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Tax body proposes new rules on profit attribution

The Central Board of Direct Taxes (CBDT) recommended significant amendments to the current rules on attribution of profits to permanent establishments (PEs) in a report issued on 18 April 2019. The report is based primarily...

CBDT issues final notification on securities tax exemption

The Finance Act, 2018, withdrew an exemption under section 10(38) of the Income Tax Act, 1961 (ITA), on long-term capital gains (LTCG) arising from the transfer of listed equity shares or units of an...
CBDT-amends-tax-audit-report-format

CBDT amends tax audit report format

The Central Board of Direct Taxes (CBDT) recently amended the format of the tax audit report that all auditable companies and professionals whose turnover exceeds the prescribed thresholds under section 44AB of the Income...

CBDT seeks input on secondary adjustments

The Central Board of Direct Taxes (CBDT) released a draft notification on 19 June for comments and suggestions in relation to amending rule 10CB, which prescribes the timelines for secondary adjustments. In order to...

CBDT amends income tax rules

The Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962, by omitting the words “or an accountant” from rule 11UA(2)(b). Section 56(2)(viib) of the Income Tax Act, 1961 (ITA), provides...
CBDT-issues-draft-for-securities-tax-exemption

CBDT issues draft for securities tax exemption

The Central Board of Direct Taxes (CBDT) issued a draft notification specifying transactions that would not be subject to a securities transaction tax (STT) during acquisition to obtain a beneficial tax rate. The Finance Act,...
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CBDT enters into advance pricing agreements

Anotification from the Central Board of Direct Taxes (CBDT) on 3 April said it had entered into 14 unilateral advance pricing agreements (UAPAs) and two bilateral advance pricing agreements (BAPAs) in March. As per section...
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Direct tax body clarifies due date

The Central Board of Direct Taxes (CBDT) on 23 March clarified the applicability of the “due date” for country-by-country reporting (CbCR) under section 286(4) of the Income Tax Act, 1961 (ITA). Section 286(2) of the...

Direct tax body clarifies indirect transfer provisions

The Central Board of Direct Taxes (CBDT) released a clarification via a circular on 7 November on the applicability of indirect transfer provisions (ITP) on non-resident investors on account of redemption/buyback of shares/interest held...

CBDT clarifies place of effective management guidelines

The Central Board of Direct Taxes (CBDT) issued a notification on 23 October to clarify the recent place of effective management (POEM) guidelines. The Finance Act, 2015, had amended section 6(3) of the Income...