Page 2 - Central Board Of Direct Taxes

CBIC clarifies ITC claims on services provided by head office to branches

The CBIC on Monday issued a clarification with regard to availment of input tax credit (ITC) on services provided by the head office (HO) to its branch office (BO), a move which will benefit multilocational businesses operating in sectors like manufacturing, IT services and transportation. In respect of the supply of internally generated services by HO to BOs, where full input tax credit (ITC) is available to a BO, the value declared on the invoice by HO to the said BO may be declared as 'Nil', and thereby there would be no need for any tax compliance in such cases. The Central Board of Indirect Taxes and Customs (CBIC) said it had received various representations seeking clarification on the taxability of activities performed by an office of an organisation in one State to the office of that organisation in another State. AMRG & Associates Senior Partner Rajat Mohan said with this clarification, multi-locational businesses that operate in the manufacturing sector, IT services, ...

CBIC to implement geotagging for verification of new GST registrations

The move comes after it was found that fake office places were created for verification; geotagging functionality is currently available to taxpayers registered in Delhi and Haryana

Income tax department keeps tolerance range intact for transfer pricing

"It would have been worthwhile if the said range could have been revisited and reviewed," Amit Maheshwari, tax partner at AKM said

Charitable or religious? Trusts have to disclose to avail of tax benefits

CBDT notifies rules, to be effective from October 1

CBIC redefining NAC role to make Customs assessment more efficient: Johri

The Central Board of Indirect Taxes and Customs (CBIC) is redefining the role of National Assessment Centres (NACs) to make faceless assessment in Customs more efficient, its chief Vivek Johri said on Friday. The CBIC in September last year launched the risk-based faceless assessment system in phases for clearance of imported consignments. For this, 11 Customs Commissionerates were partially re-organised commodity wise as NACs, with pan-India jurisdiction. Addressing the CII National Conference on Trade Facilitation, Johri said there are gaps in Customs faceless assessment and the department is looking at them. "We are on the drawing board to redefine the role of NACs to rationalise the whole process and make it more efficient," he said. The CBIC has already reduced the number of NACs from 11 to 8 to promote specialisation and make them strong. "We are trying to reactivate them and make them strong, and ensure that there is least divergence of practice in assessment which continue

I-T lens on big spenders, aims to widen taxpayer base by 10% in FY24

Targets adding 10% new filers in FY24, raising base to about 86 million

India reimposes windfall tax on crude oil, levy on diesel exports scrapped

Latest move to reimpose windfall tax on crude oil means that now only domestically produced crude oil will attract a windfall tax of Rs 6,400 per tonne while petrol, diesel and ATF will remain exempt

Taxing demands

Unrealistic revenue targets will affect business environment

CBIC asks taxmen to recover lower dues from firms under insolvency

Issues a separate circular on limitation period of show-cause notices

GST officers to seek details of all invoices in case of ITC mismatch

The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

CBDT exempts NR taxpayers from mandatory Form 10F e-filing for now

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

Budget wish list: Brokers body wants STT rebate, Rs 1 lakh STCG exemption

Also seeks relaxations in set-off provisions for carry forward business loss

Budget 2023-24: FY24 direct tax target likely to see 14-17% increase

Centre's FY23 mop-up may top BE by Rs 1-1.5 trn

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

Top Bollywood celebrities under CBIC scanner over alleged GST evasion

Face charge of incorrect declaration to dodge tax

15 new judicial and technical members appointed for NCLT benches

The tribunal has a total sanctioned strength of 63 members and 28 benches

Single-window exports clearance system roll-out likely next year, in phases

First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters

HC issues notice to Maharashtra GST dept for arrest over circular trading

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading