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Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 20th June, 2018
PRESS RELEASE
Amendment in Rule 10CB of IT Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment u/s 92CE of IT Act, 1961 – Comments and suggestions
In order to make the actual allocation of funds consistent with that of the primary adjustment, section 92CE was inserted in the Income-tax Act, 1961 (‘the Act’) vide Finance Act, 2017 with effect from 1st April, 2018, to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise (AE).
The time within which the excess money, which is available with the associated enterprise of an assessee as a result of primary adjustment to the transfer price, which leads to an increase in the total income or reduction in the loss of the assessee, shall be repatriated to India, was prescribed in accordance with the provisions of section 92CE(2) by inserting Rule 10CB of the Income-tax Rules, 1962 (‘the Rules’) vide Notification No. GSR 590(E) dated 15th June, 2017.
Under Rule 10CB(1), a uniform time limit of 90 days, starting from different dates, is prescribed for repatriation of excess money. This is done in order to provide for uniform treatment in respect of the different types/situations of primary adjustments specified under sub-section (1) of section 92CE.
Certain difficulties have been noted in implementing the provisions of Rule 10CB(1) in respect of primary adjustment that arises on account of Agreement for Advance Pricing (APA) entered into by the assessee, or on account of an agreement reached under the Mutual Agreement Procedure (MAP). In order to remove these difficulties, it is proposed to amend Rule 10CB.
In this regard, draft notification providing for said modification has been framed and uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and general public.
Comments and suggestions on the draft rules may be sent by 9th July, 2018 electronically at the email address ustpl3@nic.in.
(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 13th June, 2018
PRESS RELEASE
Proposed amendments to Income-tax Rules, 1962 - Inviting comments of stakeholders
Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT). Further, a memorandum of cross-objections to the ITAT can be filed in Form No.36A.
The existing Form No.36 and Form No 36A have not been revised since long. These Forms are required to be rationalised to make them more informative and also to capture information regarding amount disputed in pending appeals before ITAT, which is vital for formulating the policy of the department for litigation management.
In view of the above, a draft notification proposing amendments in Form No. 36, Form No.36A and Rule 47 of the IT Rules has been uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and general public.
The comments and suggestions on the draft notification may be sent by 2nd July, 2018 electronically at the email address ts.mapwal@nic.in
(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.
MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
NOTIFICATION
New Delhi, the 13th June, 2018
INCOME-TAX
S.O. 2413(E).— In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017, namely:-
2. In the said notification, in the Table, after serial number 17, the following serial number and entries relating thereto, shall be inserted, namely:-
|
Sl. No |
Financial Year |
Cost Inflation Index |
|
(1) |
(2) |
(3) |
|
“18 |
2018-19 |
280 |
3. This notification shall come into force with effect from 1st day of April, 2019 and shall accordingly apply to the Assessment Year 2019-20 and subsequent years.
[Notification No.26/2018/F.No.370142/3/2018-TPL]
PRAVIN RAWAL, Director (TPL)
Note:- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide number S.O. 1790(E), dated the 5th June, 2017.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 7th June, 2018
PRESS RELEASE
CBDT dedicates fortnight for pending appeal effect – rectification matters
Redressal of public grievances and taxpayer service is an area of top priority for the CBDT and the Income Tax Department. In this connection, a fortnight from 1st June to 15 th June, 2018 has been dedicated for expeditious disposal of pending appeal effect and rectification matters. The Assessing Officers have been directed to accord top priority to such matters and to give special attention to this area of work so that grievances arising on this count may be resolved at the earliest.
All taxpayers, local chapters of ICAI and Bar Associations are requested to use this opportunity to get their pending issues under appeal effect and rectification resolved during this fortnight.
(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 3rd June, 2018
PRESS RELEASE
CBDT issues clarification about loss/damage to records in the Scindia House fire at Income Tax Office, Mumbai
News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected.
It is further clarified that the records/documents of the ongoing investigations into the Nirav Modi/ Mehul Choksi case had already been transferred to the assessment units housed in different buildings, as part of the assessment process.
Apprehensions about any loss/ damage to the records/documents relating to the Nirav Mod / Mehul Choksi case in the said fire at the IT Office, Mumbai are, therefore, misplaced.
(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.