Category Archives: Direct Tax

Filling of Statement of Financial Transaction (SFT) for Financial Year 2017-18 – 31st May 2018 Timeline

Section 285BA of Income Tax Act, 1961 (‘Act’) read with Rule 114E of Income Tax Rules, 1962 (‘Rules’) requires certain persons/entities to furnish a return/ statement of specified financial transactions (‘SFT’) as mentioned in such Rule 114E. Rule 114E specifies … Continue reading

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CBDT Lays down process for intimating taxpayers & seeking response on proposed adjustments us 143(1)(a)(vi)

CBDT lays down process & scenario(s) for seeking response of taxpayers to proposed adjustments u/s 143(1)(a)(vi) for addition of income appearing in Form 26AS or Form 16 or 16A which is not included in computing income in ITR.

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CBDT has notified final rules on Master File and Country-by-Country (CbCR)

Country-by-Country reporting requirement – CBDT notifies Final Rules: (For International groups/entities – Indian & Foreign) Finance Act, 2016 had amended Section 92D of the Income-tax Act, 1961 (‘the Act’) and introduced Section 286 to provide certain requirements regarding keeping, maintaining … Continue reading

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CBDT – POEM clarification for India based regional HQ operations

CBDT issues clarification (Circular dt. 23 Oct’ 17) on POEM applicability to multinational companies with regional headquarter structure wherein certain employees having multi-country responsibility or oversight over the operations in other countries of the region are working from India;

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CBDT has launched e-assessment pilot in 7 cities for time-barring cases; Gives taxpayers ‘opt-out’ choice

CBDT has launched e-assessment pilot in 7 cities for time-barring cases; Gives taxpayers ‘opt-out’ choice IT department has issued order covering various aspects of conducting scrutiny assessments electronically in cases which are getting barred by limitation during FY 2017-2018; The … Continue reading

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