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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CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961
Posted Date : 20-Jun-2017 , 09:03:47 am | Posted By CASANSAAR
Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time limit for repatriation of excess money and the rate of interest to be applied for computing the income in case of failure to repatri...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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0 | Hits : 1956
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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 ...
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CBDT |
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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...
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CBDT |
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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 ...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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