CBDT

Why should I pay tax?

Income Tax - The citizens of India are required to pay Income tax as well as other taxes as per law.  1.  Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost […]...

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Private healthcare sector: Income tax incentives, Legal Provisions & Judgments

Income Tax - Legal Provisions with respect to tax incentives availed by private health care sector under the Income Tax Act Section as per Income Tax Act Provision in brief 10(23C) In computing the total income of a previous year of any person, any income falling within any of the following clauses relating to such assessee (Private Hospital […...

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ITR Filing date extended to 5th August, 2017; PAN linking with Aadhaar by 30.08.2017

Income Tax - In order to facilitate the e-filing of return, it is also decided to give extension of five days for e-filing of return. The return can be filed upto 5th August, 2017....

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POEM guidelines – more clarity or ambiguity?

Income Tax - The increase in globalization and technological advancement has resulted in the international expansion of several multinational and Indian corporations. Over the years, these corporations have used their global presence to enter low-tax jurisdictions, primarily to reduce the overall effective tax costs. ...

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Submit Statement of Financial Transactions (SFT) in Form 61A by 31.05.2017

Income Tax - Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E - Furnishing of Statement of Financial Transactions in Form 61A. Form 61A - Format and Instructions...

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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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MOU between MCA & CBDT for Automatic & Regular Information Exchange

Income Tax - Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have now concluded a ...

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CBDT asked to consider inclusion of Service Charge while assessing tax

Income Tax - Shri Ram Vilas Paswan, Union Minister for Consumer Affairs, Food & Public Distribution told that in order to check the levying of Service Charge compulsorily, CBDT has been asked to consider inclusion of Service Charge while assessing tax....

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Govt. to eradicate black money, reduce litigations and tax certainty: Chairman CBDT

Income Tax - Chairman of CBDT Sushil Chandra said, the government main aim is to eradicate black money, lesser litigations and bring certainty in tax laws, said at an ASSOCHAM event held in New Delhi today....

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ITR Filing date extended to 5th August, 2017; PAN linking with Aadhaar by 30.08.2017

Income Tax - In order to facilitate the e-filing of return, it is also decided to give extension of five days for e-filing of return. The return can be filed upto 5th August, 2017....

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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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Appellate authority cannot refuse to grant opportunity of hearing to petitioning assessee to defend order passed by original authority at instance of assessee

S. Venkataramani Vs. CBDT (Madras High Court) - In all fairness, while hearing an appeal from the original authority, the CIT, the CBDT who is the appellate authority cannot deny the reasonable opportunity of hearing to the petitioning assessee at whose instance the impugned order came to be passed and which has become the subject-matter of appea...

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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"

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

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....

Read More
Posted Under: Income Tax | ,

MOU between MCA & CBDT for Automatic & Regular Information Exchange

Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have now concluded a ...

Read More
Posted Under: Income Tax |

CBDT asked to consider inclusion of Service Charge while assessing tax

Shri Ram Vilas Paswan, Union Minister for Consumer Affairs, Food & Public Distribution told that in order to check the levying of Service Charge compulsorily, CBDT has been asked to consider inclusion of Service Charge while assessing tax....

Read More
Posted Under: Income Tax |

Govt. to eradicate black money, reduce litigations and tax certainty: Chairman CBDT

Chairman of CBDT Sushil Chandra said, the government main aim is to eradicate black money, lesser litigations and bring certainty in tax laws, said at an ASSOCHAM event held in New Delhi today....

Read More
Posted Under: Income Tax |

Why should I pay tax?

The citizens of India are required to pay Income tax as well as other taxes as per law.  1.  Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost […]...

Read More
Posted Under: Income Tax | ,

Private healthcare sector: Income tax incentives, Legal Provisions & Judgments

Legal Provisions with respect to tax incentives availed by private health care sector under the Income Tax Act Section as per Income Tax Act Provision in brief 10(23C) In computing the total income of a previous year of any person, any income falling within any of the following clauses relating to such assessee (Private Hospital […...

Read More
Posted Under: Income Tax |

ITR Filing date extended to 5th August, 2017; PAN linking with Aadhaar by 30.08.2017

In order to facilitate the e-filing of return, it is also decided to give extension of five days for e-filing of return. The return can be filed upto 5th August, 2017....

Read More
Posted Under: Income Tax | ,

Income Tax Department celebrates Aaykar Diwas 2017

The Aaykar Diwas – Income Tax Day was celebrated today across India. The main function at Vigyan Bhavan, New Delhi was graced by the Honourable Finance Minister of India, Shri Arun Jaitley. Shri Santosh Kumar Gangwar, the Minister of State for Finance (Revenue), senior officials of Revenue Department including the Revenue Secretary, Cha...

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Posted Under: Income Tax |

ITD celebrates 157th Income Tax Day on 24th July 2017

Income tax was first introduced on 24th July, 1860 by the British to compensate for the losses suffered by them during our first war of independence in 1857, post-independence...

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Posted Under: Income Tax |

JITSIC Tackling Global Tax Risks

India participated in the fourth Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting reconvened in Paris to pursue the work on the Panama Papers in the last week of June 2017. ...

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Posted Under: Income Tax |
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