Chartered Accountants
(Date: 23/1/2019)
The Central Board of Direct Taxes (CBDT) has identified several potential non-filers who have carried out high value transactions in Financial Year 2017-18 but haven’t filed Income-tax return. Non-filers were identified through Non-Filers Monitoring System (NMS) by using data analytics. Non-filers are requested to file ITR or submit online response within 21 days.
(Date: 10/12/2018)
The CBDT has amended the Rule 8AA of the Income-tax Rules, 1962 to provide that in case of conversion of an Indian branch of a foreign bank into its Indian Subsidiary, the period for which the asset was held by the Indian branch shall also be considered while calculating the period of holding of such an asset in the hands of the Indian Subsidiary.
(Date: 10/12/2018)
The CBDT has notified certain conditions for availing of the benefit of Sec. 115JG where Indian branch of a foreign bank is converted into its Indian Subsidiary Company.
(Date:25/08/2018)
The CBDT has vide Instruction No. 04 of 2018 dated 20th August 2018 issued guidelines for manual selection of returns for complete scrutiny during the financial year 2018-19. In the said notice, CBDT has outlined in steps the relevant parameters for the manual selection.
(Date:25/08/2018)
The Central Board of Direct Taxes has directed that assessment proceedings during the year 2018-19 shall be conducted electronically through e-proceeding facility in all cases, where assessment is required to be framed under section 143(3) during the year 2018-19. It also list down 7 exceptions to the rule where e-proceedings shall not be mandatory.