Press Information Bureau

Government of India

Ministry of Finance

Dated: 06 JUN 2019

Agreement for Exchange of Information between India and Marshall Islands notified

The Agreement between the Government of the Republic of India and the Government of the Republic of the Marshall Islands for the Exchange of Information with respect to taxes (India – Marshall Islands TIEA) was signed on 18thMarch, 2016 at Majuro, the Republic of the Marshall Islands. The India-Marshall Islands TIEA has been notified in the Gazette of India (Extraordinary) on 21st May, 2019.

The Agreement enables exchange of information, including banking and ownership information, between the two countries for tax purposes. It is based on international standards of tax transparency and exchange of information and enables sharing of information on request. The Agreement also provides for representatives of one country to undertake tax examinations in the other country.

The Agreement will enhance mutual co-operation between India and Marshall Islands by providing an effective framework for exchange of information in tax matters which will help curb tax evasion and tax avoidance.

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DSM/RM/KMN

Click here to read and download the Government of India Notification No.40/2019 /F.No. 503/1/2018-FT & TR– IV dated May 21, 2019

Press Information Bureau

Government of India

Ministry of Finance

Dated: 04 JUN 2019

CBDT extends due date for filing of TDS statement in Form 24Q

The Central Board of Direct Taxes (CBDT) had earlier notified amended Form 24Q for filing TDS statement by deductors of tax vide Notification No. 36/2019 dated 12th April, 2019. Subsequently, the File Validation Utility (FVU) for online filing of Form 24Q was updated by NSDL on 21st of May, 2019.

With a view to redress genuine hardship of deductors in timely filing of TDS statement in Form 24Q on account of revision of its format and consequent updating of the File Validation Utility for its online filing, CBDT has ordered the following:

(i) Extended the due date of filing of TDS statement in Form 24Q for financial year 2018-19 from 31st of May, 2019 to 30th of June, 2019 and

(ii) Extended the due date for issue of TDS certificate in Form 16 for financial year 2018-19 from 15th of June, 2019 to 10th of July, 2019.

Order dated 04.06.2019 issued under section 119 of the Income-tax Act, 1961 to this effect is available on www.incometaxindia.gov.in.

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DSM/RM/KMN

Cabinet

Cabinet approves Summoning of Parliament after General Election, 2019

Lok Sabha session during 17th June-26th July

Rajya Sabha during 20th June-26th July

Economic Survey to be presented on 4th July

Union Budget to be presented on 5th July

Dated: 31 MAY 2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi,in its first meeting, has approved the summoning of the 17th Lok Sabha on Monday, the 17th of June, 2019 and subject to the exigencies of Government Business, the Session will conclude on Friday, the 26th of July, 2019.

The Rajya Sabha will be convened on Thursday, the 20th June, 2019 and subject to exigencies of Government Business, the Session will conclude on Friday, the 26th of July, 2019.

The Election of Speaker will be held on Wednesday, the 19th June, 2019.

The President will be requested to address both the Houses of Parliament assembled together in the Central Hall of Parliament at 11.00 am on Thursday, the 20th of June, 2019, in term of article 87(1) of the Constitution.

The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday, the 5th July, 2019 at 11.00 am and after presentation/laying of the Budget, the respective Houses will be adjourned for the day.

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AKT/SH

(Release ID: 1573016)

 

F No 370149/230/2017- Part (3)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

(TPL Division)

New Delhi, May 27, 2019

OFFICE ORDER

In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, the Government had constituted a Task Force vide Office Order in F No 370149/230/2017 dated November 22, 2017, the Terms of Reference being drafting an appropriate direct tax legislation keeping in view:

(i) the direct tax system prevalent in various countries,

(ii) the international best practices,

(iii) the economic needs of the country, and

(iv) any other matter connected there to.

2. The Task Force has since been reconstituted under Shri Akhilesh Ranjan, Member (Legislation), CBDT vide Office Order in F No 370149/230/2017 dated November 26, 2018, other terms and conditions of the Office Order dated November 22, 2017 remaining the same except that the Task Force was authorised to co-opt any person as Member, if considered necessary. Accordingly, Ms Pragya S Saksena IRS 87004, Principal Commissioner of Income-tax (OSD), New Delhi has been co-opted as Member vide office order of even number dated December, 21,2018.

3. As per the Order dated November 26, 2018, the Task Force so reconstituted was required to submit its report to the Government by February 28, 2019. Vide Office Order of in F No 370149/230/2017 dated February 28, 2019, the term of the Task Force has been extended by a period of three months, i.e., the Task Force is required to submit its report by May 31, 2019.

4. The term of the Task Force is extended by a period of two months, i.e., the Task Force may be allowed to submit its report by July 31, 2019.

5. This issues with the approval of the Finance Minister.

(Niraj Kumar)

Joint Commissioner of Income-tax (OSD) (TPL)-I

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

24 MAY 2019

CBDT extends due dates of TDS compliance in respect of deductors in the State of Odisha

With a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life and breakdown of communication systems caused by cyclone "Fani" hitting the State of Odisha on 3rd of May, 2019, CBDT has provided the following relief in TDS compliance to the deductors in the State of Odisha. CBDT has:

(i) Extended the due date of depositing tax deducted at source (TDS) for the month of April, 2019 from 7th of May, 2019 to the 20th of May, 2019;

(ii) Extended the due date of filing of Quarterly Statement of TDS for the last quarter of Financial Year 2018-19 from 31st of May, 2019 to the 30th of June, 2019; and

(iii) Extended the due date for issue of TDS certificates in Form 16 and 16A from 15th of June, 2019 to 15th of July, 2019.

Order dated 24.05.2019 issued under section 119 of the Income-tax Act, 1961 to this effect is available on www.incometaxindia.gov.in.

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DSM/RM/KMN