CBDT

CBDT signifies achievements towards eliminating domestic Black Money

CBDT signifies achievements towards eliminating domestic Black Money

New Delhi [India], Apr 7 : The Central Board of Direct Taxes on Friday signified the concerted and coordinated actions of Law Enforcement Agencies (LEAs) under the Department of Revenue who have achieved phenomenal success in fighting the menace of black money during the last three years.

CBDT accomplishes Direct Taxes collection target for FY 2016-17

CBDT accomplishes Direct Taxes collection target for FY 2016-17

New Delhi [India], Apr 4 : Central Board of Direct Taxes on Tuesday said that the provisional figures for revenue collections up to March, 2017 showed a gross Direct Tax collection of Rs. 10.09 lakh crore.

As per a notification by the company, the net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2 percent higher than the net collection for the corresponding period last year.

With this the CBDT has accomplished 100 percent of the direct tax target for Financial Year 2016-17.

Refunds amounting to Rs. 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 percent higher than the refunds issued during the same period for FY 2015-16. This has substantially reduced the grievances of tax payers.

CBDT's APA Program crosses the 150 mark

CBDT's APA Program crosses the 150 mark

New Delhi [India], Apr. 1 : The Central Board of Direct Taxes (CBDT) entered into nine new Advance Pricing Agreements (APAs) during the last two days of the current financial year, thus crossing the 150 mark.

CBDT issues third round of certificates to tax payers

CBDT issues third round of certificates to tax payers

New Delhi [India], Feb 8 : In continuation of the initiative of the government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, Central Board of Direct Taxation (CBDT) has issued the third round of Certificates to nearly 3.74 lakh tax payers.

With this, the total number of certificates issued by CBDT now stands at approximately 23 lakh.

India, Austria sign protocol amending 'India-Austria Double Taxation Avoidance Convention'

India, Austria sign protocol amending 'India-Austria Double Taxation Avoidance

New Delhi [India], Feb 7 : The Central Board of Direct Taxation (CBDT) on Tuesday announced that India and Austria signed a protocol amending the existing convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income today at New Delhi.

The protocol was signed by the chairman CBDT, Sushil Chandra on behalf of India and along with Georg Zehetner, Charge d' Affaires, Embassy of Austria on behalf of Austria.

The protocol will broaden the scope of the existing framework of exchange of tax related information, which will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes. (ANI)

CBDT signs four 'Advance Pricing Agreements' today

CBDT signs four 'Advance Pricing Agreements' today

New Delhi [India], Feb 7 : 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.

The international transactions covered in these agreements include contract manufacturing, IT enabled services and software development services.

With this, the total number of APAs entered into by the CBDT has reached 130. This includes eight bilateral APAs and 122 Unilateral APAs. In the current financial year, a total of 66 APAs (five bilateral APAs and 61 unilateral APAs) have already been entered into.

There is inconsistency in filing income tax, says CBDT Chairman

There is inconsistency in filing income tax, says CBDT Chairman

New Delhi [India], Feb. 6 : Out of a total of 15 lakh companies in India, over 50 percent of them are not filing income tax returns, said Sushil Chandra, Chairman, Central Board of Direct Taxation (CBDT).

Speaking at a post-Budget event held by CII on Monday, Chandra revealed that only around 50 percent of the companies are regular with filing income tax returns.

"As per statistical information available, only around 36,500 companies are filing return above Rs. 1 crore. We are very certain that more persons should come under the tax net. This is a very serious problem and needs immediate attention," Chandra said.

CBDT issues guiding principles for determination of Place of Effective Management

CBDT issues guiding principles for determination of Place of Effective Managemen

New Delhi [India], Jan 24 : The concept of Place of Effective Management (POEM) for deciding the residential status of a company was introduced by the Finance Act, 2015.

It is effective from 01.04.2016 and accordingly shall apply from assessment year 2017-18 onwards.

The guidelines for determining the POEM has been uploaded on website of the Income-tax Department (www.incometaxindia.gov.in). These guidelines of POEM have been finalized, after placing draft guidelines in public domain for seeking comments from stakeholders and general public, and with extensive consultations thereafter.

CBDT issues clarification on indirect transfer provision under the IT Act, 1961

CBDT issues clarification on indirect transfer provision under the IT Act, 1961

New Delhi [India], Jan 18 : The Central Board of Direct Taxation (CBDT) on Wednesday issued clarification on Indirect Transfer provisions in respect to circular no. 41/2016, which was issued on December 21, 2016.

After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders.

The stakeholders have presented their concerns stating that the circular does not address the issue of possible multiple taxation of the same income.

The representations made by the stakeholders are currently under consideration and examination.

Pending a decision in the matter the operation of the above mentioned circular is kept in abeyance fourth time being. (ANI)

CBDT clarifies unconfirmed reports on IDS 2016

New Delhi [India], Sep 16 : Certain sections of the press have been speculating on the taxpayer response to the currently on-going Income Disclosure Scheme 2016 over the last couple of days.

The CBDT would like to clarify that these are not based on any statements issued by the Department.

Since the commencement of the scheme, the department had raised various concerns of the taxpayers through public meetings and through the issue of FAQs over the last three-1/2 months.

The benefits of the scheme have also been publicized through print and electronic media, in both national and regional languages.

Vodafone tax row may end soon

VodafoneThe Central Board of Direct Taxes (CBDT) is reportedly preparing to propose the finance ministry to exempt companies trapped in the retrospective tax net from paying interest and penalties on outstanding tax liabilities.

A senior I-T official revealed that the CBDT was mulling over a plan to issue a circular to waive off interest and penalty on the pending tax liabilities of such companies.

The official said, “A proposal to this effect is likely to be taken to the finance minister for final clearance.”

No 'rash job' will be done in Vodafone tax case: CBDT chief says

CBDTTax officials will not do a "rash job" on Vodafone tax issue as it needs due diligence, Central Board of Direct Taxes (CBDT) Chairperson Poonam Kishore Saxena said.

On October 22, 2010, the I-T Department had determined a tax liability of Rs 11,218 crore (including interest) on Vodafone for its acquisition of Hutchinson's stake in Hutch-Essar in a deal that was hit in the Cayman Islands in the year of 2007. However, that order was quashed by the Supreme Court of India in January 2012. Later, the government made the required amendment in the Income Tax Act with retrospective effect to drag such deals under tax network.




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