Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : The framework permits taxpayers to settle offences by paying prescribed compounding charges instead of facing prosecution. It clar...
Income Tax : CBDT amended Income-tax Rules to include crypto-assets and digital financial products in CRS reporting. The move expands disclosur...
Income Tax : The Draft Income-tax Rules, 2026 require salaried taxpayers to disclose their relationship with landlords, enabling enhanced scrut...
Income Tax : Refunds for AY 2025–26 are being withheld after system-based risk checks detected discrepancies. Taxpayers are advised to review...
Income Tax : CBDT signed a record number of APAs to provide clarity on transfer pricing and reduce disputes. The framework ensures advance dete...
Income Tax : The Government stated that representations on own merit promotions are examined regularly as per existing rules, with no separate ...
Income Tax : Draft Income-tax Rules and Forms have been released for public feedback before the new law takes effect, with inputs to shape the ...
Income Tax : Following judicial criticism of delayed appeals, officers urged structural reforms to fix institutional gaps rather than penalisin...
Income Tax : The NUDGE campaign targets fraudulent claims under sections 80G and 80GGC, helping taxpayers voluntarily revise returns and avoid ...
Income Tax : Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authorit...
Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : ITAT held that delay in filing Form 9A cannot automatically result in denial of exemption under Section 11. The issue was sent bac...
Income Tax : The Tribunal ruled that assessment orders in e-proceedings must be digitally signed as per CBDT instructions. A manually signed or...
Income Tax : The issue was whether CBDT jewellery instructions could shield bullion found during a search from taxation. The Tribunal held that...
Income Tax : The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enh...
Income Tax : Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of inco...
Income Tax : The Central Government notified an urban development authority under section 10(46A) of the Income-tax Act. The exemption applies ...
Income Tax : CBDT instructs CIT(A) offices to issue intimation confirming withdrawal of appeals for MAP-resolved grounds, serving as proof for ...
Income Tax : The government has authorised all non-rural branches of 19 banks to operate Capital Gains Account Scheme accounts, enhancing taxpa...
The Central Board of Direct Taxes (CBDT) has reinstated the tax deduction at source (TDS) rules/ forms that were earlier discontinued with effect from April 1, 2009. This latest move, which would come into effect retrospectively from April 1, 2009, clearly indicates that the Income-Tax Department is not looking to implement the concept of unique transaction numbers (UTN) for sometime to come, say tax experts. In March 2009, the CBDT had stipulated that assesses filing return for assessment year 2009-10 or any other earlier assessment years should provide the UTN.
Nowadays I am receiving one or more email daily with subject ‘Tax Refund Notification’. With mail I receive a attached form in which they ask bank account details. This is the trap Once you enter your bank account detail which includes your username and password the same get stored in the database of the person sending fraud emails. After receiving your username , password they transfer all your money in their bank account.
The Income-Tax (I-T) department in Mumbai is summoning CEOs and CFOs of mid-size companies with the objective to communicate to them that anything less than the full payment of advance taxes will not be acceptable. I-T department sources said a face-to-face interaction helps in gauging the exact amount of tax payable by companies.
Introduction of the concept of advance pricing arrangements (APAs) in the tax statute is regularly been in the Budget wish-list of multinational enterprises since 2001, when the transfer pricing legislation was enacted, APAs are essentially an advance ruling by which tax authorities agree upfront to the pricing of goods and services between the related parties. This ruling becomes binding on the tax authorities and the taxpayer.
Transfer pricing is a major international tax compliance issue as multinational entities tend to set transfer pricing on cross-border transactions to reduce taxable profits. Being organized by CBDT and OECD from 17th to 19th February 2010, the seminar is a part of capacity building of transfer pricing resources in India and aims to discuss various important issues of transfer pricing like intangibles, cost sharing arrangement, etc.
The CBDT and OECD are jointly holding an International seminar on transfer pricing at Vigyan Bhawan, New Delhi, India from 17th to 19th February 2010. Shri Pranab Mukherjee, Finance Minister of India, will inaugurate the seminar. Shri. S.S. Palanimanickam Minister of state for Finance (Revenue); Shri. Sunil Mitra, Secretary (Revenue); Shri. S.S.N. Moorthy, Chairman CBDT; Mrs. Caroline Silberztein, Head of transfer pricing unit OECD;
Over the past two months, at least a dozen senior officers of the Income-Tax department, belonging to the elite Indian Revenue Service (IRS), have opted for voluntary retirement, a government scheme that allows them to quit before the statutory retirement age. These officers are likely to end up in the private sector, most likely as consultants, to get around rules that prevent government employees from working within a year of quitting.
The Direct Taxes Code 2009 is now on the back burner. The Union finance ministry has veered round to the view that its bold move to reform direct taxes should be subjected to further scrutiny. Contrary to earlier expectations, therefore, the Direct Taxes Code 2009 will not be presented to Parliament as a Bill along with the Union Budget for 20010-11 on February 26.
Big corporations will now find it difficult to defer their advance tax payments. In a bid to meet its revenue collection targets, the Central Board of Direct Taxes (CBDT) has decided to monitor advance tax payments by top companies and persuade them not to defer such payment as self-assessment tax for the next financial year.
With just three weeks to go for India’s national budget for next fiscal, the finance ministry has called for urgent steps to fill top-level vacancies in the direct tax administration as delays were affecting the realisation of targets. Central Board of Direct Taxes (CBDT) Chairman S.S.N. Moorthy has even written to the chairman of Union Public Service Commission requesting an urgent meeting of what is called the departmental promotion committee for filling up the vacancies.
