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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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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 o...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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