CBDT Corner

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

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