CBDT Corner

CBDT releases updated guidance note for FATCA rules & CRS implementation

CBDT releases updated Guidance Note on Foreign Account Tax Compliance Act ('FATCA') and Common Reporting Standards ('CRS') to help Financial Institutions,

Dec 05,2016

CBDT : Notifies Rule/Forms for furnishing of statement regarding income distribution by securitization trust

CBDT inserts Rule 12CC prescribing Form 64E and 64F in respect of income distributed to investor by Securitization trust under

Dec 02,2016

CBDT: Prescribes manner of determining holding period for capital asset declared under IDS

CBDT amends Rule 8AA to prescribe manner of determination of 'holding period' of a capital asset declared under the Income

Dec 01,2016

CBDT: Operational subsidies eligible for incentive deduction u/s 80-IB/80-IC; IT Dept not to pursue litigation

CBDT clarifies eligibility of incentive deductions u/s 80IB/80IC on operational subsidies received by industrial undertakings from government towards reimbursement of

Nov 30,2016

CBDT : Clarifies that premium of partner's keyman insurance policy deductible in firm's hands

CBDT clears the air on admissibility of expenditure incurred by a firm on Keyman Insurance policy of a partner; Accepts

Nov 23,2016

CBDT: Prescribes guidelines on ‘eligible fund manager’ of offshore funds u/s 9A

CBDT amends Rule 10V (which provides guidelines for special taxation regime u/s 9A), inserts sub-rule (11) and (12) with retrospective

Nov 23,2016

India & USA reach agreement on first ever bilateral-APA, resolve 108 MAP-cases

India & USA Competent Authorities reach an agreement on the terms and conditions of first ever bilateral APA involving both

Nov 17,2016

CBDT : Restricts depreciation to 40% for manufacturing companies opting for concessional taxation u/s 115BA

CBDT amends Rule 5 of Income-tax Rules, 1962 w.e.f. April 1, 2016 relating to depreciation, inserts new proviso restricting depreciation

Nov 10,2016

Digital tax administration, effective enforcement action among new CBDT Chairman's 7 priorities

Incoming CBDT Chairman Sushil Chandra, in his communication to IRS officers, outlines 7 priorities for tax department; Digital tax administration,

Nov 03,2016

CBDT: Higher profit-linked deduction under Chapter VI-A admissible on profits enhanced by business disallowances

CBDT clarifies on admissibility of higher deduction claim under Chapter VI-A on enhanced profits owing to disallowances made while computing

Nov 02,2016

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