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The Safe Harbour Rules (SHR) were amended by Notification No. 46/2017 dated 07-06-2017 issued by the Ministry of Finance, Central Board of Direct Taxes (CBDT). The term Safe Harbour is defined under section 92CB of the Income Tax Act, 1961 as circumstances under which the authorities shall accept transfer pricing declared by the assessee. It … Read more
Introduction Due to the increasing complexity of transaction between enterprises of the same group and manipulation of prices by them in order to avoid the burden of taxation in relation to international transactions, the Transfer pricing regulations by the Finance Act 2001 were established. Transfer Pricing regulations are applicable in case of all international transaction … Read more
1. What is Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 2. Who is eligible … Read more
The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR, CIB and TDS/TCS databases. The Income Tax Department has conducted the fifth cycle … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd December, 2016. Press Release Reporting Cash Transactions under Rule 114E of Income –tax Rules, 1962. Rule 114E of Income-tax Rules, 1962, for furnishing statement of financial transactions (SFT) came into force with effect from 1st April, 2016. … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 20th December, 2016. Press Release Sub: Measures for Promoting Digital Payments & Creation of Less-Cash Economy. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnover of Rs. Two crore … Read more
Circular No. 35 /2016 F.No. 275/29/2015-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 13th October, 2016 Subject: Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding Section 194-I … Read more
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th September, 2016 S.O. 3079 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 … Read more
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION [Notification No. 88 /2016, F.No.133/23/2015-TPL] New Delhi, the 29th September, 2016 INCOME-TAX [Notification No. 88 /2016, F.No.133/23/2015-TPL] S.O. 3080(E).— In exercise of the powers conferred … Read more
Circular No.33 of 2016 F.No.142/11/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated: 12th September, 2016 Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance … Read more