Page-8 of Taxation
CBDT signs four unilateral Advance Pricing Agreements
The Central Board of Direct Taxes (CBDT) under the Department of Revenue, Union Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs). These four APAs are related to Manufacturing, Financial and Information Technology sectors. They cover ..
Month: Current Affairs - February, 2017
Income Tax Department launches Operation Clean Money
The Income Tax Department (ITD) launched Operation Clean Money (Swachh Dhan Abhiyan), an e-platform to analyse large cash deposits made during the demonetisation window (9 November to 30 December 2016). Under it, e-verification of large cash has been done using ..
Month: Current Affairs - February, 2017
Seven new countries join BEPS agreement
Seven new countries Lithuania, Gabon, Hungary, Indonesia, Malta, Mauritius and Russia – have signed Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA). With this, the total number of signatories has increased to 57 including India (signed in May 2015). ..
Month: Current Affairs - January, 2017
GAAR will be effective from April 1, 2017
The Union Finance Ministry has announced that the General Anti Avoidance Rule (GAAR) will be effective from the 1 April, 2017. In this regard Income Tax (IT) department has issued a slew of clarifications on implementation of GAAR, seeking to ..
Month: Current Affairs - January, 2017
CBDT inks Bilateral Advance Pricing Agreement
The Central Board of Direct Taxes (CBDT) has entered into a Bilateral Advance Pricing Agreement (BAPA) on the with Indian subsidiary of a Japanese trading company. Earlier, CBDT also had modified an existing Bilateral APA with another Indian subsidiary of ..
Month: Current Affairs - January, 2017
India and Kazakhstan sign Protocol to amend DTAC
India and Kazakhstan have signed a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries in New Delhi. The DTAC between both countries was earlier signed in December 1996 for the avoidance of double taxation ..
Month: Current Affairs - January, 2017
India and Singapore ink 3rd Protocol for amending DTAA
India and Singapore have signed a Third Protocol to amend DTAA (Double Taxation Avoidance Agreement) for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. It was signed in line with India’s treaty ..
Month: Current Affairs - December, 2016
CBDT extends deadline of Direct Tax Dispute Resolution Scheme
The Central Board of Direct Taxes (CBDT) has extended the last date for availing the Direct Tax Dispute Resolution Scheme to January 31, 2017 from the earlier deadline of December 31, 2016. This extension aims to give companies one more ..
Month: Current Affairs - December, 2016
Capital Gains Tax: Meaning & Current Government Policy
A recent speech of prime minister had started speculation that government may impose long term capital gains tax in the upcoming budget. Capital gain refers to the gain or profit from the sale of property or an investment. Investment may ..
CBDT inks 2 unilateral APAs with taxpayers
The Central Board of Direct Taxes (CBDT) signed two unilateral Advance Pricing Agreements (APAs) with Indian taxpayers pertain to the Information Technology and automobile sectors. The international transactions covered in these two agreements include software development services, IT enabled services ..