The Income Tax Department has been at the forefront of using technology in implementing its –e-Governance initiatives. Most of its routine communication to taxpayers is through email and SMS. Therefore, the Department is very sensitive and alert to attempts made by fraudsters to spoof the Department’s identity to send phishing emails. To ensure that taxpayers…
The Central Board of Direct Taxes (CBDT) has entered into two bilateral Advance Pricing Agreements (APAs) with United Kingdom on 29th January, 2016. With this signing, CBDT has concluded three bilateral APAs the first one being a bilateral APA signed with Japan in December, 2014. The two bilateral APAs were signed with two Indian group…
One of the significant steps taken by Central Board of Direct Taxes to boost investment sentiments among MNCs is the landmark Framework Agreement signed with the Revenue Authorities of USA in January, 2015. This agreement was finalised under the Mutual Agreement Procedure (MAP) provision contained in the India-USA Double Taxation Avoidance Convention (DTAC). The agreement…
The Central Board of Direct Taxes (CBDT) entered into 7 more unilateral Advance Pricing Agreements (APAs) with taxpayers today (22nd January, 2016). This takes the tally of APAs signed so far to 39 (38 unilateral and one bilateral). In the current fiscal year, which is the third year of APA programme, 30 agreements have been…
Additional Modes of Generation of EVC: Case (5): Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website https://incometaxindiaefiling.gov.in A facility to pre-validate Bank account details will be provided to the assessee under Profile Settings menu in e-Filing website i.e.https://incometaxindiaefiling.gov.in. Assessee has to provide the following bank account details:…
The flagship project of Income Tax Department for processing of tax returns, Centralized Processing Centre (CPC) Bengaluru, has been awarded “ISO 9001:2008 standard for Quality Management System” Certificate by British Standards Institution (BSI) on 11 January 2016. The Certificate encompasses all business services and business enabler services of CPC. ISO 9001 is an international standard…
Reducing litigation with the taxpayers has been a key focus area for the Income Tax Department. Several initiatives have been taken by the Central Board of Direct Taxes in the last three months up to December 2015 to significantly reduce disputes and provide relief to taxpayers facing long standing litigation. The significant steps taken by…
In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction, the Central Board of Direct Taxes had issued instructions to Central Processing Center (CPC), Bengaluru and the field officers in December, 2015 to issue refunds of amounts less than Rs.50,000/- expeditiously.As a result of the special drive to issue smaller refunds, 18,28,627 refunds…
In recent times, the use of Social Media has become widespread in various organizations including Government Ministries and Departments for public relations and communication. Keeping with the stated endeavour of the Department to induct state-of-the-art and green technology with a user friendly interface, the Department is extending its external communication to Social Media such as…
A total of 644 declarations have been made under the compliance window provided in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which closed on 30th September, 2015. The amount involved in these 644 declarations was 4,164 crores.The declarants were liable to pay tax at the rate of 30…