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Process ITR of all Non-scrutiny cases for AY 2016-17 by 31.03.2018: DIT
DIRECTORATE OF INCOME TAX (SYSTEMS)ARA Center, Ground Floor, E-2, Jhandewalan ExtensionF.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/2Date: 07.02.2018Sir/Madam,Subject: Pendency of processi...
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Upload Pending scrutiny orders/completion of processing: DIT
DIRECTORATE OF INCOME TAX (SYSTEMS)ARA Center, Ground Floor, E-2, Jhandewalan Extension,New Delhi — 110055F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/1Date: 07.02.2018Sir/Madam,Subject: P...
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Direct Tax Collections show Growth of 19.3% up to January, 2018
Direct Tax Collections for F.Y. 2017-2018 show Growth of 19.3% up to January, 2018Posted On: 09 FEB 2018 5:40PM by PIB DelhiThe provisional figures of Direct Tax collections up to January, 2018 show t...
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CBDT Signs five UAPAs and two BAPAs in January, 2018
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 07th February, 2018.PRESS RELEASE Indian Advance Pricing Agreement regime moves forward with signing...
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No coercive recovery from Start ups for addition on Share Capital Valuation issue: CBDT
F.No. 173/14/2018-ITA.IGovernment of IndiaMinistry of FinanceDepartment of Revenue (CBDT)North Block, New Delhi, dated the 6th of February, 2018To,All Principal Chief-Commissioners of Income-taxMadam/...
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ICRICT new paper: “A Roadmap to improve rules for taxing multinationals”
TWO NEW COMMISSIONERS:> The Independent Commission for the Reform of International Corporate Taxation (ICRICT) is pleased to announce that Thomas Piketty and Gabriel Zucman have accepted to join the C...
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I-T Dept. issued notices to 1 lakh crypto currency investors: CBDT chairman
I-T Dept. has issued notices to 1 lakh crypto currency investors: CBDT chairmanChanges in the duty structure aimed at promoting ‘Make in India’: CBEC chiefThe Income Tax Department has issued about on...
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Leave Travel Concession -Replace Calendar year by Financial year- ICAI
As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to f...
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Section 234E- Penalty should not be levied on casual basis and needs to be rationalized: ICAI
Fees under section 234Ea) The levy of fees under section 234E has been a matter of great concern.It is highly appreciable that the Government has taken an open mind while considering the problems of e...
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Hardship arising out of Apex Court’s decision in Goetze (India) Ltd. v. CIT
Hardship arising out of the Apex Court’s decision in Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC)a) In the case Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC) the assessee filed its return o...
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ICAI stresses on Need for educating tax payers in right manner
Till date all government awareness programmes for education of tax payers adopt the stick approach like making them aware of penalties and prosecution under the Income tax Act, 1961.This approach may...
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Make provisions for comprehensive audit of all filed TDS returns: ICAI
A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. Thus, in-depth verification of all the TDS returns is necessary. Even though for furnishing the inf...
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Number of Tax Returns and payment schedule should be curtailed: ICAI
Even in the e-filing era, the assessees are overburdened with the compliances to be made with regard to filing of returns and payment schedules. An assessee is required to file quarterly returns relat...
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NSDL should inform reason if PAN application is withheld: ICAI Suggests
For filing of return, it is mandatory to have PAN. A person applying for PAN has to give his details in a prescribed form & the same will be allotted to him by the Income Tax Department. Earlier, when...
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Section 143(1)- Increase in scope of Incorrect claim apparent from any information in return
Section 143(1)- Increase in scope of “Incorrect claim apparent from any information in the return”– sub-clause (iv) may be redrafted to include specific reference to report under section 44ABThe Finan...
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Clarify on payment of Tax on certain dividends received from domestic companies
Tax on certain dividends received from domestic companies (Section 115BBDA)In the Finance Act, 2016 new section 115BBDA was introduced to levy tax on certain dividend income received by a resident ind...
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Special audit -Section 142(2A)- Withdraw Amendment made vide Finance Act, 2013
Section 142(2A) was amended by Finance Act, 2013 apparently to amplify the scope of special audit i.e. the Assessing Officer now has the power to direct a special audit, having regard to volume of tra...
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Clarify to prevent erosion of Indian tax base through TP adjustments in hands of Foreign Companies
Clarification to prevent erosion of Indian tax base through Transfer Pricing adjustments in hands of Foreign CompaniesOverseas AEs may decide either not to charge any consideration; or charge moderate...
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Remove Restriction on C/F of MAT/AMT credit and claim of FTC
Section 115JAA(2A) – Restriction on carry forward of MAT/AMT credit and claim of FTC in relation to taxes under dispute – Restriction to be removedIn line with Rule 128(7), the Finance Act 2017 insert...
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Section 194C- Amend definition of the term ‘work’: ICAI
As per the existing provisions of the Act, the ‘work’ for the purpose of deduction of tax at source on payment to contractors has been defined to include “manufacturing or supplying a product accordin...