Taxes

PAN-Aadhaar linking deadline extended

The CBDT (Central Board of Direct Taxes) extended the deadline for the PAN-Aadhaar linking to March 31, 2019. The policy-making body of the tax department issued an order, under Section 119 of the Income Tax Act extending the deadline. The CBDT order has come against the backdrop of the Supreme Court’s extension of the March 31, 2018 deadline for linking Aadhaar card.

S. Ramesh appointed as Chairman of CBIC

S Ramesh has been appointed as Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes. Ramesh, an officer of the Indian Revenue Service had mandated with the responsibility of implementing the Goods and Services Tax (GST). The CBIC, which works under the Finance Ministry, is headed by a Chairman and can has 6 members.

States got ` 10,000 cr tax online post e-gov

States have collected taxes worth 10,000 crore online since the rollout of Transport Mission Mode Project (MMP) under the Centre’s e-Governance initiative, the Road Transport and Highways Ministry said. Over 19 crore vehicles and 10 crore driving license records have come under the National Register, it said. The ministry added that over 50 lakh national permits have been issued online.

Sushil Chandra gets another one-year extension

Central Board of Direct Taxes (CBDT) chairman Sushil Chandra has got a one-year extension up to May 31, 2019. He took over as chairman of the Central Board of Direct Taxes (CBDT) in 2016. This is the second extension that he has got. CBDT has six members, apart from the chairman, and is responsible for framing policy related to direct taxes and the Income Tax Department.

CBDT notifies DTAA between India and Kuwait

The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. It had entered into force on March 26, updating the provisions in the DTAA. The protocol, which was signed on January 15, 2017, was notified on May 4 this year. India and Kuwait had signed a double taxation avoidance pact on June 15, 2006.

CBIC to handle applications for Inland Depots

Applications for setting up of Inland Container Depots, Container Freight Stations, and Air Freight Stations will now be handled by the Central Board of Indirect Taxes and Customs. The move will promote ease of doing business at trade front. Earlier, the commerce ministry used to handle these applications. The development would help India improve its ranking in trading across borders.

Govt. collects Rs 7.41 trillion from GST

Govt. has collected Rs 7.41 trillion in taxes in the first year of the Goods and Services Tax (GST) between August 2017 and March 2018The revenues for four months have not been accounted for because of the mid-year rollout and an accounting lag. Under GST, the tax levied on consumption of goods or rendering of service is split 50:50 between the Centre and the states.

Govt. signed 16 APAs in March 2018

The Central Board of Direct Taxes entered into 14 Unilateral Advance Pricing Agreements and 2 Bilateral Advance Pricing Agreements (APA) during the month of March 2018.The APAs pertain to sectors like Telecommunication, IT, Automobile, Manufacturing and Banking, Finance & Insurance. The APA scheme launched by Government provides certainty to taxpayers in the domain of transfer pricing.

LTCG tax & other taxes to begin from April 1

Several budget proposals, including the reintroduction of the tax on long-term capital gains (LTCG) exceeding Rs. 1 lakh from the sale of shares, will come into effect from April 1. The 2018-19 Budget had reintroduced 10% tax on long-term capital gains. Tax proposals like the reduced corporate tax of 25% on businesses on turnover of up to Rs. 250 crore will come into effect.

Agreement for Avoidance of Double Taxation

The Union Cabinet has approved an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between India and Iran. The Agreement will stimulate flow of investment, technology and personnel from India to Iran & vice versa. The agreement will improve transparency in tax matters and will help curb tax evasion and tax avoidance.