Search Result for : Central Board Of Direct Taxes Cbdt

The Dollar Business Bureau   The government asked jewellers to make the payments of central excise duty for March-May, in addition with the excise duty for the month of June. The government has also extended the time line for registering the central excise of an establishment till July 1, 2016. In a release, the Central Board of Excise and Customs (CBEC) said that assessee jewellers should make payments of their excise dues for March, April and May months, together with the payment of excise duty for the month of June. “However, the liability for payment of excise duty is with effect from March 1, 2016,” it said. The Board has also prolonged the time frame for registering an enterprise by a jeweller, till July 1, ...

Source: PTI All “consequences” of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day 'compliance window' on September 30, the CBDT chief warned on Monday. The Central Board of Direct Taxes(CBDT), the apex policy-making body of the Income Tax department, also made it clear that all anti-harassment and pro-confidentiality procedures have been put in place by it for those people who want to avail this window before the September 30 deadline followed by payment of taxes and penalty before December 31. “Tomorrow, if it is known that there is some wrong or no filing by a person holding black money, then the accountability rests ...

Source: PTI Government on Friday said the tax department will expeditiously process the cases where FIIs have claimed exemption from minimum alternate tax (MAT) as a benefit under the bilateral tax treaties. "The CBDT (Central Board of Direct Taxes) has directed its officers to expeditiously process the cases where the Foreign Institutional Investors (FIIs) have claimed treaty benefits under the Double taxation Avoidance Agreements (DTAA)," Minister of State for Finance Jayant Sinha said. The Income Tax Department has sent notices in 68 cases to FIIs for payment of dues totalling Rs 602.83 crore towards MAT. In a written reply to a question in the Lok Sabha, Sinha said the CBDT has directed that issuance of fresh notices for reopening of cases ...

The Dollar Business Bureau Indian government is likely to sign a pact for the United States tax compliance law Foreign Account Tax Compliance Act, in July 2015. An official statement in this regard was made by Akhilesh Ranjan, a Joint Secretary in Ministry of Finance, Government of India. “Indian government is likely to sign the Intergovernmental Agreement (IGA) for FATCA in early July 2015,” said Akhilesh Ranjan, Joint Secretary (Foreign Tax and Tax Research Division), Ministry of Finance, on Thursday. The Finance Ministry official was speaking at the round-table discussion on ‘Implementation of FATCA norms in India’ organised by Federation of Indian Chamber of Commerce and Industry (FICCI) in New Delhi. FATCA compliance will necessarily have to cover all new accounts opened by ...

The Dollar Business Bureau The Chairperson of CBDT, Anita Kapur (first on the right side) briefing the media, in New Delhi on June 16, 2015. Source: PIB, Government of India   Amid concerns over outward movement of overseas funds from the Indian stock market after tax notices slapped on foreign portfolio investors (FPIs), the Income Tax department has said that it will not take coercive measures to recover tax dues from FPIs. A number of Foreign Portfolio Investors (FPIs) have challenged the tax recovery notices sent to them before April 2015. In the annual budget for the current financial year, the government has exempted FPIs from paying Minimum Alternate Tax (MAT) on their income occurred from trading in securities and stocks. According ...

The Dollar Business Bureau The government is making all out efforts to fix the problems of delay in tax refunds being faced by taxpayers, a top Income Tax department official said. “If you have excess collected, or if, based upon appeal effect or for whatever reason, refund is due which you have not got for long time, we are trying to resolve these problems,” said Nutan Sharma, Chief Commissioner of Income Tax-TDS (Tax Deduction at Sources). Sharma said that the functionality is already available with TDS assessing officers and it will be operational very soon. “Some issues regarding fate of the old cases and others we have taken up with CBDT (Central Board of Direct Taxes) and very ...

 The Dollar Business Bureau As foreign investors eagerly wait for the contents of the ‘Committee’ headed by Justice A. P. Shah that is looking into the issue of mimimum alternate tax (MAT) on foreign institutional investors (FIIs), officers of the Central Board of Direct Taxes (CBDT) dealing with international taxes have been advised not to take any co-ercive action against FIIs for recovery of demand already raised by invoking provisions of MAT. Issue of fresh notices for reopening of cases as also completion of assessment should also be put on hold unless the case is getting barred by limitation, said the government, reported a PIB release. Recently, CBDT has issued a notification saying “It has come to the notice ...

Sai Nikesh | The Dollar Business In a move to address concerns of Foreign Institutional Investors (FIIs), the government, on Friday, assured that FIIs will be able to avail tax benefits wherever possible in accordance to the Minimum Alternate Tax (MAT) cases. The Central Board of Direct Taxes (CBDT) has released a notification to this effect and asked tax officials to resolve issues pertaining to tax claims involving FIIs. The CBDT has asked tax officers to expedite ruling on whether an investor can qualify for the tax treaty benefit and hence will be exempted from MAT. Welcoming the move, Adish C Aggarwala, Chairman, All India Bar Association, told The Dollar Business, “Exempting FIIs, belonging to the countries having tax ...