CBDT Corner

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

CBDT: Reiterates "sum chargeable to tax" not gross amount subject to Sec. 40(a)(i) disallowance

CBDT reiterates that for the purposes of disallowance of "other sum chargeable" u/s 40(a)(i), in case of non-residents, the basis

Nov 02,2016

Sushil Chandra appointed new CBDT Chairman

Sushil Chandra appointed new CBDT Chairman

Nov 01,2016

CBDT-Chairperson highlights gaps in tax collections, calls for personal monitoring by senior officers

CBDT Chairperson, Ms. Rani Singh Nair, calls for close monitoring of tax collections in the wake of 5% gap between current direct

Oct 27,2016

CBDT issues second round of Certificates of Appreciation to 10.15 lakh tax-payers

In the second round, CBDT issues Certificates of Appreciation to another 10.15 lakh taxpayers for their contribution towards Nation building;

Oct 26,2016

CBDT notifies conditions for “deemed demerger” of an erstwhile public sector company

CBDT notifies conditions for ‘deemed demerger’ with respect to erstwhile PSU companies’ split-up; Taxation Laws (Amendment) Act, 2016 has amended

Oct 26,2016

CBDT : Extends return processing time-limit for AYs 2012-13 to 2014-15, enables grant of refund

CBDT issues order u/s 119 extending time-limit for issue of intimation u/s  143(1) in non-scrutiny cases for AYs 2012-13 to

Oct 26,2016

CBDT : Clarifies wider tax exemption for compensation under 'land-acquisition law', to cover non-agricultural land

CBDT issues clarification regarding taxability of compensation received by land owners towards land acquired under the Right to Fair Compensation

Oct 25,2016