The Central Board of Direct Taxes has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer.
Some of the significant decisions taken are
1- Acceptance of A.P Shah Committee’s recommendations regarding applicability of MAT on Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI). Read More
2- Decision that MAT will not apply to foreign companies having no PE in India. Read More
3- Simplification of procedures for submission of Form No 15G and Form No 15H for furnishing self declaration for lower deduction or no deduction of tax. Read more about simplification of procedure of 15G.
4- Notification of Transfer Pricing Rules to incorporate “range concept” and use of “multi year data” to reduce litigation on transfer pricing issues. Read More
5- Launching of “e-sahyog” Pilot Project to provide online facility to resolve mismatch of prepaid taxes in Income Tax Returns. Read more on e-Sahyog project.
6- Setting up of Committee with a view to simplify the provisions of the Income Tax Act, 1961.Read more about setting up a committee to simplify provision of Income tax.
7- Phasing out plan of deductions under the Income Tax Act with reduction in tax rates for corporate taxpayers- extension of time for submission of comments.
8- Notification of Income Computation and Disclosures Standards (ICDS) under section 145(2) of the Income Tax Act. Read More
9- Notification regarding income from off-shore Rupee Denominated Bonds. Read more
10- Decision to expedite issue of refunds below Rs.50,000/- for A.Y. 2013-14 and 2014-15 for cases not selected for scrutiny. Read more
11- Monetary limits for filing appeal by the Income Tax Department before Tribunal and High Courts enhanced from Rs.4 lakh and Rs.10 Lakh to Rs.10 lakh and Rs.20 lakh respectively with retrospective effect.