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 ...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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 ...
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CBDT |
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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...
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CBDT |
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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 ...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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 ...
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CBDT |
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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...
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CBDT |
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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 ...
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CBDT |
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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...
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CBDT |
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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...
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CBDT |
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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 ...
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CBDT |
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CBDT issues second round of Appreciation Certificates to taxpayers
Posted Date : 26-Oct-2016 , 07:51:06 am | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley, had personally handed-over the Certificates of Appreciation to a few individuals at North Block in the national capital to commence the program of taxpayer appreciation on 19th September, 2016. The Central Board of Direct Taxes (CBDT) has sent-out such c...
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CBDT |
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Sushil Chandra to be the next CBDT Chief
Posted Date : 05-Oct-2016 , 10:43:45 pm | Posted By CASANSAAR
Senior Indian Revenue Service officer Sushil Chandra was today appointed chairperson of the Central Board of Direct Taxes (CBDT), the apex policy making body for the Income Tax department.
He will replace Rani Singh Nair, who retires this month-end.
Chandra, a 1980 batch officer of Indian Reve...
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CBDT |
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CBDT committed to Strict Confidentiality under Income Declaration Scheme: 2016
Posted Date : 03-Oct-2016 , 07:53:20 pm | Posted By CASANSAAR
While announcing the results of the Income Declaration Scheme 2016 on 1st October, 2016 at a press conference in Delhi, the Honourable Finance Minister Shri Arun Jaitley stressed that no break-up of these declarations on the basis of trades/cities/states shall be released in order to ensure absolute...
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CBDT |
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CBDT notifies 7 districts of Andhra Pradesh for availing tax incentives under the Income-tax Act.
Posted Date : 30-Sep-2016 , 10:38:03 pm | Posted By CASANSAAR
Under the Andhra Pradesh Re-organisation Act, 2014 the Government of India is extending special assistance to four districts of Rayalseema and three districts of North coastal Region of Andhra Pradesh. To further boost the industrial activities, the CBDT has notified these seven districts for a...
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CBDT |
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CBDT signs Five (5) more Unilateral Advance Pricing Agreements (APAs)
Posted Date : 24-Sep-2016 , 10:25:16 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today with Indian taxpayers. One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.
The f...
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CBDT |
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CBDT issues clarifications on Direct Tax Dispute Resolution Scheme 2016
Posted Date : 15-Sep-2016 , 02:18:15 pm | Posted By CASANSAAR
Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from June 1, 2016 and can be availed upto 31st December, 2016.
The scheme is available to the cases pending with the first ...
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CBDT |
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Pay tax under dispute resolution scheme on time to get relief: CBDT
Posted Date : 13-Sep-2016 , 10:13:56 am | Posted By CASANSAAR
CBDT said assessees taking advantage of the Direct Tax Dispute Resolution Scheme, 2016, will be required to pay the taxes within the stipulated period to avail the relief under the scheme.
"The tax payable under the scheme should be paid to the credit of the government on or before the...
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CBDT |
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CBDT issues circular endorsing validity of e-declarations
Posted Date : 01-Sep-2016 , 08:07:07 am | Posted By CASANSAAR
The CBDT has issued an order endorsing the legal validity of the e-declarations made under the ongoing domestic black money window, known as the Income Declaration Scheme (IDS).
With only a month left for the IDS to close on September 30, the Central Board of Direct Taxes (CBDT) said for those en...
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CBDT |
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CBDT signs 20 Unilateral Advance Pricing Agreements with Indian taxpayers
Posted Date : 30-Aug-2016 , 08:23:00 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into twenty (20) Unilateral Advance Pricing Agreements (APAs) yesterday and today, i.e., 29th August, 2016 and 30th August, 2016, with Indian taxpayers. Many of these agreements also have a “Rollback” provision in them.
The APA Sc...
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CBDT |
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Govt mulls ban on cash deals of over Rs 3 lakh - CBDT
Posted Date : 24-Aug-2016 , 08:49:26 am | Posted By CASANSAAR
The government is examining a recommendation by the special investigation team (SIT) to ban cash transactions of over Rs 3 lakh to clamp down on black money, the top Central Board of Direct Taxes (CBDT) official said on Tuesday.
Addressing an Assocham event, CBDT Chairperson Rani Singh Nai...
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CBDT |
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CBDT constitutes committee to review media policy
Posted Date : 10-Aug-2016 , 07:29:12 am | Posted By CASANSAAR
CBDT has constituted a new committee to "review" the existing media policy for communicating the activities of the board and the income tax department to the public.
The nine-member committee has been created under Central Board of Direct Taxes member...
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CBDT |
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Rani Nair set to be new CBDT Chairperson
Posted Date : 31-Jul-2016 , 06:31:08 pm | Posted By CASANSAAR
Senior IRS officer Rani Singh Nair is set to be appointed as the new CBDT Chairperson with incumbent Atulesh Jindal retiring today.
Nair, a 1979-batch Indian Revenue Service officer of the Income-Tax cadre, is currently working as Member (Legislation and Computerisation) in the Centra...
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CBDT |
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CBDT issues draft rules for taxing buy back of unlisted shares
Posted Date : 26-Jul-2016 , 08:25:19 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) on Monday came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax.
The distributed income was defined as the consideration paid by the company on buy back o...
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CBDT |
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Nine lakh cases under Income Tax Scanner: CBDT
Posted Date : 19-Jul-2016 , 07:48:05 am | Posted By CASANSAAR
The CBDT is looking into about nine lakh pieces of information of high-value transactions and planning to send preliminary notices to the suspected cases. Out of the total nine lakh pieces, one lakh cases valued over Rs 1 crore are under the department’s scanner, CBDT chairman Atulesh Jindal s...
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CBDT |
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Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)
Posted Date : 19-Jul-2016 , 07:26:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a “Rollback” provision in them.
The APA Scheme was introduced in the Income-tax Ac...
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CBDT |
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