The Income-tax Department is committed to improving taxpayer services and redressing grievances in a timely manner. The status of outstanding refunds was reviewed recently. Following the review, Central Board of Direct Taxes has issued directions to its field formations to expedite the issue of pending refunds below Rs. 50,000/ for assessment years 2013-14 and 2014-15…
Chennai and a large part of Tamil Nadu have received unprecedented rainfall leading to flooding of large areas and disruption of normal life, including business and commerce. Given the extent of disruption, it is considered expedient in public interest to extend the due date for deposit of tax deducted at source and tax collected at…
F.No.: DGIT(S)/CPC(TDS)/DCIT/15GH /2015-16 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) New Delhi. Notification No. 4 /2015 New Delhi, 1st of December 2015 Subject: Simplification of procedure for Form No.15G & 15H — regarding Section 197A of the Income tax Act provides for no deduction in certain case by…
Based upon credible information of tax evasion and large scale financial irregularities committed by a group based at Chennai and Tiruchirappalli, the Investigation Wing of the Income Tax Department at Chennai has been conducting investigation. As part of such investigation, searches under section 132 and surveys under section 133A of the Income-tax Act, 1961 are…
7 December 2015 – Due date for deposit of Tax deducted/collected for the month of November, 2015. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 7 December 2015 –…
It has been the endeavor of the Government to foster an environment of co-operation in matters of taxation through predictability of laws and reduced litigation. In a major push towards providing certainty to foreign investors in the arena of transfer pricing, the Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral Advance…
Stake Holders and General Public requested to bring-out Issues/Points by 15th December, 2015 which in their opinion require further Clarification/Guidance for proper Implementation of the Provisions of the Income Computation and Disclosure Standards (ICDS) Sub-section (1) of Section 145 of the Income-tax Act, 1961 provides that the income chargeable under the head “Profits and…
The Finance Minister in his Budget Speech, 2015 has indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. This is a step towards simplification of tax laws, which is expected to bring about transparency and clarity.…
There are some unauthenticated stories in media about offer of conciliation of Vodafone case outside arbitration. Vodafone has in a written communication expressed its desire to go for conciliation for its tax disputes with India. In response, the Government has held one preliminary meeting to explore terms of reference of such a conciliation on 10th…
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The Protocol provides for internationally accepted standards for effective exchange of information…