Indian Advance Pricing Agreement regime moves forward with signing of four APAs by CBDT in August, 2017 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 04th September, 2017. PRESS RELEASE Indian Advance Pricing Agreement regime moves forward with signing of four APAs by CBDT in August, 2017 The Central Board of Direct Taxes (CBDT) has entered into 4 more Advance Pricing Agreements (APAs) during August, 2017. Out of these 4 Agreements, 3 are Unilateral and 1 is a Bilateral. The Bilateral APA is for international transactions between an Indian company and a UK-based company. This is the 8th Bilateral APA with the United Kingdom and 13th overall (the other 5 being with Japan). With the signing of these 4 Agreements, the total number of APAs entered into by CBDT has reached 175. This includes 162 Unilateral APAs and

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Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st August, 2017 PRESS RELEASE Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections The Government launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetisation on black money, widening of tax base and Direct Tax Collections is summed up hereunder: A. Impact on black money: Quantum jump in Enforcement actions based on Demonetisation data: Searches   158% increase in number of searches (from 447 to 1152 groups) 106%

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Gujarat Electricity Regulatory Commission notified under Section 10(46)

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th August, 2017 S. O. 2829(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Gujarat Electricity Regulatory Commission’, a Commission constituted under the Electricity Regulatory Commissions Act, 1998 , in respect of the following specified income arising to that Commission, namely:- (a) amounts received in form of grants and aid from Government; (b) amount received in the form of petition fees or processing fee for determination of tariff; (c) amount received in the form of License fees; Application fees or in nature of fines; (d) interest earned on investment or deposit

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Asadharan Suraksha Seva Praman Patra to be the new gallantry award by Income Tax

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th August, 2017 (INCOME TAX) S.O. 2830(E).—In exercise of the powers conferred by sub clause (i) of clause (18) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby specifies the gallantry awards for the purpose of the said section, mentioned in column (2) of the Table below, awarded in the circumstances mentioned in corresponding column (3) thereof. TABLE SI. No. Name of gallantry award Circumstances for eligibility (1) (2) (3) 1 Asadharan Suraksha Seva Praman Patra When awarded for acts of exceptional courage or conspicuous Gallantry displayed by personnel of Research and Analysis Wing and Director General (Security) and certified to this effect by the Head of the

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CBDT extends the time for Linking PAN with Aadhaar from 31st August 2017 to 31st December 2017      

  CBDT has extended the time to link pan with Aadhaar via below notification: F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.I1 Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (‘Act’)  Under the provisions of recently introduced section 139AA of the Income-tax Act, with effect from 01.07.2017, all taxpayers having Aadhar Number or Enrolment Number are required to link it with PAN Number for filing the tax return. The said provision was relaxed by the Central Board of Direct Taxes (`CBDT’) vide its order dated 31.07.2017, in file of even number, wherein further time till 31.08.2017 was allowed to the taxpayers to link Aadhar with PAN. On consideration of the

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Income Tax Audit and Return Date extended to 31st October

F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act’) The Goods and Services Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government. In this backdrop, representations have been filed by various stakeholders requesting for extending the ‘due date’ for filing various reports of audit as well as tax-returns under the Income-tax Act from 30th September, 2017 so as to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws. On consideration of

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​Rajaswa Gyan Sangam, 2017 – Curtain Raiser

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 30th August, 2017 PRESS RELEASE Subject: Rajaswa Gyan Sangam, 2017 – Curtain Raiser The Central Board of Direct Taxes (CBDT) and the Central Board of Excise & Customs (CBEC) have been holding annual Conferences of senior officers for a number of years. In 2016, for the first time, a joint Conference of the two Boards was held under the umbrella of “Rajaswa Gyan Sangam” which was inaugurated by the Hon’ble Prime Minister. This year also, a joint Conference of the two Boards is scheduled to be held on 1st and 2nd of September, 2017 at Vigyan Bhawan, New Delhi, which will be inaugurated by the Hon’ble Prime Minister in the presence of the

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Revised guidelines for stay of demand before CIT(A) is prospective: CBDT

  F.N0.404/72/93-1TCC (FTS:284146) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 25th August, 2017 OFFICE MEMORANDUM Subject: Partial modification of Instruction No. 1914 dated 21.3.1996 to provide for guidelines for stay of demand at the first appeal stage. Reference : Board’s O.M. of even number dated 29.2.2016 and 31.7.2017. Vide Board’s O.M. of even number dated 31.7.2017, modifications were made to O.M NO. 404/72/93-1TCC dated 29.2.2016. to the effect that the standard rate prescribed in O.M. dated 29.2.2016 stood revised to 20% of the disputed demand, where the demand was contested before CIT(A). It is hereby clarified that the modifications laid down in Board’s O.M. dated 31 7.2017 are prospective in nature and matters already decided as per Board’s O.M. of even

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Govt. to eradicate black money, reduce litigations and tax certainty: Chairman CBDT

  Wednesday, August 23, 2017 New Delhi, 23 August, 2017:  The chairman of the Central Board of Direct Taxes (CBDT) Sushil Chandra said, the government main aim is to eradicate black money, lesser litigations and bring certainty in tax laws, said at an ASSOCHAM event held in New Delhi today. India to get more tax information from different countries through the common reporting standards (CRS) platform from September onwards, Mr Sushil Chandra, Chairman, CBDT, Ministry of Finance while inaugurating an ASSOCHAM 14th International Tax Conference here at New Delhi. About 65 countries, including India, signed the multilateral instrument to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (BEPS). The department is absolutely moving into the facilitation mode so that genuine tax payer should not suffer at all and act as a

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I-T plans to pursue property-holders who have never filed income tax returns 

Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these may be benami holdings on behalf of people looking to conceal their wealth. The exercise is part of the government’s crackdown on black money. The findings have emerged from the analysis of vast amounts of data that the government has collected. “We have a lot of data from various sources including on investments in property by people who have never filed returns,” said an income tax official. This information will be verified to ascertain the source of income used for the purchase of the properties and to see if these are being held by benami owners. Enforcement action will be taken only in cases where there is

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