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 |
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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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CBDT |
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0 | Hits : 1445
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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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CBDT |
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Expedite scrutiny cases below Rs 5 lakh: CBDT to taxman
Posted Date : 31-Dec-2015 , 07:21:09 am | Posted By CASANSAAR
In fresh moves to end taxpayers grievances, CBDT has asked the taxman to "expeditiously" complete those scrutiny cases where income concealed is uptoRs 5 lakh .
It has asked the Assessing Officers (AOs) to confine their queries for which the case has been picked up for scrutiny under th...
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CBDT |
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CBDT issues MAT order pertaining to foreign companies
Posted Date : 24-Dec-2015 , 08:09:25 am | Posted By CASANSAAR
To end uncertainty over applicability of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs) and foreign companies, the Central Board of Direct Taxes (CBDT) on Wednesday asked its field officers to complete the pending assessments in light of the directions issued regarding inappli...
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CBDT |
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CBDT notifies new Income Tax authority
Posted Date : 18-Dec-2015 , 08:08:08 am | Posted By CASANSAAR
CBDT notified the new Income Tax department authority which will now be empowered to receive due taxes and penalty from those who had availed the one-time compliance window under the latest anti-black money Act enacted by the government.”
with effect from December 18, 2015 and until f...
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CBDT |
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CBDT takes Initiatives for reducing Tax Litigation as a part of its initiatives to reduce grievances of the taxpayers
Posted Date : 15-Dec-2015 , 09:58:02 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued a Circular revising the monetary limits for filing of appeals by the Department with the objective of reducing litigation as a part of its initiatives to reduce grievances of the taxpayers.
The monetary limits for filing of appeals by the Depart...
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CBDT |
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0 | Hits : 915
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CBDT ups monetary limit for court appeal by income tax
Posted Date : 15-Dec-2015 , 08:33:51 am | Posted By CASANSAAR
In order to cut down on frivolous litigation and taxpayers grievances, the CBDT has issued fresh directions revising the monetary threshold for the taxman to appeal at two important legal forums -- ITAT and High Courts.
The Central Board of Direct Taxes, which formulates policies for the tax de...
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CBDT |
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CBDT switching to computer-assisted tax scrutiny - FM
Posted Date : 09-Dec-2015 , 09:34:00 am | Posted By CASANSAAR
The process of selecting tax cases for scrutiny on a random basis is being replaced by a system-based centralised approach, the government today said.
"It may be clarified that for the past several years, the process of selection of cases for scrutiny on a random basis has been dispens...
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CBDT |
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CBDT notifies emails as new communication mode with taxpayers
Posted Date : 07-Dec-2015 , 10:17:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified an amendment in the Income Tax Act that would allow the department to serve notices to taxpayers through their registered emails and would also make it legitimate for assessees to file their responses and authenticated documents through electroni...
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CBDT |
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1 | Hits : 1427
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A K Jain To Be Acting Chairman Of CBDT
Posted Date : 02-Dec-2015 , 08:04:23 am | Posted By CASANSAAR
Senior IRS officer A K Jain was today appointed acting Chairman of the CBDT following the retirement of its Chairperson Anita Kapur.
Jain, a 1978 batch Indian Revenue Services Officer, will be holding additional charge as chairperson of Central Board of Direct Taxes, the apex policy makin...
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CBDT |
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0 | Hits : 947
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CBDT defines Charitable Purpose for benefits under I-T Act
Posted Date : 01-Dec-2015 , 08:11:42 am | Posted By CASANSAAR
With a view to weed out commercial activities under the garb of charity, the tax department has said any general public service that involves trade, commerce or business for a consideration will not be treated as Charity under the Income Tax act.
Issuing 'Explanatory Notes to the Provis...
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CBDT |
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0 | Hits : 1403
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CBDT takes fresh look at tax accounting standards
Posted Date : 27-Nov-2015 , 10:36:19 am | Posted By CASANSAAR
Heeding to industry concerns, the income tax department has decided to take a fresh look at the tax accounting standards being implemented from this fiscal, which are primarily aimed at protecting the government’s tax revenue from diverse accounting practices followed by the industry.
The...
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CBDT |
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0 | Hits : 885
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Govt. unveils detailed roadmap to phase out tax exemptions for corporate sector
Posted Date : 21-Nov-2015 , 11:47:42 am | Posted By CASANSAAR
Government has unveiled a detailed roadmap to phase out tax exemptions for the corporate sector and bring down its tax rate from 30 to 25 percent. Finance Ministry said in a release that Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporat...
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CBDT |
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CBDT to set up taxpayers lounge at India International Trade Fair 2015
Posted Date : 13-Nov-2015 , 10:00:31 pm | Posted By CASANSAAR
The Income Tax Department will be setting-up a 'Taxpayers' Lounge' at the India International Trade Fair (IITF) - 2015 at Pragati Maidan, in national capital from 14th to 27th November, 2015.
The theme of the Taxpayers' Lounge this year would follow the theme of IITF 2015 i....
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CBDT |
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CBDT clarifies on interest earned by banks on investments in non-SLR securities
Posted Date : 04-Nov-2015 , 08:58:50 am | Posted By CASANSAAR
Accepting the Supreme Court’s stance, the Central Board of Direct Taxes (CBDT) has clarified that interest earned by banks on investments in “non-SLR” securities will be taxed only as “business income”, not as “income from other sources”.
The fallout of...
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CBDT |
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CBDT plans paperless I-T assessment over emails
Posted Date : 21-Oct-2015 , 07:39:16 am | Posted By CASANSAAR
Scared of facing income tax officer? In a major initiative to address tax harassment, the authorities plan to do paperless income tax assessment over emails.
The Central Board of Direct Taxes (CBDT) has rolled out a pilot project whereby e-hearing would be conducted in 100 cases.
&...
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CBDT |
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CBDT simplifies the format and procedure for Form No. 15G and 15H
Posted Date : 30-Sep-2015 , 02:51:15 pm | Posted By CASANSAAR
Tax payers seeking non deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 (‘the Act’). In order to reduce the cost of compliance and ease the compliance burden for ...
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CBDT |
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Gujrat High Court also directed the CBDT to extend the date to 31st Oct 2015
Posted Date : 29-Sep-2015 , 01:34:08 pm | Posted By CASANSAAR
After Punjab & Haryana High Court the Gujarat High Court also directs CBDT to extend the due date for Filing of ITR to October 31st in its Judgement today....
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CBDT |
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CBDT forms panel to examine industry-based tax assessment system
Posted Date : 15-Sep-2015 , 09:07:45 pm | Posted By CASANSAAR
CBDT has constituted a new committee to examine the feasibility of implementing a new tax assessment system of 'industry-based jurisdiction' instead of the current system of territorial revenue collection in the country.
The six-member committee, to be headed by a Principal Commissi...
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CBDT |
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No Extension of Date for Filing of Returns due by 30th September for AY 2015-16 - CBDT
Posted Date : 09-Sep-2015 , 06:36:07 pm | Posted By CASANSAAR
No Extension of Date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees Including Companies, and Firms and, Individuals Engaged in Proprietary Business/Profession etc whose Accounts are required to be Audited; Taxpayers are Advised to file the...
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CBDT |
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2 | Hits : 2096
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CBDT: Filing of court case must if illegal foreign assets are detected
Posted Date : 09-Sep-2015 , 08:35:13 am | Posted By CASANSAAR
Taking a tough stance against black money, the CBDT has directed the Income Tax department to mandatorily launch court cases against people found to be holding stash funds and tainted assets abroad and consider "compounding" of such offences only at a later stage.
The apex policy-maki...
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CBDT |
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Undisclosed foreign bank accounts: CBDT issues guidelines for compounding of offences
Posted Date : 08-Sep-2015 , 08:33:40 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued guidelines for compounding of offences under Income Tax Act, 1961/Wealth Tax Act, 1957, in cases of persons holding undisclosed foreign bank accounts/assets. The CBDT on Friday issued directions to all field formations, including principal chief co...
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CBDT |
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CBDT Issues a Circular Clarifying Another Set of 27 Queries Relatinga to Tax Compliance Provision Under Chapter VI of the Black Money Act
Posted Date : 04-Sep-2015 , 08:57:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has considered the queries received from the public about the tax compliance provisions under Chapter-VI of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘Black Money Act’) and issued a Cir...
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CBDT |
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CBDT makes transfer pricing scrutiny transparent
Posted Date : 01-Sep-2015 , 08:28:27 am | Posted By CASANSAAR
The income-tax department has reorganised the criteria of transfer pricing cases for manual selection for scrutiny of tax returns to bring it in line with international tax practices.
Transfer pricing cases where the I-T department has added at least Rs 10 crore to tax charged over the declared...
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CBDT |
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CBDT ready to address problem of over-pitched assessments
Posted Date : 25-Aug-2015 , 07:04:47 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is “ready” to address the problem of “over-pitched” assessments by the officers of income tax department, its Chairperson Anita Kapur has said.
At the same time, the CBDT also expects enterprises and their consultants to contribut...
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CBDT |
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CBDT Constitutes Committee To Fine Tune Transfer Policy
Posted Date : 16-Aug-2015 , 10:32:38 pm | Posted By CASANSAAR
In view of large scale cadre restructuring being effected in the Income Tax department recently, the CBDT has constituted a committee to review the existing transfer and posting policy in the organisation.
The restructuring has brought about large scale changes in the jurisdiction of I-T ...
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CBDT |
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0 | Hits : 1032
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After CAG rap, CBDT asks its audit wing to plug holes
Posted Date : 13-Aug-2015 , 08:56:31 am | Posted By CASANSAAR
After reports of deficiencies in assessment orders of top corporate cases, the Central Board of Direct Taxes (CBDT) has asked its internal audit wing to take up top 100 cases under each commissioner to mandatorily audit their assessment orders every year.
The Comptroller and Auditor General...
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CBDT |
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CBDT Signs Advance Pricing Agreements (APAs) to Usher in Certainity in Taxation
Posted Date : 06-Aug-2015 , 10:18:58 pm | Posted By CASANSAAR
As a part of a major initiative to usher in certainty in taxation, the Central Board of Direct Taxes (CBDT) entered into two unilateral Advance Pricing Agreements (APAs) on 3 August, 2015 with two Multi-National Companies (MNCs) which includes the first APA with a “Rollback” provision. W...
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CBDT |
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