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CBDT - Condonation of Delay in Filing Refund Claim and Claim of Carry Forward of Losses
CBDT Circular No. 09/2015, Dated : June 9, 2015 on Condonation of Delay in Filing Refund Claim and Claim of Carry Forward of Losses No Condonation for claim of refund or loss shall be entertained beyo...
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CBDT issues instructions on Suspension based on SC Judgment
DIRECTORATE GENERAL OF INCOME TAX (VIGILANCE) First Floor, Dyal Singh Public Library Building, 1, Deen Dayal Upadhyay Marg, New Delhi – 11 0 002 F.No.DGIT(Vig.)/HQ/Misc./2015-16/1285 Dated: 05.06.2015...
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ITAT Orders related to appeal filing & Seeking Adjournment Kept In Abeyance
Income Tax Appellate Tribunal 4th Floor, Prathishtha Bhavan, 101 Maharshi Karve Marg, Mumbai – 400 020 16th June, 2015. O R D E R Order dated 14th May 2015 with respect to pagination and order dated 2...
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Taxation and NPS
Who can open NPS account Any individual who is citizen of India aged between 18-60 years can open NPS account. Even an NRI can open an NPS account whereas they are not allowed to open a PPF account or...
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BEPS Action Plan 13 – Complete turnaround of documentation structure!!
Introduction– In An increasingly interconnected world, national tax laws have not kept pace with global corporations, fluid capital, and the digital economy thereby leaving gaps that can be exploited...
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Reg. Refund of Wealth Tax Paid on Urban Agricultural Land Used for Agriculture
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO. 11/2015, Dated: June 11, 2015 Order under section 10(2)(b) of the Wealth-tax Act Prio...
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Clarifications on Rollback Provisions of Advance Pricing Agreement Scheme
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES FOREIGN TAX AND TAX RESEARCH DIVISION-I APA-II SECTION NEW DELHI CIRCULAR NO. 10/2015, Dated: June 10, 2015...
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CBDT Clarifies Regarding Prosecution of Tax Evaders
Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax...
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CBDT Strategy for Recovery of Taxes / Arrears of Demand
The target for recovery of cash collection out of Arrear Demand of Rs 8,27,680 crore, as on 01.04.2015, has been fixed at Rs 51,359 crore for the F.Y. 2015-16. To achieve the target, systematic and re...
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CBDT Strategy for Improving Advance Tax Collection
As per the provisional figures, during Financial Year 2014-15, advance tax contributed Rs.3,30,753 crore to the overall gross direct taxes collection of Rs. 8,06,901 crore. In comparison to F.Y. 2013-...
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CBDT strategy for tax deduction at source (TDS)
TAX DEDUCTION AT SOURCE TDS is a non-obtrusive but powerful instrument to prevent tax evasion as well as to expand the tax net. TDS also minimizes tax avoidance by the taxpayer (income earners), as th...
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CBDT Strategy for Widening of Tax Base
1. Revenue augmentation through widening of tax base has been a constant endeavor of the Income Tax Department. Organized data collection in the department is mainly through following methods: (i) Ele...
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CBDT Strategy for Quality in Assessment Work
Framing of Quality Assessments is an essential part of any risk management strategy. Quality of assessments is being used as the most important indicator to judge the performance of tax department. Th...
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Indirect Transfer Provisions under Income Tax Act, 1961
Clarification on Indirect Transfer Provisions under Income Tax Act, 1961 The Honorable Finance Minister, during his Budget speech, spoke about moving towards a non adversarial tax regime which would b...
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Advance in cash for Property Covered by Section 269SS & 269T wef 01.06.2015
Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The earlier provisions contained in section 269SS of the Income...
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India – Demark amends DTAA to share information held by banks or financial institutions
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 45/2015 New Delhi, Dated- 22nd May, 2015 S.O.1371(E).—Whereas, a Protocol amending the Convention between the Republic of India and the Kin...
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Indian join pool of 60 Countries for Automatic Exchange of Financial Account Information
India joins the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Information (AEOI) India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Finan...
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Redesignation of Commissioners (SAG) posted in attached Directorates of CBDT
OFFICE ORDER DATED 1-6-2015 It has been decided to redesignate all Commissioner (SAG) level officers posted in the attached Directorates of CBDT as under. S.No. Old designation of officers of attached...
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TDS on Payments to Transporters - Amendment to Section 194C w.e.f. June 1, 2015
Introduction Section 194C of the Income Tax Act, 1961 prescribes that any payment to a contractor is subject to a Tax Deduction at Source (TDS) at the rate of: 1% in case the payee is an Individual or...
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ITR Forms Simplified – New ITR-2A to come- Due Date extended to 31.08.2015
Govt to simplify ITR Forms- New ITR-2A to come- Due Date extended to 31.08.2015 from 31.07.2015- No need for Foreign Travel and Dormant Bank A/c details Income Tax Return Forms ITR 1, 2 and 4S Simplif...