CBDT

National Pension scheme: Additional Deduction of Rs. 50,000

Income Tax - An employee can claim overall deduction of Rs. 2,00,000 (i.e. Rs. 1,50,000 u/s 80C/80CCC/80CCD(1) and Rs. 50,000 u/s 80 80CCD(1B)) for National Pension scheme...

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CBDT’s Measures For Reducing Litigation

Income Tax - In 2015 CBDT issued Circular No. 21/2015 dated 10.12.2015 specifying monetary limits and other conditions for filing Appeals/SLPs by the Income Tax Department before Income Tax Appellate Tribunal, High Court & Supreme Court. Now, as a measure to reduce the tax litigations CBDT has revised these monetary limits as below vide its Circular N...

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Why should I pay tax?

Income Tax - 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 of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK, th...

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Colours represent Vibrancy in Holi Festival…But in Income Tax Act, what do they signify???

Income Tax - The Festival of Holi is unthinkable without colours. The use of colours by way of different devices like pichkaris, balloons, pumps, and even buckets, constitutes an essential ingredient of a vibrant, joyful and blissful Holi. However, in Income Tax Act, the expression, colourable device, is being looked at, in an altogether different ma...

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ICDS Income Tax: Understanding The Change

Income Tax - ICDS Income Tax is not meant for maintenance of books of accounts or preparation of financial statements. Persons are required to maintain books and prepare financial statements as per accounting policies applicable to them. Companies are required to maintain books of account and prepare financial statements as per requirements of Compani...

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CBDT signs three UAPAs in May and June, 2018

Income Tax - The Central Board of Direct Taxes (CBDT) has entered into three Unilateral Advance Pricing Agreements (UAPA) during the past couple of months. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 223, which inter alia include 20 Bilateral APAs....

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CBDT proposes amendments to Form No. 36, 36A and Rule 47

Income Tax - Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further, a memorandum of cross objections to the ITAT can be filed in Form No.36A. ...

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CBDT dedicates fortnight for pending appeal effect – rectification matters

Income Tax - Redressal of public grievances and taxpayer service is an area of top priority for the CBDT and the Income Tax Department. In this connection, a fortnight from 1st June to 15th June, 2018 has been dedicated for expeditious disposal of pending appeal effect and rectification matters....

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No loss of files of Nirav Modi/ Mehul Choksi in Scindia House fire

Income Tax - News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected....

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CBDT achieves another milestone by signing its 200th UAPA in April, 2018

Income Tax - CBDT has entered into one Unilateral Advance Pricing Agreement (UAPA) during April, 2018. With signing of this Agreement, CBDT has achieved another milestone of having signed its 200th UAPA....

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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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Likely Vacancy for the post of Members of CBDT for FY 2018-19

F.No.A.12026/20/2017-Ad.I - (04/07/2018) - Some posts of Members in the Central Board of Direct Tax (CBDT) in the Department of Revenue in the Level 17 of the pay matrix 2,25,000/- are likely to fall vacant in the financial year i.e. 2018-19....

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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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Recent Posts in "CBDT"

National Pension scheme: Additional Deduction of Rs. 50,000

An employee can claim overall deduction of Rs. 2,00,000 (i.e. Rs. 1,50,000 u/s 80C/80CCC/80CCD(1) and Rs. 50,000 u/s 80 80CCD(1B)) for National Pension scheme...

Read More
Posted Under: Income Tax |

CBDT’s Measures For Reducing Litigation

In 2015 CBDT issued Circular No. 21/2015 dated 10.12.2015 specifying monetary limits and other conditions for filing Appeals/SLPs by the Income Tax Department before Income Tax Appellate Tribunal, High Court & Supreme Court. Now, as a measure to reduce the tax litigations CBDT has revised these monetary limits as below vide its Circular N...

Read More
Posted Under: Income Tax |

CBDT signs three UAPAs in May and June, 2018

The Central Board of Direct Taxes (CBDT) has entered into three Unilateral Advance Pricing Agreements (UAPA) during the past couple of months. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 223, which inter alia include 20 Bilateral APAs....

Read More
Posted Under: Income Tax |

Likely Vacancy for the post of Members of CBDT for FY 2018-19

F.No.A.12026/20/2017-Ad.I (04/07/2018)

Some posts of Members in the Central Board of Direct Tax (CBDT) in the Department of Revenue in the Level 17 of the pay matrix 2,25,000/- are likely to fall vacant in the financial year i.e. 2018-19....

Read More

Why should I pay tax?

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 of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK, th...

Read More
Posted Under: Income Tax |

CBDT proposes amendments to Form No. 36, 36A and Rule 47

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further, a memorandum of cross objections to the ITAT can be filed in Form No.36A. ...

Read More
Posted Under: Income Tax |

CBDT dedicates fortnight for pending appeal effect – rectification matters

Redressal of public grievances and taxpayer service is an area of top priority for the CBDT and the Income Tax Department. In this connection, a fortnight from 1st June to 15th June, 2018 has been dedicated for expeditious disposal of pending appeal effect and rectification matters....

Read More
Posted Under: Income Tax |

No loss of files of Nirav Modi/ Mehul Choksi in Scindia House fire

News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected....

Read More
Posted Under: Income Tax |

CBDT achieves another milestone by signing its 200th UAPA in April, 2018

CBDT has entered into one Unilateral Advance Pricing Agreement (UAPA) during April, 2018. With signing of this Agreement, CBDT has achieved another milestone of having signed its 200th UAPA....

Read More
Posted Under: Income Tax |

Colours represent Vibrancy in Holi Festival…But in Income Tax Act, what do they signify???

The Festival of Holi is unthinkable without colours. The use of colours by way of different devices like pichkaris, balloons, pumps, and even buckets, constitutes an essential ingredient of a vibrant, joyful and blissful Holi. However, in Income Tax Act, the expression, colourable device, is being looked at, in an altogether different ma...

Read More
Posted Under: Income Tax |
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