CBDT

Treatment of Exchange Fluctuation under Income Tax Laws

Income Tax - When any entity enters into any transaction in foreign currency, it is exposed to exchange fluctuation risk on such transaction unless the same is hedged by the entity through hedging techniques like Forward Contracts, Currency Invoicing etc. ...

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Analysis of Draft Rules Issued by CBDT For Master File & CBCR

Income Tax - In this Article, author has provided his major observations from Draft Rules in respect of Master file, CBCR and Major requirements in Master file as per Draft Rules have been summarized....

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Open Letter to CBDT on Proposed Rule 39A and Form 28AA

Income Tax - The assessees are already overburdened with too many procedures to be followed. In case there is any shortage of tax they are paying interest U/s. 234B and 234C of the act. The Provision is similar to the earlier period where the assessees were supposed to file Form 29. This system was replaced ...as such removed by the then Finance MINIS...

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Open letter to CBDT on restriction on use of Email & Mobile Number

Income Tax - The department issued an advisory on 22nd September, asking taxpayers to furnish their latest information such as personal and secondary email and mobile phone numbers, address and bank account details. These details are then verified and processed after the taxpayer is sent a One Time Password (OTP) over the email and through SMS over th...

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3 Changes on Income Tax Website WEF 22nd September 2017

Income Tax - Now a day, there are continuous changes on Income Tax Website with respect to the access of Income Tax Website accounts by the users. Today, new Registration process to facilitate effective communication between the taxpayer and department has been enabled by the Income Tax Department. ...

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CBDT signs two Indian APAs with Netherlands in November, 2017

Income Tax - CBDT has entered into 2 Bilateral Advance Pricing Agreements (APAs) during the month of November, 2017. These Agreements are the first ever Bilateral APAs with The Netherlands. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 186. This includes 171 Unilateral APAs and 15 Bilateral APAs...

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CBDT Invites Suggestions on Review of Citizen’s Charter 2014

Income Tax - We wish to inform you that the CBDT is in process of reviewing/revisiting the Citizen's Charter 2014 which is due for review in 2017. The Citizen's Charter 2014 containing a set of promises regarding delivery of services within the specified timelines was made operational as a part of Department's commitment to the adoption of the philoso...

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CBDT signs seven Unilateral APAs in October, 2017

Income Tax - The Central Board of Direct Taxes (CBDT) has entered into 7 more Advance Pricing Agreements (APAs) during the month of October, 2017. All these Agreements are Unilateral....

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ICAI representations to CBDT & Contribution to GST Implementation

Income Tax - ICAI’s Contribution to GST Implementation - An Update- Despite teething and procedural issues and system glitches in the GST implementation, the biggest economic reform is having an impact in business....

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Soon you have to submit estimated Current Income and Advance Tax Liability details

Income Tax - A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more....

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CBDT cannot extend time to claim deduction under section 54F

Shivinder Singh Brar, Karta (HUF) Vs. CBDT (Punjab and Haryana High Court) - Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act f...

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CBDT to Provide informations related to revamp of Income Tax e-filing Website

[a] Copies of all Records Received/Issued for Revamping the Website of Income-Tax Deptt. that relates to Tax Policy & Legislation Division of CBDT in particular (Because to implement the action in question amendment in statute is required to establish due compliance)....

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CBDT to provide details of No. of Tax Audit & Auditors to RTI Applicant

CBDT has provided Tax Audit Data to ICAI based on the returns e-filed during the financial year 2010-11. This has been published in one of the leading Private Website for CAs on 16th day of November 2011. ...

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TDS on Hotel Room Rent & Other Facilities?

The East India Hotels Ltd Vs Central Board of Direct Taxes (Bombay High Court) - TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being carried out culminates into a product or result. The word ‘work’ in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an...

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Clarification on PAN encrypted Digital Signature Certificate (DSC)

The Central Board of Direct Taxes (CBDT) had recently amended the Rules relating to the manner of furnishing the return of income for companies for Assessment Year 2010-11 and onwards. Under the revised Rules, all companies (including foreign compani...

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CBDT Chairman on Preventive Vigilance as Management Function

Notification No. D.O. No.F.No.DGIT(Vig)/PV/2016-17 - (24/06/2017) - Rule 3(2)0) of the CCS(Conduct) Rules puts the responsibility of ensuring the integrity of subordinates squarely on the supervisory officer. The same was conveyed by my D.O. that a supervisory officer cannot absolve himself from vicarious liability if, having the right, ability and duty to control t...

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Filling up of posts up to the grade of ITO on ad-hoc basis

Notification No. F.No. A_35015/36/2016-Ad.VI - (19/06/2017) - I am directed to refer to the subject mentioned above and to say that during the meeting of representatives of ITGOA and ITEF under the Chairmanship of Chairman, CBDT, held on 27052017, one of the Issues discussed was 'adhoc' promotion on functional basis against the vacancies arising after promotio...

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Order No. 86 of 2017: Promotion and Posting in Pr. CCIT Grade

Order No. 86 of 2017-Income Tax - (26/05/2017) - The following officers in the grade of Chief Commissioner of Income Tax (CCIT) are, hereby, promoted to the post of Principal Chief Commissioner of Income Tax (Pr. CCIT) in the pay scale of Rs. 80, 000/- (Fixed - pre- revised) with effect from the date of assumption of the charge of the post and unt...

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Committee to recommend measures for expeditious recovery of arrears of taxes.

F. No. 385/20/2017-IT(B) - (25/05/2017) - A Committee of the following officers is hereby constituted to study the nature and extent of arrears of direct taxes and to suggest measures for expeditious recovery of the outstanding dues:...

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CBDT chief instructs Pr. CITs to enhance revenue collection

F. No. 385/17/2016-IT(B) - (06/03/2017) - With a view to concentrate all efforts towards the objective of achieving the budget target, you are requested to personally review and monitor the position of collections through advance tax, TDS and recovery from arrear and current demand of your Region on a weekly basis. I have separately written...

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Recent Posts in "CBDT"

Treatment of Exchange Fluctuation under Income Tax Laws

When any entity enters into any transaction in foreign currency, it is exposed to exchange fluctuation risk on such transaction unless the same is hedged by the entity through hedging techniques like Forward Contracts, Currency Invoicing etc. ...

Read More
Posted Under: CA, CS, CMA |

CBDT cannot extend time to claim deduction under section 54F

Shivinder Singh Brar, Karta (HUF) Vs. CBDT (Punjab and Haryana High Court)

Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act for making such claim....

Read More

CBDT signs two Indian APAs with Netherlands in November, 2017

CBDT has entered into 2 Bilateral Advance Pricing Agreements (APAs) during the month of November, 2017. These Agreements are the first ever Bilateral APAs with The Netherlands. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 186. This includes 171 Unilateral APAs and 15 Bilateral APAs...

Read More
Posted Under: CA, CS, CMA |

CBDT Invites Suggestions on Review of Citizen’s Charter 2014

We wish to inform you that the CBDT is in process of reviewing/revisiting the Citizen's Charter 2014 which is due for review in 2017. The Citizen's Charter 2014 containing a set of promises regarding delivery of services within the specified timelines was made operational as a part of Department's commitment to the adoption of the philoso...

Read More
Posted Under: CA, CS, CMA |

CBDT signs seven Unilateral APAs in October, 2017

The Central Board of Direct Taxes (CBDT) has entered into 7 more Advance Pricing Agreements (APAs) during the month of October, 2017. All these Agreements are Unilateral....

Read More
Posted Under: CA, CS, CMA |

Analysis of Draft Rules Issued by CBDT For Master File & CBCR

In this Article, author has provided his major observations from Draft Rules in respect of Master file, CBCR and Major requirements in Master file as per Draft Rules have been summarized....

Read More
Posted Under: CA, CS, CMA |

ICAI representations to CBDT & Contribution to GST Implementation

ICAI’s Contribution to GST Implementation - An Update- Despite teething and procedural issues and system glitches in the GST implementation, the biggest economic reform is having an impact in business....

Read More
Posted Under: CA, CS, CMA |

Open Letter to CBDT on Proposed Rule 39A and Form 28AA

The assessees are already overburdened with too many procedures to be followed. In case there is any shortage of tax they are paying interest U/s. 234B and 234C of the act. The Provision is similar to the earlier period where the assessees were supposed to file Form 29. This system was replaced ...as such removed by the then Finance MINIS...

Read More
Posted Under: CA, CS, CMA |

Open letter to CBDT on restriction on use of Email & Mobile Number

The department issued an advisory on 22nd September, asking taxpayers to furnish their latest information such as personal and secondary email and mobile phone numbers, address and bank account details. These details are then verified and processed after the taxpayer is sent a One Time Password (OTP) over the email and through SMS over th...

Read More

3 Changes on Income Tax Website WEF 22nd September 2017

Now a day, there are continuous changes on Income Tax Website with respect to the access of Income Tax Website accounts by the users. Today, new Registration process to facilitate effective communication between the taxpayer and department has been enabled by the Income Tax Department. ...

Read More
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