Category - Taxation

Govt. notifies Rate of Exchange of different Foreign Currencies to Indian Currency

Ministry of Finance 07 JUN 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 Indirect Taxes and Customs(CBIC) No.43/2018-CUSTOMS (N.T.), dated 17thMay, 2018 except as respects things done or omitted to be done before such… Read More

Task Force on Shell Companies takes pro-active and coordinated steps to check the menace of shell companies

The Task Force on Shell Companies has met 8 times since its constitution and has taken pro-active and coordinated steps to check the menace of shell companies. The ‘Task Force’ was set up in February, 2017 by the Prime Minister’s Office under the joint Chairmanship of the Revenue Secretary and Secretary, MCA with a mandate to… Read More

Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.             Under the revised scheme, a person… Read More

Task Force engages stakeholder for drafting the new Direct Tax Law

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 28th May, 2018 PRESS RELEASE Stakeholder engagement by the Task Force drafting the new Direct Tax Law Consequent to constitution of the Task Force to review the existing Income tax Act, 1961 and to draft a new direct tax… Read More

Govt. extends time of the Task Force for drafting a New Direct Tax Legislation

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd May, 2018 PRESS RELEASE Extension of time of the Task Force for drafting a New Direct Tax Legislation A Task Force was constituted by the Government in November,2017 to review the existing Income-tax Act, 1961 and to draft… Read More

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

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