CBDT

MAP GUIDANCE/2020 F.No. 500/09/2016-APA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax and Tax Research Division-I APA-I Section New Delhi, dated the 7th August, 2020 Subject: Mutual Agreement Procedure (MAP) Guidance – Regarding India has a large network of Double Taxation Avoid..

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th July, 2020 INCOME-TAX G.S.R. 464(E). In exercise of the powers conferred by section 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Sho..

Circular no. 14/2020 F. No. 370142/27/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Room no. 147B-II, North Block,  New Delhi, dated 20th July, 2020  Subject: Clarification in relation to noti..

Chairman, CBIC Sh. M Ajit Kumar and Sh. P C Modi, Chairman, CBDT, in presence of other Members of both the Boards & officials of DG Systems, signed an MoU on data sharing between CBIC & CBDT to facilitate smoother bilateral exchange of data. A Memorandum o..

Memorandum of Understanding(MoU) between CBDT and MoMSME signed today A formal Memorandum of Understanding (MOU) was signed today between the Central Board of Direct Taxes (CBDT) and the Ministry of Micro, Small and Medium Enterprises, Government of India (MoMSME) for sharing of data by CBDT to MoMSME. The MoU was signed by Smt. Anu J. Singh, Principal Director General of Income Tax (Systems), CBDT and Shri. Devendra Kumar Singh, Additional Secretary & Development Commissioner..

Faceless hand-holding of the Taxpayers Government of India, Department of Revenue, Ministry of Finance and Central Board of Direct Taxes has came out with a New Form 26AS which is the Faceless hand-holding of the Taxpayers to provide full details of their financial transactions. Aim is to prevent suppression of information by taxpayers. The taxpayers tax passbook or the form 26AS contains details of taxpayer and compliance details along with other financial transactions...

The Central Board of Direct Taxes(CBDT) has provided one-time relaxation for verification of electronically filed Income Tax Returns for Assessment Years 2015-16 to 2019-20 which are pending due to non-filing of ITR-V form & processing of such returns. Here is the official notification  Circular No. 13/2020  F. N. 225/59/2020/ITA-II  Government of India&nbsp..

The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far,more than 53,000 verification requests have been executedsuccessfully on this facility. CBDT today said that this functionality available as “Verification of appl..

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th May, 2020 INCOME-TAX G.S.R.315(E).- In exercise of the powers conferred by section 295 read with clause (m) of sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (10th Amendment) Rules, 2020. ..

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th May, 2020 INCOME-TAX G.S.R. 329(E). In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:&mdash; 1. Short title and commencement.-(1) These rules may be called the Income-tax (11th Amendment) Rules, 2020.<..

CBDT clarified that the provisions of section 269SU of the Act shall not be applicable to a specified person having only B2B transactions &nbsp;if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by mode other than cash. Circular No. 12/2020&nbsp; F.No.370142/35/2019-TPL&nbsp; Government of India&nbsp; Ministry of Finance&nbsp; Department of Revenue&nbsp; Central Board ..

Clarification in respect of residency under section 6 of the Income-tax Act, 1961 Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to residency of a person. The status of an individual as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent,&nbsp;inter-alia,&nbsp;on the period for which the person is in India during a year. Various representations have been received stating that there are number of individu..