CBDT Corner

Vodafone-like Sec 9 retrospective amendment cases covered by Direct Tax Dispute Resolution Scheme, 2016

CBDT issues 8 FAQs on the Direct Tax Dispute Resolution Scheme, 2016 (‘Scheme’); CBDT clarifies that assessee would be eligible

Dec 26,2016

CBDT clarifies on cash-sales reporting; Rs 2 lakhs threshold applicable for 'each' transaction

CBDT clarifies that Rs. 2 lakh threshold under Rule 114E for reporting of cash transactions relating to sale of goods/services

Dec 23,2016

Govt. issues corrigendum, now retrospectively rescinds Cyprus blacklisting notification

Indian govt. issues corrigendum, retrospectively rescinds Cyprus notification u/s 94A; Revised notification now inserts word "the", replacing the word  "this"

Dec 19,2016

Political parties exempt u/s 13A also subject to scrutiny, clarifies CBDT

CBDT clarifies on media reports suggesting no scrutiny of accounts of political parties under Income-tax Act in context of deposit

Dec 19,2016

Demonetization related amendments to Income-tax Act receive President’s assent

The Taxation Laws (Second Amendment) Bill, 2016 containing demonetization related amendments to Income-tax Act  receive President’s assent on December 15

Dec 16,2016

Govt. rescinds Cyprus notification u/s 94A

Government rescinds 2013 notification issued u/s 94A treating Cyprus as a non-cooperative jurisdiction; Government states that earlier notification is rescinded

Dec 16,2016

CBDT: Warns against manipulating cash-in-hand/income figures via revised return route

CBDT cautions taxpayers against mis-using provisions for filing revised tax return for manipulating earlier years' figures of income, cash-in-hand, profits etc.

Dec 14,2016

CBDT: Mere 'increased turnover' due to digitized payment insufficient for reopening past assessment

CBDT clarifies that mere increase in turnover due to use of digital means of payment in a particular year, cannot

Dec 12,2016

CBDT: Rejects declarant’s 2 lakh crore worth declaration under IDS, commences enquiries on ‘suspicious’ declarations

IT Department excludes two sets of ‘suspicious’ high-value declarations from Mumbai and Ahmedabad from the total value of declarations of

Dec 05,2016

CBDT highlights instances of Jan-Dhan account irregularities, warns against misuse for tax-evasion

CBDT reveals inconsistencies pursuant to investigation being conducted by the IT Department across India with respect to sudden surge in

Dec 05,2016