Furnishing of information in respect of payments made to the non-resident w.e.f. 1st Apr-2016

Section 195 of the Income-tax Act (‘the Act’)empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and collection of information under…

Significant decisions taken by CBDT in last three months

The 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…

Extension of last date for December 2015 installment of advance tax for taxpayers in Tamil Nadu and Puducherry

The 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…

India and South Korea signs a New Memorandum of Understanding (MoU) on suspension of collection of taxes during pendency of Mutual Agreement Procedure (MAP)

A 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…