Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE Clarification regarding applicability of standard deduction to pension received from former employer Finance Act, 2018 has amended Section 16 of the … [Read more...]
CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) … [Read more...]
PAN and TAN mentioned in the COI issued by MCA shall be treated as sufficient proof of PAN and TAN
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th April, 2018 PRESS RELEASE Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of … [Read more...]
GAAR – A paradigm shift in business decisions
Declaration of impermissible avoidance arrangement CBDT on 27th Jan 2017 has issued clarification via Circular No 7 of 2017 that the provisions of Chapter X-A of the Income Tax Act, 1961 relating to General Anti-Avoidance Rule will come into force from 1st April, 2017. GAAR stands for General Anti … [Read more...]
Due date of tax audit and for A.Y. 2017-18 is extended to 31st October 2017
F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act') The Goods and Services Tax ('GST') has come … [Read more...]
Interest Limitations in case of International Transactions
Introduction “Arise, awake, and stop not till the goal is reached” said by Swami Vivekanada seems to be the motto of the Indian government which is relentlessly working on bringing India at Global footing as far as the taxation laws are concerned. Along with India many other nations have joined … [Read more...]
Transfer Pricing Methods
Due to increasing cross border transactions, Transfer pricing has become an important international tax issue affecting the MNCs. One of the most essential and contentious facets of transfer pricing provisions is to derive an accurate ALP. Section 92 of Income Tax Act lays down that any income … [Read more...]
Secondary Adjustment in case of Transfer Pricing
Introduction The concept of Secondary Adjustments is introduced in the arena of Transfer Pricing laws by Finance bill 2017 (hereinafter referred as the Bill). A new section 92CE is inserted in the Income Tax Act,1961(hereinafter referred as the Act), giving statutory validity to this concept. The … [Read more...]
Deemed international Transaction under Transfer Pricing
Introduction With the world turning into one global entity, trade and commerce has increased leaps and bounds. Along with the benefits it carries, there are many complex issues which need to be addressed. One of these issues is tax evasion and base erosion. Transnational Enterprises arrange their … [Read more...]
Multilateral Instrument (MLI) Convention
INTRODUCTION MLI Convention aims to implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. On 7th June, 2017, 70 Ministers and other high level representatives participated in the signing ceremony of MLI. This Convention is a product of Organisation for Economic … [Read more...]
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