Corporate tax exemptions with sunset clauses may not be renewed

Last Updated: Thursday, September 10, 2015, 19:54

In order to phase out exemptions and move to lower corporate tax rate, the CBDT is considering not to renew tax exemptions after expiry of sunset clause.

CBDT asks officials not to pursue pending MAT cases

Last Updated: Thursday, September 3, 2015, 12:43

Days after the government decided to exempt foreign funds from tax on profits earned before April 1, the CBDT on Thursday issued a circular asking its fields officers to keep in abeyance pending assessments and not to recover any outstanding demand.

CBDT to soon issue instructions on MAT issue

Last Updated: Tuesday, September 1, 2015, 19:25

With the Justice A P Shah panel recommending non-applicability of Minimum Alternate Tax (MAT) on FIIs, the revenue department is likely to soon issue instructions to field officer not to pursue pending cases against foreign institutional investors.

No juniors, only senior I-T officials to depose before AAR: CBDT

Last Updated: Wednesday, August 19, 2015, 16:21

In order to present the revenue side more effectively in high-value and important cases before the AAR judicial forum, CBDT has decided to stop the practice of sending junior-level Income Tax officials to these hearings and has ordered their seniors to take up the task.

CBDT to clarify on bank a/c disclosures under black money law

Last Updated: Monday, August 17, 2015, 16:07

As per the rules released by the I-T department in July, CBDT had asked persons having undisclosed foreign bank accounts to provide sum total of credits since the opening of the account.

CBDT constitutes committee to fine tune transfer policy

Last Updated: Sunday, August 16, 2015, 20:42

In view of largescale cadre restructuring being effected in the Income Tax department recently, the CBDT has constituted a committee to review the existing transfer and posting policy in the organisation.

Have centralised monitoring for audit objections: CAG to CBDT

Last Updated: Tuesday, August 11, 2015, 22:30

Government auditor CAG has suggested to the Central Board of Direct Taxes to introduce centralised monitoring mechanism to timely deal with the internal audit objections.

Govt assures 'full confidentiality' under black money window

Last Updated: Monday, August 10, 2015, 20:33

This is in contrast to the Das' statement last week, where he had said that the information provided during the one-time compliance window can be revealed in the public interest.

FinMin to hold talkathon on new black money law Tuesday

Last Updated: Monday, August 3, 2015, 22:20

Finance Ministry will hold a talkathon on the new black money law Tuesday during which Revenue Secretary Shaktikanta Das and CBDT Chairperson Anita Kapur will respond to the queries regarding the legislation.

Income tax department notifies return forms for firms

Last Updated: Sunday, August 2, 2015, 22:33

The Central Board of Direct Taxes (CBDT) has notified tax returns forms for non-salaried class, including companies, partners in firms and individuals deriving their income from proprietary business or profession for 2015-16.

New ITR forms for non-salaried individuals: Which form should you file?

Last Updated: Saturday, August 1, 2015, 12:40

The Income Tax department has notified the revised set of ITR forms for non-salaried individuals to file their returns for the assessment year 2015-16.

Small bank licence: RBI asks I-T dept to verify applicants' credentials

Last Updated: Sunday, July 26, 2015, 11:32

CBDT has asked its investigation and regular assessment ranges across the country to "quickly" collect the data and submit them so that RBI can take a final view on the grant of licences to eligible parties.