In a strong message to tax evaders, the government today said that it will step up efforts to bring more people into net and also endeavour to recover tax arrears.Between January and March…we issued notices after mining the data and thanks to the advertising campaign, I have added 50 lakh more taxpayers into the tax [...]

In November 2011, the Steering Committee of the OECD Global Forum on Transfer Pricing undertook a project on transfer pricing risk assessment. The objective of this project was to produce a practical handbook that provides clear and detailed steps countries can take to assess the transfer pricing risk presented by an individual taxpayer’s operations. The [...]

Section 252(3) provides that the Central Government shall appoint the senior Vice-President or one of the Vice-Presidents of the Appellate Tribunal to be the President thereof.

New time limits for completion of assessment or reassessment under sections 153 and 153B in cases where reference is made to TPO to apply irrespective of the date of reference to TPO or the date of passing of order under section 92CA(3) Section 153 provides for the time limit for completion of assessments and reassessments. [...]

Introduction of new section 194LD to provide concessional rate of TDS in respect of interest income of a non-resident from rupee-denominated bonds or government securities consequent to the amendment in section 206AA The Finance Act, 2012 had amended section 115A to provide that Interest payable by an Indian company to a foreign company or a [...]

Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when amounting to more than Rs. 2 lakh in value, were being sold in cash without TCS.

The learned counsel for the respondent had sought to argue that the present writ petitions were different and distinct from the earlier writ petition which resulted in the judgment dated 10.01.2013 inasmuch as in respect of three of the years in question i.e., assessment years 2001-02 to 2003-04, the issue of the proviso to Section [...]

In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms. “The government is considering to introduce a new income tax return form that will require individuals to disclose all their assets and [...]

The Finance Bill 2013 has been passed by the Lok Sabha today (30.04.2013) after incorporating  12 minor amendments. THE MINISTER OF FINANCE (SHRI P. CHIDAMBARAM) Moving the motion for consideration of the Bill said: Post the Budget presentation and post the Finance Bill introduction, we had discussions with stakeholders, Members of Parliaments, State Governments, industry, [...]

CA Kamal Garg TRANSFER PRICING: CBDT Clarifications on Functional Profile of Development Centres engaged in Contract R&D Services with insignificant risk – conditions relevant to identify such Development Centres