The two revenue collection arms of the central government--the CBDT and CBEC--will jointly hold their annual brainstorming session for the first time later this month which will be inaugurated by Prime Minister Narendra Modi.
"If the input relates to interpretation of a specific real world structure or arrangement, the structure should be such... (which) commonly occurs in the sector and involves clarification of general principles of application.
Metro cities like Delhi, Mumbai, Kolkata and Bengaluru have the maximum 'crorepati' entities who have declared agricultural income of over Rs 1 crore in the last nine assessment years with the Income Tax department.
The CBDT will hold a high-level meeting with top Income Tax department officials this week to review the on-ground implementation of some of the recent initiatives announced by the government for a taxpayer- friendly regime a
In order to check black money, the CBDT has notified norms under which cash receipts and high value transactions beyond a certain threshold will have to be reported to the Income Tax authorities with effect from April 1.
'The field formations and the Central Processing Centre at Bengaluru have been directed to complete the process as early as possible,' the policy-making body of the tax department said in a statement today.
Heeding to industry concerns, the income tax department has decided to take a fresh look at the tax accounting standards being implemented from this fiscal, which are primarily aimed at protecting the government's tax revenue
The Central Board of Direct Taxes (CBDT) has signed 11 more advance pricing agreements (APAs) with MNCs on Tuesday, taking the total number of such deals that would spare them from rigorous tax audits under certain conditions
Looking to streamline the taxation procedure, CBDT has issued detailed guidelines on transfer pricing cases that are expected to bring about uniformity in determining arm's length price in similar instances.
Central Board of Direct Taxes (CBDT) chairperson Anita Kapur today said that the new black money law, which is intended to be harsh, will help clear the menace that had not been able to address the problem for many years.
Addressing CII's global tax summit, CBDT Chairperson Anita Kapur also said that for companies with low profits, average tax rate is higher under the current regime of exemptions. Whereas bigger companies get the advantage of