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Signing of Bilateral Advance Pricing Agreement by CBDT

Major Achievements of CBDT in Current Financial Year 2016-17

Major Achievements of CBDT in 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...
Signing of Bilateral Advance Pricing Agreement by CBDT

Central Board of Direct Taxes signs three more Advance Pricing Agreements

Central Board of Direct Taxes signs three more Advance Pricing Agreements pertaining to the Engineering Goods and Shipping sectors. With this, the total number of APAs entered into by the CBDT reaches 120. The Central...
Finance Ministry says that it respects the autonomy and independence of the Reserve Bank of India

Shri Arun Jaitley holds Pre-Budget consultations with the Finance Ministers of all States

The Union Finance Minister Shri Arun Jaitley holds Pre-Budget consultations with the Finance Ministers of all States/ UTs (with legislature); FM: Various steps taken by the Central Government in recent past to unearth black money...
Signing of Bilateral Advance Pricing Agreement by CBDT

Direct Tax Dispute Resolution Scheme- 2016 extended up to 31st January, 2017

Direct Tax Dispute Resolution Scheme- 2016 extended up to 31st January, 2017 In view of the representations received from various stakeholders and for the convenience of the taxpayers, the last date for availing the Direct...
Signing of Bilateral Advance Pricing Agreement by CBDT

Reporting Cash Transactions under Rule 114E of Income –Tax Rules, 1962

Reporting Cash Transactions under Rule 114E of Income –Tax Rules, 1962 Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016.  Any person...
The President of India approves the Promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016.

Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency...

Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30th December, 2016. The Central Government has decided that up to 30.12.2016,  the payment towards tax, surcharge, penalty and...
Signing of Bilateral Advance Pricing Agreement by CBDT

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15 The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate...
Empanelment for Audit of Accounts & Tax Audit at JDA FY 2017-18

Benefit of lower rate of Income Tax on digital turnover for small businesses

Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses...
Central Board of Excise & Customs (CBEC) has initiated the process of migration of its existing Central Excise/Service Tax assessees to GST from today.

FM: Current Financial Year 2016-17 is not a conventional year as major reformative decisions...

FM: Current Financial Year 2016-17 is not a conventional year as major reformative decisions have been taken; There is need for out of box thinking; Doesn’t see any serious challenges as far as structural changes...
Signing of Bilateral Advance Pricing Agreement by CBDT

Government decides to reduce the existing rate of deemed profit under section 44AD

Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means. Under the existing provisions of section 44AD of the Income-tax...

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