20 February 2018
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Direct Tax Misc. Direct Tax 001999

  • Non-resident expats’ salary paid in India won’t face tax
    Feb 15, 2018
    The Authority of Advance Rulings (AAR) has held that the salary income of a nonresident individual for services rendered overseas cannot be taxed in India, even when such salary is paid into a bank account in India. The ruling stands out because apart from providing relief from double taxation under the Indo-US tax treaty, the AAR additionally held that the sums received in India would not be taxable here under the domestic tax laws.
  • Government Collects Rs 6.95 Lakh Crore In Direct Taxes In April-January
    Feb 10, 2018
    The government reached about 70 percent of its increased direct tax target in the first 10 months of the financial year, putting it on track to partly make up for an expected shortfall in indirect taxes.Net direct tax collections in April to January rose 19.3 percent on a yearly basis to Rs 6.95 lakh crore, the Central Board of Direct Taxes said in a statement. That’s about 69.2 percent of the revised estimate. Corporate tax collections rose 19.2 percent and the personal income tax mop-up grew 18.6 percent, the CBDT statement said.
  • CBDT enters into seven advance pricing pacts in January
    Feb 08, 2018
    The Central Board of Direct Taxes (CBDT) on Wednesday said it has entered into five unilateral advance pricing agreements (UAPA) and two bilateral advance pricing agreements (BAPA) in January this year. This includes the first BAPA signed with US, the board said. Advance pricing agreements (APAs) were introduced in 2012 by the government to provide tax certainty to those multinational corporations that agree to certain principles relating to the valuation of their cross-border transactions.
  • Reforms widened direct tax base to 8 crore: CBDT Chairman Sushil Chandra
    Feb 07, 2018
    A large number of taxpayers have been added taking the direct tax base to nearly 8 crore from the provisional number of just over 6 crore effective taxpayers in FY16, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said on Tuesday. The widening of tax base was a result of direct tax reforms, including demonetisation. According to the I-T department, 6.26 crore people paid tax in FY16, which included those filing I-T returns as well as those where tax was deducted at source from the income of the taxpayer but the taxpayers did not file the returns.
  • No angel tax on startups with up to Rs 10 crore funding
    Feb 06, 2018
    Startups incorporated before 2016 that have got up to Rs 10 crore in angel funding won't face the so-called angel tax, once changes in the regime are finalised by the Department of Industrial Policy and Promotion (DIPP), which will soon notify the amendment, a senior government official told ET. It will also set up a separate committee for the recognition of such startups so that they get the relief, he said.
  • Direct tax mop-up jumps 19% in FY18
    Jan 18, 2018
    Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7% to Rs 6.89 lakh crore, the tax department said on Wednesday.The collections till January 15, 2018 represent over 70% of the Rs 9.8-lakh-crore revenue target from direct taxes, the Central Board of Direct Taxes (CBDT) said in a statement.Gross collections (before adjusting for refunds) have increased by 13.5% to Rs 8.11 lakh crore during April, 2017 to January 15, 2018. Refunds amounting to Rs 1.22 lakh crore have been issued during this period.
  • Direct tax collections up 18.2% in April-Dec
    Jan 10, 2018
    The provisional figures of Direct Tax collections up to December 2017 show that net collections are at Rs6.56 lakh cr, which is 18.2% higher than the net collections for the corresponding period of last year.The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for FY2017-18 (Rs9.8 lakh cr). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs7.68 lakh cr during April to December, 2017. Refunds amounting to Rs1.12 lakh cr have been issued during April to December, 2017.
  • Direct tax collections rise 18.2% in April-December period
    Jan 09, 2018
    Direct tax collections grew by more than 18% in the first nine months of this fiscal, in a breather for the government struggling to meet the fiscal deficit target. The growth in direct tax collections could offset the shortfall in revenues from the goods and services tax (GST) and fund government spending in key sectors of the economy. Net direct tax collections for the nine months, ending December, rose 18.2% to Rs6.56 trillion. These numbers were 67% of the budgeted direct tax collections of Rs9.8 trillion for the full year, the tax department said in a statement.
  • Proportion of direct taxes fall below 50% first time since 2006-07
    Dec 20, 2017
    The contribution of direct taxes in the total tax collection in 2016-17 has fallen below 50 per cent to 49.66 per cent for the first time since 2006-07. This is despite a 15 per cent growth witnessed in the direct tax collection during the year. In the previous year, the contribution of direct taxes was 51 per cent of the total tax collection. Data released by the Central Board of Direct Taxes (CBDT) shows direct tax collection in 2016-17 was Rs 8.5 lakh crore compared to Rs 7.42 lakh crore in the previous year. The indirect tax collection in 2016-17 was Rs 8.6 lakh crore.
  • Direct tax target raised to Rs.10L cr
    Dec 12, 2017
    Even as the Central Board of Direct Taxes (CBDT) finds it difficult to achieve the Budget Estimates (BE) of direct taxes at Rs.9.8 lakh crore for FY18, its target was revised upwards by Rs.20,000 crore to Rs.10 lakh crore.Sources in the apex body say the government was expecting a shortfall in indirect tax collections after the implementation of goods and services tax (GST).In an internal meeting held last week, the CBDT asked income-tax (I-T) departments of Mumbai and Delhi to contribute an additional Rs.10,000 crore each to bridge the gap, said a senior I-T official privy to the development. An internal circular of the revised target is expected to be sent out by CBDT shortly.
  • Direct tax collections increase 14 pct to Rs 4.8 lakh crore between April-November: CBDT
    Dec 11, 2017
    The Direct Tax Collections for Financial Year 2017-18 has shown the growth of 14.4 percent between the month of April-November this fiscal, the Central Board of Direct Taxes said. As per the board, the provisional figures of Direct Tax collections up to November 2017 have shown that the net collections stand at Rs 4.8 Lakh Crore which is 14.4 percent than the net collections for the same period last year. “The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs 4.8 lakh crore, which is 14.4 percent higher than the net collections for the corresponding period of last year,” Central Board of Direct Taxes said in the statement.
  • CBDT shoots off letter to taxmen, says don’t go overboard on fishing and roving inquiries in wake of demonetisation drive
    Dec 02, 2017
    The Central Board of Direct Taxes (CBDT) has sent a missive to all assessing officers (AOs) to stick to protocol while pursuing cases of “limited scrutiny” and not resort to “fishing and roving inquiries” in such cases. The move comes at a time when the tax department’s field formations have apparently been on an overdrive after the demonetisation move brought large chunks of supposedly tax-evaded cash into the banking system. The department selects cases of “limited scrutiny” — which restricts probe into a single aspect rather than a complete appraisal of tax liability — through Computer Aided Scrutiny Selection (CASS).
  • CBDT signs first ever two Indian APAs with Netherlands in Nov-2017
    Dec 02, 2017
    The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) during the month of November, 2017. These Agreements are the first ever Bilateral APAs with The Netherlands. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 186. This includes 171 Unilateral APAs and 15 Bilateral APAs. These two APAs pertain to the Electronics and Technology sectors of the economy. The international transactions covered in these agreements include Distribution, Provision of Marketing Support Services, Provision of Business Support Services, etc.
  • To taxpayers’ relief, SC orders CBDT to apply this circular on tax cases retrospectively
    Nov 30, 2017
    The Supreme Court in a judgment last week clarified that the circular issued by Central Board of Direct Taxes (CBDT), which mandates that no appeal with tax implication of less than Rs 10 lakh should be filed in high courts, must be applied retrospectively. The tax department had contended that the circular was to be applied prospectively. The court order will benefit a large number of taxpayers besides reducing the pendency of disputes/litigation. “This Supreme Court decision provides a much awaited and welcome clarification that the revised monetary limits prescribed in CBDT circular dated February 09, 2011 be applied retrospectively, i.e. on all pending appeals as on date of issuance of this circular,” an expert at Nangia & Co said.
  • Govt eases transfer pricing dispute settlement
    Nov 28, 2017
    In a move to reduce litigation and boost investor confidence, the central government has decided to allow access to a bilateral forum for transfer pricing (TP) disputes, for all tax partner countries.The move to accept applications for bilateral advance pricing agreements (APAs) and mutual agreement procedures (MAPs) is expected to benefit a number of multinational companies that are based in important trade partners.The government has said that even if a tax treaty with another country does not contain the provision of corresponding adjustment in matters of TP, it would still entertain bilateral MAPs & APAs with such a country.
  • CBDT relaxes norms for MAP & APAs
    Nov 28, 2017
    The income tax department will continue to receive applications for bilateral advance pricing agreement (APA) and mutual agreement procedures (MAP) from companies despite the absence of a particular clause — corresponding adjustment — in the double taxation avoidance agreement (DTAA) with the countries concerned, the Central Board of Direct Taxes (CBDT) said on Monday.The clarification would likely encourage more MAPs and provide consistency in the country’s direct tax regime, experts said.
  • To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
    Nov 09, 2017
    The Central Board of Direct Taxes (CBDT) on Wednesday said the income accruing to non-residents due to indirect transfer or redemption of shares in a mulit-tier investment fund in India, held through upstream companies based abroad, will not be taxed, provided the fund already pays taxes on income. The idea is to avoid double taxation. N BHowever, the board said benefit will be applicable only in those cases where the proceeds of redemption or buyback arising to the non-resident do not exceed the pro-rata share of the non-resident in the total consideration realised by the specified funds from the transfer of shares or securities in India.
  • Amazon, Microsoft and Apple to seek clarity on Google tax
    Nov 06, 2017
    Online firms are planning to meet finance ministry officials this week to seek clarity on the applicability of general anti-avoidance rules (GAAR) in cases where the websites use patents based out of an offshore jurisdiction. The move comes after the recent Bengaluru Income Tax Appellate Tribunal (ITAT) judgment against Google India, asking it to pay up taxes on Rs 1,457 crore of income that the Indian arm had transferred to its Ireland unit pertaining to Google’s AdWords service, used by advertisers to display ads. Lawyers preparing the representation
  • CBDT signs 7 more unilateral APAs with taxpayers
    Nov 03, 2017
    The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.The seven APAs signed over the last month pertain to sectors like FMCG, semi-conductor, information technology, travel and leisure, office furniture and engineering. "The Central Board of Direct Taxes (CBDT) has entered into seven more Advance Pricing Agreements (APAs) during October 2017. All these agreements are unilateral," the CBDT said in a statement.
  • India adopts reporting rules to crack aggressive corporate tax planning
    Nov 02, 2017
    India on Wednesday notified final rules for multinational group companies (MNCs) in India to report specifics of their global parents’ operations as part of a global initiative to end instances of aggressive corporate tax planning.Details filed by the multinational company’s local arm in India, together with the finer details of the parent’s operations in every market which Indian authorities can source from the group’s home country under tax treaties, will help the government know how businesses manage flow of funds across borders to keep tax outgo low.
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