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“Mere entries in income tax returns or Form 26AS cannot, by themselves, establish liability under the Finance Act, 1994, unless corroborated by evidence demonstrating rendition of taxable service.”
“Prima facie, the ECI appears to be the statutory body which should put the verification report as received from the CBDT in the public domain, especially as the correspondence has taken place between the two authorities in this regard.”
CBDT grants Section 54EC tax-exempt status to IREDA bonds allowing up to ₹50L capital gains exemption for investments in independent renewable energy projects.
This extension of time will facilitate a smooth and convenient filing experience for taxpayers.
“When there is certainty and clarity, there is tax efficiency which is beneficial to both the tax payer and the tax authorities. These are all hallmarks of good tax legislation.”
The provisions will come into force on 1-4-2024.
“Earlier, the Bench had verbally observed that central assessment may be necessary if there were cross transactions between individuals.”
A clarificatory press release dated 1-03-2013 issued by the Finance Ministry pursuant to the 2013 amendment makes it clear that a Tax Residency Certificate is to be accepted and tax authorities cannot go behind it. Further, based on repeated assurances to foreign investors by way of CBDT Circulars as well as press releases and legislative amendments and decisions of the Courts, the revenue cannot go behind TRC.
The Central Board of Direct Taxes notified the Income Tax (31st Amendment) Rules, 2021 which seeks to further amend Income Tax Rules,
The Central Board of Direct Taxes (CBDT) had earlier notified amended Form 24Q for filing TDS statement by deductors of tax vide
India and the United States of America on the 27th March, 2019, signed an Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports. The
The Central Board of Direct Taxes (CBDT) entered into seven more Advance Pricing Agreements (APAs) during the month of February, 2018. All
The President of India re-appointed Shri Sushil Chandra, IRS (IT:80001), Chairman, Central Board of Direct Taxes (CBDT) as Chairman of the Central
The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major