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CBDT signs two unilateral APAs with taxpayers

CBDT signs two unilateral APAs with taxpayers

The tax department has entered into two unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

Apr 29, 2017, 17:15 PM IST
CBDT comes out with final rules for taxing share buy back by companies

CBDT comes out with final rules for taxing share buy back by companies

Seeking to minimise litigations over taxation, CBDT has come out with rules for computing distributed income arising out of issue of shares following buy back, demerger, amalgamation or bonus issue

Oct 19, 2016, 16:03 PM IST
Thank You, says Income Tax department to taxpayers

Thank You, says Income Tax department to taxpayers

Known for harassing taxpayers over the years, sometimes including innocent ones, the I-T Department is taking a new step for an image changeover – thanking taxpayers in the form of a certificate.

Oct 11, 2016, 18:46 PM IST
GST regime: ClearTax to foray into return filing, launch app

GST regime: ClearTax to foray into return filing, launch app

To help clear confusion over return filing and tax planning under the impending GST regime, online tax filing portal ClearTax will act as an advisor to traders and businesses, assisting them in

Oct 02, 2016, 11:17 AM IST
CBDT to honour honest taxpayers

CBDT to honour honest taxpayers

 In a novel initiative revived after decades, the CBDT will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their Income Tax dues diligently over the years

Sep 15, 2016, 18:27 PM IST
Banning cash transactions over Rs 3 lakh under consideration: CBDT

Banning cash transactions over Rs 3 lakh under consideration: CBDT

Government is examining SIT's recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said Tuesday.

Aug 23, 2016, 13:02 PM IST
1% TCS on cash buy not to apply on embassies, UN bodies, Govt depts

1% TCS on cash buy not to apply on embassies, UN bodies, Govt depts

Government department, embassies, consulates and UN bodies will be among those exempted from the levy of 1 percent tax collection at source (TCS) on cash purchases of above Rs 2 lakh, CBDT said

Aug 22, 2016, 15:16 PM IST

Deduction benefit under section 35AC only till March 31

Government on Friday said the benefit of deduction under section 35AC of the IT Act will only be available till March 31, in respect to the payments made to association or institution approved by the

Aug 19, 2016, 15:45 PM IST
Only 14 lakh individuals fell in 30% tax bracket in 2012-13

Only 14 lakh individuals fell in 30% tax bracket in 2012-13

Only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs 10 lakh, attracting the highest tax bracket of 30 percent, in assessment year 2012-13.

Aug 18, 2016, 14:43 PM IST
Missed the deadline for filing Income Tax Returns? Here's what you can do

Missed the deadline for filing Income Tax Returns? Here's what you can do

If you missed the extended deadline for filing ITR for 2015-16, here is what you can do.

Aug 08, 2016, 12:06 PM IST
Hurry up! Today is the last day to file your income tax returns

Hurry up! Today is the last day to file your income tax returns

Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5.

Aug 05, 2016, 08:50 AM IST
Govt extends last date for filing tax returns to August 5

Govt extends last date for filing tax returns to August 5

The last date for filing income-tax returns has been extended to August 5.

Jul 29, 2016, 20:09 PM IST
These bollywood movie makers, superstars have been issued service tax notices by CBEC –Know

These bollywood movie makers, superstars have been issued service tax notices by CBEC –Know

Seeking to strengthen compliance and verification, the CBEC issued  notice to top bollywood movie-makers and actors asking them to divulge the details of their income.

Jul 27, 2016, 09:41 AM IST

CBDT issues draft norms for taxing buy back of unlisted shares

Central Board of Direct Taxes (CBDT) Monday came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax.

Jul 25, 2016, 17:44 PM IST
I-T dept identifies 90 lakh high-value transactions without PAN; to seek details

I-T dept identifies 90 lakh high-value transactions without PAN; to seek details

The high-value transaction trails were detected following the department's drive to bring to book maximum amount of black money during the one-time compliance window closing on September 30.

Jul 21, 2016, 17:27 PM IST
Now get PAN card within a day -Know how

Now get PAN card within a day -Know how

For greater ease of doing business in India, the CBDT on Monday said it has put in place new protocols which will ensure that corporates are allotted PAN and Tax Deduction Account Number (TAN) within

Jul 18, 2016, 23:30 PM IST
Reminder: File ITRs before July 31 deadline, says I-T dept

Reminder: File ITRs before July 31 deadline, says I-T dept

The department has suggested the taxpayers to opt for e-filing of their Income Tax Returns (ITRs) and enjoy a hassle-free processing of the annual returns filing exercise.

Jul 17, 2016, 17:24 PM IST

Issue upto Rs 5,000 refunds fast and quick: CBDT to I-T dept

CBDT has directed the Income Tax department to "expeditiously" issue refunds worth Rs 5,000 for last three assessment years in order to provide immediate relief to taxpayers.

Jul 14, 2016, 20:14 PM IST
Relief for taxpayers: No recovery during pendency of stay

Relief for taxpayers: No recovery during pendency of stay

In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications.

Jul 05, 2016, 17:18 PM IST
TCS to be levied above Rs 2 lakh only if payment in cash: CBDT

TCS to be levied above Rs 2 lakh only if payment in cash: CBDT

CBDT has issued a new circular clarifying that the Tax Collected at Source (TCS) levy will not be applicable when cash part of the payment for certain goods or services is less than Rs 2 lakh, even

Jun 27, 2016, 15:05 PM IST