CBDT issued updated Mutual Agreement Procedure Guidance addressing stakeholder’s concerns

9 ViewsThe CBDT vide MAP GUIDANCE/2022 dated June 10, 2022 has issued an updated Mutual Agreement Procedure (“MAP”) Guidance addressing stakeholder’s concerns. The Board has issued a guidance on MAP procedure and matters connected thereto for the benefit of taxpayers, tax practitioners, tax authorities, and Competent Authorities (CAs) of India and of treaty partners vide F.No. 500/09/2016-APA-I […]

Revised Instruction for constitution and functioning of Local Committees to deal with taxpayers’ grievances – Income Tax Scrutiny Assessment

10 ViewsIn line with CBDT’s policy and commitment towards providing enhanced taxpayers’ services and reduce taxpayers’ grievances, CBDT has issued revised Instruction for the constitution and functioning of Local Committees to deal with taxpayers’ grievances arising out of high-pitched Scrutiny Assessment through F.No.225/101/2021-ITA-II, dated April 23, 2022. This instruction also provides for initiation of suitable […]

CBDT notified the applicable Cost Inflation Index for Assessment Year 2023-24

2 ViewsThe CBDT vide Notification No. 62/2022 – Income-Tax dated June 14, 2022 has issued amendments in Notification No. 44/2017 – Income-Tax dated June 5, 2017 (“N/N 44”), which specified the applicable Cost Inflation Index (“CII”) for certain Financial Years, in order to notify the applicable CII for Assessment Year 2023-2024, w.e.f. April 1, 2023, in a following manner: New SI. No. 22 in N/N 44 […]

Finance Minister asks tax officers to address taxpayer concerns

5 ViewsFinance minister Nirmala Sitharaman on Monday highlighted that the Union Budget 2022-23 provided a tax predictable regime and vision for the next 25 years, in a post Budget interaction with industry in Bengaluru. She said the PM Gati Shakti project will help the industry by providing logistical convenience. “This Budget stands more for continuity, […]

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22

5 ViewsSource : Press release dated 09.09.2021 On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for […]

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