F.NO.225/270/2017/ITA.II

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

North-Block, ITA.II Division

New Delhi, dated the 27^th of March, 2018

Order under Section 119 of the Income-tax Act, 1961

Vide its orders dated 31.07.17, 31.08.17 & 08.12.17, in file of even number, CBDT had allowed time till 31^st March, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT, further extends the time for linking PAN with Aadhaar till 30^th June, 2018.

(Rajarajeswari R)

Under Secretary to the Government of India

Press Information Bureau

Government of India

Ministry of Finance

26-March-2018

The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961.

In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, which provides for furnishing of a Country-by-Country (CbC) Report in respect of an International Group.

The CbC Report is to be furnished by the ultimate parent entity of an International Group in the country or territory of its residence. As specified under sub-section (2) of Section 286, the said Report is to be furnished on or before the due date specified under Section 139(1) of the Act for furnishing of return of income for the relevant accounting year. The date for furnishing of CbC Report under sub-section (2) of Section 286 for FY 2016-17 was subsequently extended to 31stMarch, 2018 vide CBDT Circular No. 26 of 2017 dated 25th October, 2017.

 Sub-section (4) of Section 286 specifies situations in which the said report shall be furnished in India by the constituent entity of an international group, resident in India, namely, those in which there is failure to obtain CbC Report on account of the parent entity being resident of a country or territory with which India does not have an agreement providing for exchange of CbC reports or where there has been a systemic failure of the country or territory and the same has been intimated to such constituent entity.

It has been brought to the notice of the Government that Constituent Entities of International Groups, resident in India, have apprehensions that the due date of furnishing of CbC Report under sub-section (4) of Section 286 is also 31st of March, 2018.

In order to allay the aforesaid apprehensions, it is hereby clarified that the due date of 31st March, 2018 applies for furnishing of CbC Report under sub-section (2) of Section 286 only and not under sub-section (4) of the said Section.

It is further stated that the Finance Bill, 2018 (as passed by the Lok Sabha) has proposed that the due date for furnishing of CbC Report under sub-section (4) of Section 286 shall be as prescribed. Accordingly, the time for furnishing of CbC Report under sub-section (4) of Section 286 of the Act is proposed to be prescribed after the enactment of Finance Bill, 2018.

F. No. 225/270/2017-ITA-ll

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes                                

New Delhi, the 26th March, 2018

Order under Section 119(1) of the Income Tax Act. 1961

The last date for filing belated returns for assessment years 2016-17 and 2017-18 and revised returns for assessment year 2016-17 is 31^st March, 2018. The Financial Year 2017-18 closes on 31^st March, 2018 which is Saturday. 29^th & 30^th March, 2018 are also closed holidays.

1. Therefore, to facilitate filing of income tax returns and completion of pending departmental work, all Income Tax Offices throughout India shall remain open on 29^th, 30^th and 31^st March, 2018. The ASK Centers shall also be kept open on these days. Further, special arrangements may also be made by way of opening additional receipt counters, wherever required, on 29^th, 30^th and 31^st March, 2018 to facilitate filing of returns by the taxpayers.

2. This order is issued for administrative convenience by the CBDT in exercise of powers conferred under section 119 of the Income Tax Act, 1961. It may be given wide publicity.

(Rajarajeswar R.)

Under Secretary to the Government of India.

Click here to read and download the Finance bill, 2018 as passed by Lok Sabha - Bill No. 4-C of 2018

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 21st March, 2018.

PRESS RELEASE

Stakeholder engagement by the Task Force drafting the new Direct Tax Law A Task Force has been constituted to review the Income - tax Act, 1961 and to  draft a new Direct Tax Law in consonance with the economic needs of the country.

In  this  endeavour  of drafting  the  new  tax  law, it  is  imperative  to  engage  with stakeholders and general public. Accordingly, suggestions and feedback are invited from  stakeholders  and  general  public  in  the  format  provided  on  the  departmental website www.incometaxindia.gov.in

The format  can  be  downloaded  from the  website and suggestions/  feedback may be sent through e-mail at rewriting - itact@gov.in latest by 2nd April, 2018.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

Task Force to draft a New Direct Tax Law

(Suggestions and Feedback from Stakeholders and General Public Invited)

General Information

(Optional)

Name
Address
Status (Individual/ HUF/ Firm/ Company/ Trust/ AOP/ BOI)
e-mail
Contact Number

Questionnaire

S. No.	Issue	Response	Comments/ Suggestions (if any)
A	Filing of return of income
A.1	Whether you could fill return forms ITR-1 (Sahaj)/ ITR-2 for non-business taxpayers without any help from a professional/ Tax Return preparer?	Yes/ No/ NA
A.2	Do you face any difficulty in e-filing of the return of income (ITR 1 to 7)?	Yes/ No/ NA
A.3	Do you have any suggestion regarding adding a new category or any further information in the IT Return?	Yes/ No/ NA
A.4	Should exempt income be reported separately in the IT Return?	Yes/ No/ NA
B	Tax Credit
B.1	Whether any issues are being faced in e-filing of the TDS returns?	Yes/ No/ NA
B.2	Whether certificates under section 197 for nil/ lower deduction of tax at source are being timely issued?	Yes/ No/ NA
B.3	Whether your tax credit is reflected correctly in Form 26AS? What are your suggestions to tackle the mismatch, if any?	Yes/ No/ NA
C	Processing/ Scrutiny of return
C.1	Are you satisfied with present system of centralised processing of return in terms of its time and online communication with the Centralised Processing Centre (CPC)?	Yes/ No/ NA
C.2	Are your refunds being processed timely and correctly?	Yes/ No/ NA
C.3	Do you feel that an appropriate show cause is being issued by the Assessing Officer (AO) before making any addition in the assessment?	Yes/ No/ NA
C.4	Do you feel that reasonable opportunity in terms of time is being provided to respond to the show cause notices proposing the additions, if any?	Yes/ No/ NA
C.5	Do you feel that the system of approval of order by the Dispute Resolution Panel (DRP) has worked well to avoid high pitched assessment? If not, please state the problems and provide suggestions to improve the same.	Yes/ No/ NA
C.6	Do you feel that rectification applications are being disposed off within the prescribed time of six months?	Yes/ No/ NA
C.7	Do you feel that the e-assessment process will be helpful in improving transparency, accountability and effectiveness of the tax administration?	Yes/ No/ NA
C.8	Do you feel that refunds in scrutiny assessments are being computed and received timely?	Yes/ No/ NA
D	Litigation and recovery of disputed tax demand
D.1	Do you think that there should be a strong Alternate Dispute Resolution mechanism for reaching effective resolutions?	Yes/ No/ NA
D.2	Do you feel the Mutual Agreement Procedure (MAP) is effective, quick and transparent?	Yes/ No/ NA
D.3	Do you feel that appeals are being disposed off by the Commissioner of Income tax (Appeals) [CIT(A)] in time?	Yes/ No/ NA
D.4	Do you think that specifying percentage of demand to be paid (20%) before disposal of appeal by CIT(A) has curtailed the arbitrariness and streamlined the process for collection of demand?	Yes/ No/ NA
D.5	Do you feel that the Authority for Advance Ruling (AAR) forum should be available to all the assessees (residents and non-residents) for determining the tax liability upfront on complex transactions?	Yes/ No/ NA
D.6	What are your views on the working of Income Tax Settlement Commission (ITSC)?	-----
D.7	What are your views on the working of Income Tax Appellate Tribunal (ITAT)?	-----
E	Penalty and Prosecution
E.1	What are your views on levy of penalties for various defaults under the Income-tax Act, 1961?	-----
E.2	At what stage [Assessment/ 1st Appeal/ 2nd Appeal] should the penalty for tax evasion be levied?	-----
E.3	Do you feel that prosecution for TDS is being launched in an appropriate manner?	Yes/ No/ NA
E.4	Whether present system of compounding of alleged offence has worked well?	Yes/ No/ NA
F	Any Other Suggestions