CBDT signs 26 advance pricing agreements in April-August

News:The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements(APAs) in the first 5 months of the financial year (April to August,2019). Facts: About Advance Pricing Agreements(APAs): APA is an agreement between a taxpayer and tax authority determining the transfer pricing methodology for pricing the taxpayer’s international transactions for future years.… Continue reading CBDT signs 26 advance pricing agreements in April-August

CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups

The Central Board of Direct Taxes (CBDT) has constituted a dedicated start up cell for addressing the specific problems related to Start-ups. The start up cell will be a five-member board which will be headed by the member (Income Tax and Computerisation) of the board. The cell will work towards redressal of grievances and mitigate… Continue reading CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups

Tax notices to soon carry an identification number

Central Board of Direct taxes(CBDT) has said that all communications made by the tax department to tax assessees from October 1,2019 will have to carry a Document Identification Number(DIN). Document identification number(DIN) is the new system of identification number that Income tax department has introduced for the taxpayers. The DIN will be generated by the… Continue reading Tax notices to soon carry an identification number

CBDT eases plight of start-ups with pending angel tax cases

The Central Board of Direct Taxes(CBDT) has issued a circular on angel taxes on start ups. The circular has instructed income tax officers that registered start up companies that have already been selected for verification under the angel tax provision will not be scrutinised. Further,even unregistered companies have been given relief with the assessing officer… Continue reading CBDT eases plight of start-ups with pending angel tax cases

Centre expands terms of reference of direct tax law body

The Central Board of Direct Taxes (CBDT) has decided to expand the terms of reference for the committee that has been formed to re-write the Direct Tax Code(DTC). The committee will now have to consider five more areas while drafting their recommendation making the total terms of reference nine. The existing terms of reference included… Continue reading Centre expands terms of reference of direct tax law body

Task force on direct tax laws to submit report by July 31

The task force set up to draft a new direct tax law to replace the existing Income Tax Act has been given 2-month extension till July 31 to submit its report.The task force was scheduled to submit the report by May 31. The task force was set up after Prime Minister during the annual conference… Continue reading Task force on direct tax laws to submit report by July 31

I-T Dept.,GSTN to sign MoU for sharing data to prevent anomalies

The Central Board of Direct Taxes (CBDT) has decided to enter into a memorandum of understanding(MoU) with GST Network(GSTN). The MoU will allow income tax department to share details including sales and profits that businesses have reported in their income tax returns with GSTN to scale up scrutiny and check tax evasion. This move will… Continue reading I-T Dept.,GSTN to sign MoU for sharing data to prevent anomalies

IT dept. proposes new norms for taxing MNCs

The Central Board of Direct Taxes(CBDT) appointed committee has proposed a change in the methodology for taxing multinational companies(MNCs),including digital firms having permanent establishment in India. Earlier,CBDT had set up a committee to bring greater clarity and predictability for taxing MNCs having permanent establishment in India. The MNC having a fixed place of business in… Continue reading IT dept. proposes new norms for taxing MNCs

Govt faces direct tax shortfall of ₹60k crore

According to the Central Board of Direct Taxes(CBDT),Direct tax collections have fallen short by Rs 60,000 crore.It has failed to meet the revised target of Rs 12 lakh crore for 2018-19 fiscal on account of poor personal income tax collections. However,tax collections has risen by 13.5% making it the third straight year of strong growth… Continue reading Govt faces direct tax shortfall of ₹60k crore