The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are…
DetailsThe Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer. Some of the significant decisions taken are · Acceptance of A.P Shah Committee’s recommendations regarding applicability…
DetailsThe last date of payment of December 2015 installment of advance tax for both corporate and non-corporate taxpayers in the State of Tamil Nadu and Union territory of Puducherry has been extended from 15.12.2015 to 31.12.2015 in view of unprecedented rainfall and floods in these areas. The Central Board of Direct Taxes has issued an…
DetailsIn view of the direction issued by the Government of India (the Ministry of Labour & Employment) under para 78 of the EPF Scheme, 1952, I, K.K.ialan, Central Provident Fund Commissioner, hereby issue the following directives: (a) The employer of the establishment coverable under the Act and applying for Provident Fund Code online shall submit…
Details22 APAs already concluded in the current fiscal while 30 to 40 APAs expected to be finalized before the end of the fiscal; the new momentum will go a long way in avoiding disputes The Central Board of Direct Taxes (CBDT) has recently entered into eleven (11) more Advance Pricing Agreements (APAs) with Indian subsidiaries…
DetailsMinistry to soon introduce a new version of Form INC29 incorporating suggestions received from the stakeholders allowing up to 5 directors to be appointed and greater flexibility in proposing a name for a company Ministry of Corporate Affairs, Government of India has, during the past one year, taken a number of steps, and is in…
DetailsOn 11th December, 2015, India and Japan signed a Protocol for amending the existing Convention for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income which was signed in 1989. Dr. Hasmukh Adhia, Revenue Secretary, signed the Protocol on behalf of the Government of India with…
DetailsNotices of defective returns were issued under section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled. In order to overcome this difficulty, it is clarified that such returns will not be treated as defective in cases where the FIIs/FPIs: i)…
DetailsCentral Board of Direct Taxes has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the Income-tax Department (www.incometaxindiaefiling.gov.in). Errors due to incomplete TDS details in…
DetailsA New Memorandum of Understanding (MoU) on suspension of collection of taxes during pendency of Mutual Agreement Procedure (MAP) was signed here today between India and South Korea. This MoU will relieve the burden of double taxation for the taxpayer in both the countries during the pendency of MAP proceedings. Earlier a meeting was held…
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