27 April 2017
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Direct Tax Misc. Direct Tax 001999

  • CBDT clears the air on rental incomes from industrial parks, SEZs
    Apr 27, 2017
    The Central Board of Direct Taxes (CBDT) has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property”.This stance would come as relief for taxpayers as such rental/lease income can now be counted for computation of tax breaks by such industrial parks or SEZs, say tax experts.Hitherto, assessees were claiming the letting out as business activity, the income arising from which to be charged to tax under the head ‘profits and gains of business’.
  • CBDT to waive interest if tax demand paid in retro cases
    Mar 27, 2017
    The tax department will waive interest liability if the principal demand of capital gains tax is paid by companies like Cairn India and Vodafone plc.The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios.In cases where tax liability arose because of retrospective amendment to the law or a court ruling, the interest payable on the demand will be waived, it said.
  • ICDS provisions to prevail over judicial precedents: CBDT
    Mar 24, 2017
    The tax department today said provisions of ICDS, the new accounting standards for computation of business income, will prevail over judicial precedents.ICDS, Income Computation and Disclosure Standards, are applicable for computation of income chargeable under the head profits and gains of business or profession or income from other sources and not for the purpose of maintenance of books of accounts.The accounting standards came into effect from April 2016 (assessment year 2017-18). It aims to ensure consistency and help minimise tax-related disputes.
  • Shell companies under our radar: CBDT chief
    Mar 04, 2017
    The Central Board of Direct Taxes (CBDT) is examining several dubious companies and they would be removed from the website of Ministry of Corporate Affairs (MCA) if found to be shell firms. "We will not allow any company to be operated as a shell firm. We will take action against such firms," CBDT chairman Sushil Chandra said yesterday. He said several such companies were under the scanner of the statutory authority, working under Department of Revenue in the Ministry of Finance.
  • CBDT to taxman: Step up TDS survey operations to boost collections
    Feb 11, 2017
    With the current financial year inching towards closure, CBDT has directed the taxman to step up survey operations to check non-deduction of TDS by firms and employers, especially in cases where such payments have dropped by more than 15 per cent as compared to last time.
  • CAs, merchant bankers face fine if assessees file wrong tax info
    Feb 08, 2017
    From April 1, chartered accountants (CAs), merchant bankers and valuers can't escape responsibility for filing of incorrect information in certificates or reports attached with income tax returns of assessees.They will be fined Rs 10,000 for each such certificates or reports, according to a provision in the Budget for 2017-18.
  • CBDT signs four ‘Advance Pricing Agreements’ today
    Feb 08, 2017
    The Central Board of Direct Taxes (CBDT) on Tuesday announced signing of four more unilateral Advance Pricing Agreements (APAs) on 6th February, 2017. The four APAs signed pertain to the manufacturing, financial and Information Technology sectors of the economy.
  • SMEs to pay 25% tax even if Rs 50-crore limit crossed in FY17: CBDT
    Feb 07, 2017
    While companies that had up to Rs 50 crore of turnover in 2015-16 will be taxed at the reduced rate of 25% in 2017-18, even if they crossed the threshold in subsequent years, the yardstick for reduced corporation tax rate after FY18 will be decided by the Finance Bills of those years. “If Finance Bills after 2017 retain this provision, the reduced rate of 25% will continue for companies with turnover of up to Rs 50 crore in 2015-16.
  • Govt allays GAAR fears but grey areas remain
    Jan 28, 2017
    The finance ministry sent positive signals to foreign portfolio investors (FPIs) on Friday by clarifying that the general anti-avoidance rules (GAAR, on taxes) will not override tax treaties with suitable limitation of benefit (LoB) clauses, but which had certain grey areas to interpret. Experts said it would have been better if these clarifications could have come earlier, as it takes time to wind up some commercial arrangements.
  • CBDT sweetens tax relief for VC and PE funds investing in start-ups
    Jan 27, 2017
    Call this the CBDT’s Republic Day gift to the venture capital (VC) and private equity (PE) industry that is betting big on Indian start-ups.The Central Board of Direct Taxes (CBDT) has sweetened the deal for certain VC and PE funds investing in start-ups, encouraging such funds to invest more with a promised beneficial tax treatment of their future gains from transfer of shares.It has now ruled that profits made by SEBI registered Category I and II Alternate Investment Funds (AIFs) from stake-sales in start-ups will be treated as “capital gains” for income-tax purposes, even if such sales were to result in transfer of control and management of the underlying business.
  • Tax avoidance rules: POEM norms to take effect from April, 2017
    Jan 25, 2017
    Confirming that India’s so-called POEM regulations — which are meant to ascertain the residential status of companies and use it to curb tax avoidance — will take effect from April 1, the Central Board of Direct Taxes (CBDT) on Tuesday issued the final guidelines in this regard. While the draft Place of Effective Management rules issued in December 2015 had caused a stir in the industry for being out of sync with transnational business realities (under pressure from businesses, Budget FY17 deferred POEM activation by one year), the new draft narrowed the scope of the tool and sought to allay most concerns of the investor community about its potential improper use/misuse.
  • CBDT tightens screws on shell companies
    Jan 25, 2017
    The Central Board of Direct Taxes (CBDT) on Tuesday issued the much-awaited “guiding principles” for determination of a Place of Effective Management (PoEM) of a company, scotching speculation that the Budget may see its removal from the statute book.Put simply, PoEM means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made.The CBDT guidelines come barely two months before the end of fiscal year 2016-17, in which PoEM had become legislatively effective, giving little time for Indian multinationals to prepare for the new regime.
  • 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.
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