Page-4 of Taxation
CBDT relaxes norms for MAT on firms facing insolvency
The Central Board of Direct Taxes (CBDT) has announced to relax norms around levy of minimum alternate tax (MAT) for insolvent companies from financial year 2017-18. The purpose of the move is to make the Insolvency and Bankruptcy Code, 2016 ..
Month: Current Affairs - January, 2018
Income Tax Department launches on-line chat service
Income Tax (IT) Department under the Union Finance Ministry has launched an on-line chat service on its national website www.incometaxindia.gov.in with a prominent icon stating ‘Live Chat Online- ask your query’. It was announced by Minister of State (MoS) for ..
Month: Current Affairs - January, 2018
Saudi Arabia, UAE introduce VAT for first time
Saudi Arabia and United Arab Emirates (UAE) became first countries of Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) for the first time to increase their revenue away from oil reserves. The other members of 6 member GCC– ..
Month: Current Affairs - January, 2018
India-Switzerland ink agreement automatic sharing of tax-related information
India has signed agreement with Switzerland for automatic sharing of tax-related information from January 1, 2018 with an aim to combat black money. Prior to it, India had to ask Switzerland for specific bits of information against the Indian account ..
Month: Current Affairs - December, 2017
What is the meaning of Assessed Value?
Assessed Value refers to the assessment of the property for its monetary worth for the purpose of taxation. This price is known as its assessed value. The assessment is usually done annually keeping in mind common factors like the value ..
CBDT signs two Advance Pricing Agreements
The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) in November 2017. These two agreements are first ever Bilateral APAs with Netherlands. These two APAs pertain to Electronics and Technology sectors of economy. ..
Month: Current Affairs - December, 2017
Badri Narain Sharma appointed as Chairman of National Anti-Profiteering Authority
The Appointments Committee of the Cabinet (ACC) has appointed senior bureaucrat Badri Narain Sharma as Chairman of National Anti-Profiteering Authority (NAA) under Goods and Services Tax (GST) regime. Sharma is 1985 batch IAS officer of Rajasthan cadre. Prior to this ..
Month: Current Affairs - November, 2017
Cabinet approves agreement on co-operation in customs matters between India and Philippines
The Union Cabinet approved signing and ratifying of Agreement between India and Philippines on co-operation and mutual assistance in customs matters. The agreement will help in availability of relevant information for prevention and investigation of Customs offences. The Agreement is ..
Month: Current Affairs - November, 2017
Government constitutes task force for drafting New Direct Tax Legislation
The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser ..
Month: Current Affairs - November, 2017
Cabinet approves protocol amending DTAA between India and Kyrgyz
The Union Cabinet approved protocol amending Agreement between India and Kyrgyz for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. The Protocol amending Double Taxation Avoidance Agreement (DTAA) aims to update Article 26 ..