CBDT Corner

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issued u/s 94A treating Cyprus as a non-cooperative jurisdiction; Government states that earlier notification is rescinded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

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