taxpayer of e-initiatives
Posted Date : 12-Dec-2016 , 09:14:55 am | Posted By CASANSAAR
The Income Tax Department is mulling a major educational drive to update professionals, taxpayers and representatives of trade bodies about the initiatives being taken by it with regard to online grievance redressal and e-filing of returns. The drive is aimed at updating stakeholders who have not be...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 386
|
|
Mandatory to quote PAN for Rs 2.5L deposits: CBDT
Posted Date : 18-Nov-2016 , 08:04:16 am | Posted By CASANSAAR
Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said.
Quoting PAN is mandatory for cash deposit of over Rs 50,000 in a single day in scheduled or a cooperative bank.
The ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 405
|
|
CBDT to install cheque deposit machines at Ayakar Seva Kendras
Posted Date : 07-Nov-2016 , 08:27:51 am | Posted By CASANSAAR
In order to make the department more taxpayer friendly, Central Board of Direct Taxes (CBDT) has decided to install cheque deposit machines at Ayakar Seva Kendras (ASKs) and launch a modified website to assist assesses to ascertain their tax liability.
As per the road map prepared by the CBDT, th...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 244
|
|
Sushil Chandra takes charges as CBDT chairman
Posted Date : 02-Nov-2016 , 07:48:41 am | Posted By CASANSAAR
Sushil Chandra, a 1980 batch Indian Revenue Service officer, took charge as the chairman of the Central Board of Direct Taxes (CBDT) on Tuesday.
Chandra has held the post of member, in charge of investigation, CBDT since December 2015 and is said to have played a crucial role in the success of ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 278
|
|
CBDT asks taxmen to ensure revenue collection targets are met
Posted Date : 31-Oct-2016 , 06:34:43 pm | Posted By CASANSAAR
CBDT has asked taxmen to pull up their socks to ensure targeted revenue collection targets are met as the figures till September show a shortfall of an estimated over Rs 14,000 crore.
In a letter written to all the field formations of the Income Tax department, Central Board of Direct Taxes Chair...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 329
|
|
CBDT signs five unilateral advance pricing agreements with Indian taxpayers
Posted Date : 28-Oct-2016 , 12:21:04 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into five Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.
The agreements cover a range of international transactions, including sale of finished goods, purchase of raw materials, software development services, IT enabled ser...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 236
|
|
CBDT releases data relating to ITR Statistics for A.Y. 2013-14 & 2014-15
Posted Date : 26-Oct-2016 , 10:56:15 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) had proactively released in April, 2016 time-series data relating to direct tax collections, number of taxpayers, cost of collection, etc., data of number of PAN allotted and data relating to distribution of income and tax payable in the returns for AY ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 696
|
|
|
