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No TDS on Passenger Service Fee: ITAT follows CBDT Circular [Read Order]

While following a recent circular issued by the Central Board of Direct Taxes (CBDT), the Income Tax Appellate Tribunal (ITAT) held that no tax is...

Govt Prescribes Procedure to furnish Form 67 to claim Foreign Tax Credit [Read Notification]

CBDT proposes to Report Half Yearly estimated Revenues, Profit, and Taxes for Companies [Read draft...

IT Dept to conduct More TDS Surveys: CBDT suggests Measures to Enhance TDS Revenue

CBDT to launch Jurisdiction Free Assessment from October

Tax on any Gain to Firms under Insolvency Code under hair cut be waived: ASSOCHAM to Govt.

Apex industry body ASSOCHAM has written to the government, seeking a slew of tax reliefs, including exemption from tax on any hair cut taken by the banks in the form of a waiver of interest accrued, ...

MOU between MCA and CBDT for Automatic and Regular Exchange of Information

Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by...

TDS on Interest on Deposits in Capital Gain Account Scheme of Deceased to be made in the name of Legal Heirs: CBDT [Read Notification]

The Central Board of Direct Taxes (CBDT), today directed that on the death of the deposit holder of Capital Gain Account Scheme, the Banks shall deduct TDS on Interest in the name of Legal Heirs. The...

CBDT has been asked to consider Inclusion of Service Charge while Assessing Tax: Ram Vilas Paswan

Union Minister for Consumer Affairs, Food & Public Distribution Ram Vilas Paswan told that in order to check the levying of Service Charge compulsorily, CBDT has been asked to consider inclusion...

CBDT cannot Amend the Provisions of Law through Its Circular: Supreme Court [Read Order]

The Supreme Court of India recently ruled that the Central Board of Direct Taxes (CBDT) has no power to amend the provisions of the law through issuing circulars. In the instant case, the...

Govt to Ultilize 1% of Its' Additional Tax Revenue for the Efficiency & Development of CBDT

The Central Government is planning to utilize one per cent of its additional tax revenue for the development of the infrastructure of the Central Board of Direct Taxes (CBDT). The Ministry of...

Loss by Embezzlement being incidental to the Banking Business should be allowed as deduction in the year it is discovered: J & K HC

Justices Alok Aradhe and B. S Walia, in a significant ruling, held that under the provisions of the Income Tax Act, the loss by embezzlement, being incidental to the banking business should be allowed...

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