Category - Taxation

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962

Ministry of Finance  03 MAY 2018 Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has… Read More

CBIC notifies Exchange Rate of Foreign Currency Relating To Imported and Export Goods

Goverenment of India Ministry of Finance  03 MAY 2018 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.33/2018-CUSTOMS (N.T.), dated  19th April, 2018 except as respects things done or omitted to be done before such supersession, the… Read More

CBIC notifies Exchange Rate of Foreign Currency Relating To Imported and Export Goods

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.31/2018-CUSTOMS (N.T.), dated  5th April, 2018 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes… Read More

Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees

In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention… Read More

Govt. notifies Income-tax (5th Amendment) Rules, 2018

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th April, 2018 INCOME-TAX S.O.1558.(E).— In exercise of the powers conferred by section 295 read with section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More

CBDT notifies the Protocol amending the Double Taxation Avoidance Convention between India and Kazakhstan

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 13th April, 2018 PRESS RELEASE CBDT notifies the Protocol amending the Double Taxation Avoidance Convention (DTAC) between India and Kazakhstan A Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between India and Kazakhstan, earlier signed on 9… Read More

CBDT issues draft proposing to amend Rule 44E, Form 34C, 34D and 34DA to improve transparency in relation to tax rulings

F.No.370142/34/2016-TPL (Part) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** New Delhi, April 10, 2018 Sub: Draft notification proposing an amendment to rule 44E, Form 34C, 34D and 34DA as per BEPS action item 5, for improving transparency in relation to tax rulings– comments and suggestions-reg. Under Base… Read More

CBDT notifies Income Tax Return Forms for Assessment Year 2018-19

The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19 also, a one page… Read More

CBIC notifies Exchange Rate of Foreign Currency effective from 6th April 2017

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No.31/2018 - Customs (N.T.) New Delhi, dated the 5th April, 2018 15 Chaitra 1940 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the… Read More

Provisional Direct Tax Collections and Number of Income Tax Returns filed for F.Y. 2017-2018

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 2nd April, 2018 PRESS RELEASE(No.5) Provisional Direct Tax Collections and Number of Income Tax Returns filed for F.Y. 2017-2018 The provisional figures of Direct Tax collections for FY 2017-18 show that net collections are at Rs.9.95 lakh crore which… Read More

IAPA regime moves forward with the signing of 16 APAs by CBDT in March, 2018

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 3rd April, 2018. PRESS RELEASE Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018 The Central Board of Direct Taxes (CBDT) has entered into 14 Unilateral Advance Pricing Agreements (UAPA)… Read More

CBDT extends linking of PAN with Aadhaar till 30th June, 2018

F. No.225/270/2017/IT A.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, dated the 27th of March, 2018 Order under Section 119 of the Income-tax Act. 1961 Order under Section 119 of the Income-tax Act. 1961 Vide its orders dated 31.07.17, 31.08.17 & 08.12.17, in… Read More

GST and Customs offices to remain open on 29.03.2018, 30.03.2018, 31.03.18

F.No. 401/118/2016-Cus.III (Pt.) Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) **** North Block, New Delhi 27th March, 2018 To, All Chief Commissioner of Customs, All Chief Commissioner of Customs (Preventive), All Chief Commissioner of Customs, Central Taxes and GST, All Directorates under CBEC Subject: Working days on 29.03.2018,… Read More

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