"17 March 2017" Archive

Rollback provision in revised India-Korea DTAA- Clarification

The Central Board of Direct Taxes (CBDT) has clarified that under the revised India-Korea Double Taxation Avoidance Agreement (DTAA), applications for bilateral Advance Pricing Agreement (APA) involving international transactions with Associated Enterprises in Korea for the APA period beginning Fiscal Year 2017-18 can be filed along with ...

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Posted Under: Income Tax |

Unsatisfactory Income Tax recovery from arrears and current demand

F. No. 385/17/2016-IT (B) (17/03/2017)

On review of the position of collection out of arrear and current demand as on 28.02.2017, it is noted that the performance of the Department as a whole and of almost all Pr. CCIT Regions individually is much below the targets given in the Central Action Plan 2016-17....

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4.21 Crore Income Tax Returns e-filed till 28.02.2017

Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.02.2017)...

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Posted Under: Income Tax |

Agreement for automatic exchange of Country-by-Country Tax Report

GOI signatory of Multilateral Competent Authority Agreement for automatic exchange of Country-by-Country Reporting (CbC MCAA) pertaining to tax cooperation to enable automatic sharing of Country-by-Country information...

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Posted Under: Income Tax |

Food inflation in India comparatively lower in last six months

Food inflation in India comparatively lower in the last six months as compared to the global food inflation based on the Food Price Index of Food and Agriculture Organization (FAO). Food inflation as measured by the Consumer Food Price Index (CFPI) in India was comparatively lower in the last six months as compared to the […]...

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Posted Under: Income Tax |

Checklist for Change in Financial Year under Companies Act, 2013

Articles compiles Checklist for Change in Financial Year under Section 2(41) of Companies Act, 2013 keeping in view the NCLT Rules, 2016 with procedural aspects and forms to be filed. ...

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Posted Under: Income Tax |

Decoding GST # 2- Seamless GST Credit not so seamless afterall

It is a second article in the series dealing with the issues of input tax credit. GST is expected to allow seamless flow of input tax credit to the registered taxable person, but taking into consideration the provisions of Revised Model Goods and Service Tax Law (hereinafter referred to as RMGL), it still looks like a distant dream for as...

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Posted Under: Income Tax |

10 Common Mistakes People make when filing Income Tax Returns

The season of filing of tax return is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. Its very important to file error free Income tax Return to avoid future problems. Lets see the most commonly committed mistakes thos...

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Posted Under: Income Tax | ,

Refund of Swatch Bharath Cess: A new area of Litigation

Department is looking forward for GST and field formations have been instructed to adjudicate pending cases as early as possible, a new bunch of litigations started propelling in the form of rejecting the S B Cess refunds. May the CBEC issue instructions in this regard to in the form of clarification to settle things right....

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Posted Under: Income Tax |

Brief guideline on Small Finance and Payment Banks

(RBI issued guidelines for licensing of small finance banks and payments banks on November 27, 2014 and granted in-principle approvals to 10 applicants to set up small finance banks and to 11 applicants to set up payments banks. ...

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Posted Under: Income Tax |
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