Tag Archives: CBDT
CBDT signs two Indian Advance Pricing agreements
The Central Board of Direct Taxes (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… Read More
Substantial Rise in Assets of 7 Lok Sabha MPs, 98 MLAs | CBDT to Supreme Court
The Central Board of Direct Taxes (CBDT) told the Supreme Court that there has been a substantial hike in the assets of seven Lok Sabha MPs and 98 MLAs across the country and “discrepancies” have been found.
The CBDT said it would further probe the issue and place before the apex court in a sealed cover the relevant documents relating to the assets of these lawmakers.It… Read More
CBDT mobile app Aaykar Setu for pay taxes and apply PAN
The Income Tax Department launched an app that allows entities track TDS, pay taxes and apply for permanent account number (PAN).It will also help people link their 12-digit biometric identifier Aadhaar with PAN card.
The mobile app ‘Aaykar Setu’, launched by Finance Minister Arun Jaitley, literally means taxpayer’s bridge and will… Read More
CBDT notifies new scrutiny notices with e-facility
The CBDT has notified revised income tax scrutiny notices that will allow taxpayers to conduct their business with the taxman over the Internet without needing to visit the I-T office, hence reducing physical interface between them.
The new format pertains to three types of notices that are issued by the taxman under section 143(2) of the Income Tax Act (scrutiny… Read More
CBDT notifies new Safe Harbour Regime
In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of the Committee set up in this regard.
The salient features of the new… Read More
CBDT issues clarification on furnishing SFT & SFT Preliminary Response
Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.
In case there are reportable transactions for the year, the reporting person/entity is required to register with… Read More
Abhishek Verma felicitated for Gold Medal at World Championship of Compound Archery, Shanghai
India clinched the compound team gold medal to conclude their Archery World Cup Stage 1 campaign in Shanghai on 21st May, 2017. Shri Abhishek Verma, Income Tax Inspector at New Delhi, was a member of the Indian Team that won the Gold defeating Colombia. The Indian team defeated Vietnam, Iran and USA to reach the final. The Chairman, Central Board of Direct Taxes,… Read More
Sushil Chandra re-appointed Chairman, CBDT for one year
Shri Sushil Chandra IRS (1980), has been re-appointed as the Chairman, Central Board of Direct Taxes (CBDT) for a period of one year from 1.06.2017 to 31.05.2018.
Shri Chandra has been Member (Investigation) in CBDT since December, 2015. During his long and illustrious career in the Income Tax Department, he has handled many prestigious assignments like… Read More
CBDT issues PAN & TAN within 1 day to improve ease of Doing Business
In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.
Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT… Read More
Ajit Kumar Srivastava appointed CBDT Member
Shri Ajit Kumar Srivastava IRS (IT 1980) has been appointed as Member, Central Board of Direct Taxes (CBDT).
IndianBureaucracy.com wishes Shri Ajit Kumar Srivastava the very best.… Read More
Shabri Bhattasali appointed CBDT Member
Ms. Shabri Bhattasali IRS (IT 1981) has been appointed as Member, Central Board of Direct Taxes (CBDT) .
IndianBureaucracy.com wishes Ms. Shabri Bhattasali the very best.
