Taxation Current Affairs - 2019

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Government receives Rs. 3,000 crore from MNCs that have entered into APAs

Union Government has received Rs. 3,000 crore of additional tax from MNCs that have entered into advance pricing agreements (APAs) with it over last five years and also has eliminatedbig source of tax litigation. It was revealed in recently released annual report on advance pricing agreements (APAs) for FY18 by Central Board of Direct Taxes Read More…

Month:  Categories: Business, Economy & Banking

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Government raises threshold monetary limit for filling appeals relating to tax cases

Union Finance Ministry has hiked threshold monetary limit for tax departments to file appeals all three levels of appeal — Appellate Tribunals, High Courts, and Supreme Court. The move is aimed at significantly decreasing taxpayer greivances and litigation burden of tax departments in courts and tribunals across the country. Key Facts Tax departments, Central Board Read More…

Month:  Categories: Business, Economy & Banking

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S Ramesh appointed as Chairman of CBIC

The Union Government has appointed senior bureaucrat S Ramesh as chairman of Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes. He has been appointed as chairman of CBIC with the status of special secretary to the central government. He will succeed Vanaja N Sarna who retired on June Read More…

Month:  Categories: Persons in News

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Government appoints S Ramesh as Chairman of CBIC

The Appointments Committee of Cabinet (ACC) has appointed S Ramesh, member of Central Board of Indirect Taxes and Customs (CBIC) as its next Chairman. He will succeed present chairman Vanaja N. Sarna who retires in June 2018. Central Board of Excise and Customs (CBEC) CBIC is the nodal national agency responsible for administering Customs, GST, Read More…

Month:  Categories: Persons in News

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CBDT notifies Protocol amending DTAA between India and Kuwait

The Central Board of Direct Taxes (CBDT) has notified protocol to amend existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait. The DTAA between both countries was signed in June 2006 for the avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income. Key Facts The said protocol Read More…

Month:  Categories: International

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GST Council approves simplified tax return filing system

The Goods and Services Tax (GST) Council in its 27th meeting chaired by Union Finance Minister Arun Jaitley announced new and simplified return filing process. It was approved based on recommendations of Group of Ministers on IT simplification for GST implementation. Features of simplified return filing process One monthly return: All taxpayers excluding few exceptions Read More…

Month:  Categories: Business, Economy & Banking

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CBDT inks 200th Unilateral Advance Pricing Agreement

The Central Board of Direct Taxes (CBDT) has entered into 200th Unilateral Advance Pricing Agreement (UAPA) after it singed one in April 2018. With the signing of this, CBDT has achieved another milestone of having signed its 200th UAPA. The total number of APAs entered into by CBDT so far has gone up to 220, Read More…

Month:  Categories: Governance & Politics

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