CBDT directs IT depatment to fast track refunds
Posted Date : 15-Jul-2016 , 08:36:20 am | Posted By CASANSAAR
In order to provide immediate relief to tax payers, the Central Board of Direct Taxes has directed the Income Tax department to ‘expeditiously’ issue refunds worth `5,000 for last three years of assessment.
The department on Thursday has issued directions on pending refunds of...
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CBDT issues new set of FAQs to clarify queries regarding Income Declaration Scheme, 2016.
Posted Date : 01-Jul-2016 , 08:53:23 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme came into effect on 1st June, 2016. Declarations under the Scheme may be filed upto 30th September, 2016. Vide C...
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CBDT relaxes rules for TDS claims by non-resident companies
Posted Date : 29-Jun-2016 , 09:25:14 am | Posted By CASANSAAR
Non-resident companies can now claim benefits of tax treaty by just providing personal details including, name, address and tax residency certificate, even without providing PAN.
The Central Board of Direct Taxes (CBDT) has come out with Rule 37BC, which gives relaxation to non-residents from f...
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CBDT notifies tax exemption on investments above fair market rate for startups
Posted Date : 20-Jun-2016 , 07:38:55 am | Posted By CASANSAAR
In a major incentive, startups can now issue shares to investors at higher than fair value without worrying about tax consequences.
The Central Board of Direct Taxes (CBDT) has notified the much awaited tax exemption on investments above fair market rate for startups.
"The exe...
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1% tax at source only on retail sales of motor vehicles: CBDT
Posted Date : 09-Jun-2016 , 08:07:24 am | Posted By CASANSAAR
The one per cent tax collection at source introduced in this year’s Budget on motor vehicles sold with value exceeding ₹10 lakh will apply only on retail sales transactions, the CBDT has said.
It will not cover motor vehicles sold by manufacturers to dealers/distributors, the ...
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Equalisation levy of 6 per cent to come in force from June 1: CBDT
Posted Date : 31-May-2016 , 08:23:13 am | Posted By CASANSAAR
Equalisation levy of 6 per cent on services pertaining to cross border digital transactions will come into effect from June 1.
At present, equalisation levy is leviable only on payments relating to online advertisements, said C A Gupta, Partner, Deloitte Haskins and Sells.
The Ce...
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CBDT extends e-appeal filing deadline to June 15
Posted Date : 28-May-2016 , 08:04:55 am | Posted By CASANSAAR
CBDT has extended the time limit for e-filing of the first appeal before a tax officer by a month to June 15 after taking cognisance of complaints made by taxpayers in complying with the exercise, operationalised for the first time this year.
“The matter has been examined by the Board (CBDT...
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CBDT begins consultation with stakeholders on GAAR
Posted Date : 28-May-2016 , 07:46:53 am | Posted By CASANSAAR
Gearing up to roll out the General Anti-Avoidance Rule (GAAR) from April next to check tax evasion through overseas jurisdictions, the CBDT today initiated a consultation process with general public and all stakeholders on provisions of the new regime.
"The general public and stakeholders ar...
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CBDT releases FAQs on black money scheme
Posted Date : 21-May-2016 , 07:23:04 am | Posted By CASANSAAR
The black money scheme announced in the budget has stringent checks and balances to ensure ill-gotten wealth is not laundered through this route.
Money earned through corruption, income caught in an income tax raid or a survey will not be eligible for declaration under the scheme, according...
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Comply with CIC orders invariably - CBDT to I-T dept
Posted Date : 19-May-2016 , 07:38:27 am | Posted By CASANSAAR
Citing some cases of non-compliance of Central Information Commission’s orders to the Income Tax department, CBDT has said the taxman should strictly comply with them and non-compliance will be taken “adversely”.
Officials said Central Board of Direct Taxes, the policy-making ...
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CBDT declares Aug 31 as deadline for clearing pending ITRs, Refunds
Posted Date : 10-May-2016 , 09:05:54 am | Posted By CASANSAAR
Central Board of Direct Taxes has declared August 31 as deadline for the taxpayers whose Income Tax Returns for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-bas...
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Ultra-rich must declare cost price of expensive assets: CBDT
Posted Date : 05-May-2016 , 08:21:51 am | Posted By CASANSAAR
The tax department on Wednesday said that people with annual income of over Rs 50 lakh will have to disclose the acquisition cost of each asset such as land, building and jewellery in the annual return.
The Central Board of Direct Taxes (CBDT) added that the luxury items to be disclos...
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Submit proof of travel for claiming tax deduction on LTA: CBDT
Posted Date : 04-May-2016 , 07:09:13 am | Posted By CASANSAAR
The Income Tax Department has brought out a new form making it mandatory for salaried taxpayers to furnish proof of travel for claiming tax deduction on LTA or LTC.
The Central Board of Direct Taxes (CBDT) has brought in a Form 12BB form requiring employees to furnish to their employe...
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CBDT publishes direct taxes related data for first time
Posted Date : 29-Apr-2016 , 07:52:18 am | Posted By CASANSAAR
In a first, CBDT has made public a host of hard data on the total number of taxpayers in the country, income disclosed in income tax returns by various category of taxpayers and number of PAN holders in the country for a chosen period of time.
The department said the objective of publishing the...
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CBDT issues draft rules on foreign tax credit
Posted Date : 18-Apr-2016 , 10:19:14 pm | Posted By CASANSAAR
The rules, once finalised will allow for tax credit with all countries with which India has a double tax avoidance agreement as well as tax paid by Indian residents in other specified countries.
At present, such a facility is not available in the Income Tax Act, 1961 and the introduction of suc...
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CBDT processes 6.53 lakh online rectification requests in income tax returns
Posted Date : 02-Apr-2016 , 07:58:37 am | Posted By CASANSAAR
The Income tax department has processed over 6.53 lakh online rectification applications in 2015-16 fiscal and asked the assessees to make use of the e-filing portal for correcting mistakes in Income tax returns.
The Central Board of Direct Taxes (CBDT) in a statement said the e-filing portal...
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CBDT halves I.Tax refunds issue timeline to 15 days this fiscal
Posted Date : 08-Mar-2016 , 07:54:24 am | Posted By CASANSAAR
Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT on Monday issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days.
In view of the large volume of p...
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CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage
Posted Date : 03-Mar-2016 , 10:06:54 pm | Posted By CASANSAAR
CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage; Decision of the Board to provide significant relief to the taxpayers in matters relating to grant of stay and recovery of demand by reducing arbitrariness in the disposal of stay petitions where the tax demand is contested ...
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CBDT clarifies various provisions of the Income-tax Act for reducing litigation and easing burden of compliance
Posted Date : 03-Mar-2016 , 10:05:54 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation.
It has been clarified through Circular No. 1/2016 that under Secti...
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New black money window not total amnesty scheme - CBDT
Posted Date : 02-Mar-2016 , 08:25:21 am | Posted By CASANSAAR
The new one-time compliance window for domestic black money holders is not a "total amnesty" scheme, CBDT said on Tuesday making it clear that declarations under it will enjoy immunity from prosecution except under the anti-corruption law, the anti-narcotics act and a few other legislation...
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CBDT resolves disputes to the tune of Rs 5000 crore under Mutual Agreement Procedure (MAP) of Tax Treaties
Posted Date : 17-Feb-2016 , 07:40:28 am | Posted By CASANSAAR
Since 1st April, 2014 till date, the Central Board of Direct Taxes (CBDT) has resolved 180 cases through a Mutual Agreement Procedure (MAP). The total amount of income locked- up in dispute in these cases is approximately Rs. 5,000 crore. The resolved cases pertain to various sectors of the economy ...
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Resolve taxpayers' rectification cases in 6 months - CBDT to I-T dept
Posted Date : 16-Feb-2016 , 08:12:11 am | Posted By CASANSAAR
In yet another step aimed at addressing taxpayers' grievances, the Central Board of Direct Taxes (CBDT) has directed the taxman to mandatorily resolve rectification pleas from assessees within the set six-month deadline.
CBDT, the nodal authority for framing policies for the I-T department, h...
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CBDT gets 11th Chairman in just 5 years
Posted Date : 09-Feb-2016 , 07:56:43 am | Posted By CASANSAAR
Right in the midst of budget preparations, Atulesh Jindal took over as the chairman of the Central Board of Direct Taxes or CBDT last week after his predecessor A.K. Jain retired on 31 January.
Jindal became the 11th chairperson to be appointed to helm the tax department in just over five years...
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CBDT asked Income Tax Dept to Redress taxpayers' grievances in 2 months
Posted Date : 08-Feb-2016 , 08:06:47 am | Posted By CASANSAAR
Terming as “unsatisfactory” the current pace of taxpayers’ grievance redressal process, the Central Board of Direct Taxes (CBDT) has asked the Income Tax (I-T) department to resolve these complaints within two months.
In a urgent missive to all regional heads...
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CBDT notifies procedure for email communication between taxman, taxpayer
Posted Date : 04-Feb-2016 , 11:27:04 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified the format and procedure for the taxman and taxpayers to usher in an ambitious pilot project of using emails as the new mode of communication between the two sides, as part of the government’s bid to reduce grievances of the tax-paying publ...
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CBDT Signs Two Bilateral Advance Pricing Agreements (APAs) With United Kingdom
Posted Date : 01-Feb-2016 , 10:27:31 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into two bilateral Advance Pricing Agreements (APAs) with United Kingdom on 29th January, 2016. With this signing, CBDT has concluded three bilateral APAs the first one being a bilateral APA signed with Japan in December, 2014.
The two bi...
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CBDT resolves 100 transfer pricing rows with US firms
Posted Date : 29-Jan-2016 , 09:40:52 am | Posted By CASANSAAR
Tax officials have resolved over 100 transfer pricing disputes with American multinational companies using the mutual agreement procedures (MAP) as the Centre tries to create an environment of tax certainty and encourage foreign companies to do business in India.
“More than 100 cases have...
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CBDT develops new software for filing digitally signed income tax returns
Posted Date : 27-Jan-2016 , 08:34:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has developed a new software after taxpayers complained of problems in filing income tax (I-T) returns with digital signatures.
Taxpayers had recently reported that they faced issues in using digital signature certificate at the time of uploading their I...
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Central Board of Direct Taxes (CBDT) Signs 7 more Unilateral Advance Pricing Agreements (APAS)
Posted Date : 22-Jan-2016 , 06:55:42 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into 7 more unilateral Advance Pricing Agreements (APAs) with taxpayers today. This takes the tally of APAs signed so far to 39 (38 unilateral and one bilateral). In the current fiscal year, which is the third year of APA programme, 30 agreements have...
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CBDT |
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Atulesh Jindal appointed as new CBDT Chairman
Posted Date : 22-Jan-2016 , 09:58:41 am | Posted By CASANSAAR
Senior revenue service officer Atulesh Jindal appointed as Chairman of Central Board of Direct Taxes (CBDT), the apex policy making body of Income Tax department.
He will succeed A K Jain, who completes his term this month-end.
The Appointments Committee of the Cabinet has app...
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