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tax

Take the chains off business

Recent moves to decriminalize violations of corporate and tax law are welcome, writes Nitin Mittal With the Central Board of Direct Taxes (CBDT’s) recently introduced circular, on 9 September, which eases norms for initiating prosecution...
angel tax

Who is exempt from the angel tax?

Section 56 of the Income Tax Act, 1961 (ITA) seeks to tax “income from other sources” of a taxpayer. Section 56(2)(viib) levies tax on a private company on issuance of shares, if such shares...
profit

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,...
India-advance-pricing-agreements

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...
taxation-due-date-india

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...

Direct tax body issues draft notification

The Central Board of Direct Taxes (CBDT) issued a draft notification dated 6 October setting out the rules and guidelines for country by country reporting (CbCR) and maintaining/furnishing the master file (MF) inviting stakeholder...
India business lawyers law firms

Virtual currencies – A regulatory conundrum

Dear Editor, I would like to highlight that the legal status of cryptocurrencies or virtual currencies (VCs) such as bitcoins continues to be debated as it remains unrecognized in India. Unlike the traditional form of...

Authority clarifies MAT calculations

The Central Board of Direct Taxes (CBDT) on 25 July released clarifications on computation of book profit for the purposes of levy of minimum alternate tax (MAT) for companies that comply with Indian Accounting...

Extent of amendment’s application clarified

A notification from the Central Board of Direct Taxes (CBDT) on 5 June said that barring a few exceptions transactions of acquisition of listed equity shares on or after October 2004 which are not...

April deadline for FATCA compliance

The Central Board of Direct Taxes (CBDT) has set 30 April 2017 as the deadline for account holders to provide self-certifications to financial institutions with respect to rule 114H(8) relating to the US Foreign...

Patent box regime modified

Through a notification on 31 March, the Central Board of Direct Taxes (CBDT) introduced changes to the patent box regime. The CBDT notified rule 5G of the Income Tax Rules, 1962, and form 3CFA...

Applicability of general anti-avoidance rules clarified

The Central Board of Direct Taxes (CBDT) recently released a circular providing clarifications in response to queries raised by stakeholders on the implementation of general anti-avoidance rules (GAAR). The GAAR provisions, which were introduced in the...

AIFs not subject to capital gains exception

On 2 May 2016, the Central Board of Direct Taxes issued an instruction clarifying that income from the transfer of unlisted shares shall be considered under “capital gains”, irrespective of the period of holding...