21 January 2017
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  • Tax breather for foreign investors: All you need to know
    Jan 18, 2017
    Foreign portfolio investors (FPI) can now breathe easy with the Income Tax (I-T) Department on Tuesday putting in abeyance its controversial circular on taxing India-dedicated funds.Experts said clarity was necessary on the issue at the earliest so that FPIs were certain. They expect the finance ministry to amend the law in the Budget to put an end to the controversy.The circular, in the form of frequently asked questions (FAQs), had spooked the markets when it was issued last month.
  • Anti-avoidance tax rule to kick in from April 2017
    Jan 09, 2017
    Tax anti-avoidance rule GAAR will kick in from April 1, 2017, the tax department said today.In its 2016 year-end review, the Central Board of Direct Taxes, which is the apex policy making body of the I-T department, listed its major achievements."Major achievements of CBDT in the current financial year 2016-17 so far include, among others, Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19," an official statement said.
  • Govt’s direct tax kitty swells to Rs 5.57 lakh cr in Apr-Dec period
    Dec 30, 2016
    Government’s direct tax kitty has swollen to Rs 5.57 lakh crore between April 1 and December 19 this year, thereby achieving 65% of budget estimates.The mop up from indirect tax, which comprises customs, excise and service tax, in April-November period jumped 26.2% to Rs 7.53 lakh crore.Belying fears of slowdown in industrial activity post demonetisation, the indirect tax collection in November alone grew 23.1% to Rs 67,358 crore.Finance minister Arun Jaitley said, irrespective of what critics had predicted, figures revealed that till November 30, there is a significant increase in indirect taxes.
  • CBDT extends deadline for tax settlement scheme till January 31
    Dec 30, 2016
    Giving companies like Vodafone and Cairn Energy one more month to accept its offer to settle retro tax disputes, the government has extended till January 31 its one-time tax dispute resolution scheme. The Direct Tax Dispute Resolution Scheme, announced by Finance Minister Arun Jaitley in the budget for 2016-17, seeks not just to settle disputes in retrospective taxes, but end nearly 2.6 lakh pending tax cases where Rs 5.16 lakh crore are locked in.
  • Direct tax collections in Mumbai, Delhi in single digit
    Dec 29, 2016
    Direct tax collections by both Mumbai and Delhi zones of the Income Tax department were in single digit until December 24, a department official said. It is inspite of the fact that the net revenue collections were in double digit during the period not only at the national level, but also at zonal level.The Mumbai zone, which is responsible for collection of more than one-third of total tax being collected from across the country, garnered revenue amounting to Rs 1.74 trillion during the reporting period from Rs 1.59 trillion a year ago, thus showing a growth of 9 per cent, an official told PTI here today.
  • Cos must drop retro tax cases to avail settlement scheme: CBDT
    Dec 26, 2016
    Vodafone, Cairn Energy and other firms facing retrospective tax demand will have to withdraw legal cases and give up the right to contest constitutional validity of back-dated amendment to I-T laws if they want to avail of the dispute resolution scheme ending on December 31.The government, in the Budget 2016—17, had announced a scheme to settle the retrospective tax disputes by waiving interest and penalty if the companies paid up the principal tax amount. The scheme opened on June 1 and is due to close on December 31.In the second FAQ on the Direct Tax Dispute Resolution Scheme, 2016, the Central Board of Direct Taxes (CBDT) said that for any company to avail of the settlement, it has to withdraw writ petitions pending before any court against imposition of retrospective taxation and furnish proof of the same.
  • More exemptions and rebates: Direct tax sops likely in Budget
    Dec 05, 2016
    To soften the “pain” of demonetisation, the central government might announce a number of direct tax sops for individuals as well as the corporate sector in the Union Budget for 2017-18, which is likely to be presented on February 1 — earlier than usual. The Budget might have revisions of the tax slabs, reductions in the corporate tax rate, and more tax exemptions or rebates in certain cases. While a clearer picture is emerging, nothing is likely to be finalised till mid-January.
  • IDS gets Rs 67,382 cr, over Rs 2K cr higher than estimate
    Dec 05, 2016
    The Finance Ministry today revised upwards black money disclosed under Income Declaration Scheme (IDS) to Rs 67,382 crore, which will fetch the government a little over Rs 30,000 crore in direct tax revenue even as it did not take into account two high value disclosures. The Income Tax Department, it said, did not take into consideration the much-talked about Rs 13,860 crore declaration made by Ahemdabad based Mahesh kumar Champaklal Shah, who has threatened to disclose the names of politicians and businessmen for whom he was acting as a front.
  • CBDT signs 4 more unilateral APAs with taxpayers
    Nov 24, 2016
    The Central Board of Direct Taxes (CBDT) has signed four more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The four APAs signed over the last two days pertain to sectors like pharmaceuticals, information technology and construction. Some of these agreements also have a 'Rollback' provision in them, a finance ministry statement said.
  • Income Tax dept to keep close watch on cash deposits by public
    Nov 10, 2016
    The income tax department will keep a close watch on cash deposits into bank accounts post-discontinuation of R500 and R1,000 bank notes.“The department has got its own scrutiny system. One doesn’t need to panic. All legitimate money will be deposited,” said Central Board of Direct Taxes chairperson (CBDT) Sushil Chandra. Asked if the government would increase the ceiling limit for cash deposits, Chandra said, “We are working on it.
  • Submit monthly data of appeals disposed of: CBDT to officers
    Oct 17, 2016
    To fast-track disposal of tax cases, CBDT has started reviewing performance of its officers and asked commissioners to submit data on number of appeals they have disposed of every month against the given target.There are a total of nearly 2.59 lakh cases pending adjudication before commissioners income tax (appeal) and it is estimated that each would have some 400 cases pending before them.
  • Govt notifies tax rebate for 7 districts in Andhra Pradesh
    Oct 01, 2016
    Government today said it is extending tax incentives for seven districts in Andhra Pradesh to boost industrial activity. The incentives have been extended for four districts of Rayalseema and three districts of North coastal region of the state under the Andhra Pradesh Re-organisation Act, 2014. “To further boost the industrial activities, the Central Board of Direct Taxes (CBDT) has notified these seven districts for availing tax incentives under section 32(1)(iia) and section 32AD of the Income-tax Act.
  • CBDT seals more than 100 advance pricing agreements
    Sep 24, 2016
    The Central Board of Direct Taxes (CBDT) on Friday said it has entered into five unilateral advance pricing agreements (APAs) with Indian taxpayers. One of these agreements has a rollback provision in it. With these signings, the total number of advance pricing agreements entered into by the CBDT has reached 103, the finance ministry said in a statement.
  • CBDT issues circular endorsing validity of e-declarations
    Sep 01, 2016
    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 entities who make declarations of their domestic untaxed assets in the online mode, the Commissioner rank officer of its Central Processing Centre (CPC) in Bengaluru will be “deemed” as the authority for receiving such declarations under the relevant sections of the I-T Act.
  • Cyprus to lose capital gains tax waiver from April 2017
    Aug 26, 2016
    The Cabinet on Wednesday approved a revised Double Taxation Avoidance Agreement (DTAA) between India and Cyprus, which provides for source-based taxation of capital gains on transfer of shares, instead of a residence-based approach. An agreement to this effect was reached in July between the two countries, according to which Cyprus investors’ capital gains on investments made in Indian companies after March 31, 2017, can be taxed here.
  • CBDT signs bilateral APAs with Japanese trading firm arm
    Aug 05, 2016
    The Central Board of Direct Taxes has signed bilateral advance pricing agreements with Indian arm of a Japanese trading company, a move that will help bring down transfer pricing disputes relating to intra-group transactions. "The Central Board of Direct Taxes (CBDT) entered into a bilateral advance pricing agreement (APA) on August 2, 2016, with Indian subsidiary of a Japanese trading company.
  • You turn a year older on day before birthday: CBDT
    Jul 30, 2016
    The Central Board of Direct Taxes has decided that, for tax purposes, a person would be deemed to have attained a certain age on the day preceding their birthday, rather than on the birthday itself.The issue is of importance to those turning 60 or 80 years of age on April 1, since those two ages bring with them income tax exemptions applicable to senior and very senior citizens, respectively. The questions arose as to whether a person whose 60th birthday is on April 1 has completed 60 years of age on March 31 or on April 1.
  • Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)
    Jul 19, 2016
    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 Act in 2012 and the Rollback" provisions were introduced in 2014.
  • Paperless I-T assessment: CBDT plans to take project to more taxpayers
    Jul 06, 2016
    After successfully completing over 1,000 scrutiny I-T assessments under a maiden taxpayer-friendly paperless inquiry system, CBDT is set to extend the initiative as it is mulling seeking taxpayers' consent to opt for the scheme at ITR filing stage itself. Central Board of Direct Taxes (CBDT), the policy-making body of the Income Tax department, had launched a pilot project last year to reduce taxpayers' visit to the tax office and their interface with the taxman.
  • CBDT notifies rules for calculating assets' fair market value
    Jul 01, 2016
    The tax department today notified rules for calculating 'fair market value' of assets located in India in case of indirect transfer by multi-national companies for the purpose of levying tax. As per the rule, the fair market value (FMV) of listed companies will be computed on the basis of a formula taking into account its market capitalisation, book value of liabilities and total number of shares. In case of an unlisted company, the FMV would be determined by a merchant banker or accountant as per internationally accepted valuation methodology.
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