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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 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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  • 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 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 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 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 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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  • 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 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 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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  • 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 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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  • 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 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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  • 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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  • 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 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, ...

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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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