CENTRAL BOARD OF DIRECT TAXES
Tax relief likely on creation of ‘permanent establishment’
Global firms with key staff in India create a 'permanent establishment', making the company liable to tax.
Govt amends I-T rules for faster resolution of multinational corporations' tax disputes under MAP
The Central Board of Direct Taxes (CBDT) h...
B2B firms exempted from using only BHIM, RuPay for accepting payments
The relaxation has been issued for B2B companies, “If at least 95% of a...
CBDT notifies revised Form 26AS, to now include real estate, share transaction details
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
GST Council to discuss waiver of late fee for August 2017 to January 2020
In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said, "Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting."
I-T department watchful of transactions with companies from tax havens
“The idea is to be vigilant towards such transactions,” said a department official. The department wants deeper enquiries into these transactions to ensure that businesses are not routing their dealings from these regimes to lower their tax outgo here.
Income Tax dept issues refunds of Rs 26,242 crore since April
Income-tax refund of Rs 14,632 crore to 15,81,906 assesses and corporate tax refund amounting to Rs 11,610 crore to 1,02,392 assesses have been processed during this period, the CBDT said in a statement.
Liquidity boost: Government considers tax refunds to large firms
The government is likely to provide income tax and GST refunds to large companies.
Central Board of Indirect Taxes allows video conferencing for personal hearings under Customs Act
Experts said that the move would help the department transition into the new work culture while also helping in clearing a number of pending cases and also the cases like countervailing duty refund, custom duty refund and other refunds.
GST Analytics wing to identify risky suppliers to exporters
Last year, the CBIC had detected several cases of firms availing credit fraudulently through refund of Integrated Goods and Services Tax on exports of goods. To mitigate the risk, the CBIC has taken measures to apply stringent risk parameters based checks, and the consignment of such exporters in risky category are subject to 100% Customs examinations and their refunds were kept in abeyance.
Whatsapp allowed for GST, excise related virtual hearings
The directions follow instructions from Central Board of Indirect Taxes and Customs (CBIC) issued in April, allowing field offices to conduct hearings in customs, excise and service tax appeal cases via video conference with the consent of the appellant or respondent.
Govt gives relaxations to taxpayers for GST compliance for filing annual returns and audits
In a notification dated May 5, the Central Board of Indirect Taxes and Customs (CBIC) has allowed registered persons to furnish GSTR-3B verified through electronic verification code between April 21 and June 30. This was not permitted earlier.
Govt dismisses report that proposes to tax the rich, says it is "ill-conceived"
“It is unequivocally stated that CBDT (Central Board of Direct Taxes) never asked IRS Association or these officers to prepare such a report,” CBDT said in a statement.
Tax dept asks officers working from home to chase large taxpayers for dues
I-T dept has asked field formations to contact large taxpayers to follow up on pending collections.
Govt allows biz to verify monthly GST return through EVC
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from the April 21, 2020 to June 30, 2020, will be allowed to furnish the return under section 39 in Form GSTR-3B verified through electronic verification code (EVC).
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