Taxation Current Affairs - 2019

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CBDT signs two Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) in November 2017. These two agreements are first ever Bilateral APAs with Netherlands. These two APAs pertain to Electronics and Technology sectors of economy. It also covers international transactions that include Distribution, Provision of Business Support Services, Provision of Read More…

Month:  Categories: International

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Badri Narain Sharma appointed as Chairman of National Anti-Profiteering Authority

The Appointments Committee of the Cabinet (ACC) has appointed senior bureaucrat Badri Narain Sharma as Chairman of National Anti-Profiteering Authority (NAA) under Goods and Services Tax (GST) regime. Sharma is 1985 batch IAS officer of Rajasthan cadre. Prior to this appointment, he was additional secretary in Department of Revenue, Finance Ministry. Background The Union Cabinet Read More…

Month:  Categories: Persons in News

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Cabinet approves agreement on co-operation in customs matters between India and Philippines

The Union Cabinet approved signing and ratifying of Agreement between India and Philippines on co-operation and mutual assistance in customs matters. The agreement will help in availability of relevant information for prevention and investigation of Customs offences. The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between countries. It Read More…

Month:  Categories: Governance & Politics

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Government constitutes task force for drafting New Direct Tax Legislation

The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser Dr. Arvind Subramanian will be its permanent Special Invitee. Terms of Reference of Task Force Read More…

Month:  Categories: Business, Economy & Banking

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Cabinet approves protocol amending DTAA between India and Kyrgyz

The Union Cabinet approved protocol amending Agreement between India and Kyrgyz for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. The Protocol amending Double Taxation Avoidance Agreement (DTAA) aims to update Article 26 (Exchange of Information) of DTAA to international standards. Key Facts The updated Article 26 of Read More…

Month:  Categories: Governance & Politics

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Government doubles import duty on wheat to 20%

The Central Board of Excise and Customs (CBEC) under Union Finance Ministry has doubled import duty on wheat to 20% from 10% to curb cheap shipments and give positive price signal to farmers in ongoing Rabi season. It also imposed import duty of 50% on peas to check cheaper shipments from countries like Canada to Read More…

Month:  Categories: Business, Economy & Banking

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Government reconstitutes Multi-Agency Group probe into Paradise Papers revelation

The Union Government has reconstituted Multi-Agency Group (MAG) to investigate cases relating to ‘Paradise Papers’ data disclosure which is also probing the Panama Papers leak. It will be led by Central Board of Direct Taxes (CBDT) Chairman and will have representatives from Enforcement Directorate, RBI and Financial Intelligence Unit. The MAG was constituted in April Read More…

Month:  Categories: Governance & Politics

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