Dri Strikes Against Black Money – Recovers about Rs.50 Crores of Demonetized Currency Sleuths of the Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, zeroed in on an office premises at Bharuch in Gujarat State and recovered about Rs. 48.91 crores of demonetised currency in Rs. 500 and Rs.1,000… Read More »
CBDT extends date till 31.3.18 for linking of Aadhaar with PAN Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced… Read More »
Income Tax Department suspends an officer for harassing the taxpayer A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the… Read More »
F.No. 225/363/2017-ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, N.Delhi, dated the 15th November, 2017 To All Principal Chief-Commissioners of Income-tax/All Principal Directors-General of Income-tax Sir/Madam, Subject: SoP for issue of notice u/s 142(1) of Income-tax Act in cases related to substantial cash deposit during the demonetisation period-regd.- On the basis… Read More »
Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 at Rs. 4.39 lakh crore The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year. Net Direct Tax collections… Read More »
Cases pertaining to ‘Panama Papers’: Investigation in full swing Pursuant to revelations made by the International Consortium of Investigative Journalists (ICIJ), a Washington based organization in April 2016 about certain Indians having linkages with entities in offshore no tax/low tax jurisdictions, the Government constituted a Multi-Agency Group (MAG) on 4th April 2016, inter alia, to facilitate co-ordinated… Read More »
Investigations in cases of ‘Paradise Papers’ to be monitored through reconstituted Multi Agency Group Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationalities, India… Read More »
CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 (‘the Act’) was… Read More »
Circular No 25 of 2017 F No 142/11/2015-TPL (Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 23rd October, 2017 Subject: Clarification related to guidelines for establishing ‘Place of Effective Management’ (PoEM) in India-reg. The concept of ‘Place of Effective Management’ (PoEM) for deciding residency status of… Read More »
Comments and Suggestions Invited for Amendment of Income-tax Rules wrt Registration of Charitable or Religious Trusts Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A of the Income-tax Act, 1961 (‘the Act’) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted… Read More »