CBDT signs first bilateral Advance Pricing Agreement (APA)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
19th December, 2014
SIGNING OF FIRST BILATERAL APA BY CBDT
On 19.12.2014, Central Board of Direct Taxes has signed a bilateral Advance Pricing Agreement (APA) with a Japanese Company. This is India's first bilateral APA. The APA is for a period of five years. The APA has been finalized in a period of about one and a half years, which is shorter than time normally taken in finalizing APAs internationally.
The APA scheme has been introduced to bring about certainty and uniformity in transfer pricing matters of multi-national companies and reducing litigation. APAs will improve investment climate in the country. In the context of growing economic ties between Japan and India, especially after Hon'ble Prime Minister's visit to Japan, this APA is expected to generate positive sentiments among Japanese investors in India.
(Rekha Shukla)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT
Admissions of Undisclosed Income under coercion/pressure during Search/Survey
F.No. 286/98/2013-IT (Inv.II)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Dated- 18th December, 2014
To
1. All Principal Chief Commissioners of Income Tax
2. All Chief Commissioners of Income Tax
3. All Directors General of Income Tax (Inv.)
4. Director General of Income Tax (I & CI), New Delhi
Subject: Admissions of Undisclosed Income under coercion/pressure during Search/Survey – reg.
Ref: 1) CBDT letter F.No. 286/57/2002-IT(Inv.II) dt. 03-07-2002
2) CBDT letter F.No. 286/2/2003-IT(Inv.11) dt. 10-03-2003
3) CBDT letter F.No. 286/98/2013-IT(Inv.11) dt. 09-01-2014
Sir/Madam,
Instances/complaints of undue influence/coercion have come to notice of the CBDT that some assessees were coerced to admit undisclosed income during Searches/Surveys conducted by the Department. It is also seen that many such admissions are retracted in the subsequent proceedings since the same are not backed by credible evidence. Such actions defeat the very purpose of Search/Survey operations as they fail to bring the undisclosed income to tax in a sustainable manner leave alone levy of penalty or launching of prosecution. Further, such actions show the Department as a whole and officers concerned in poor light.
2. I am further directed to invite your attention to the Instructions/Guidelines issued by CBDT from time to time, as referred above, through which the Board has emphasized upon the need to focus on gathering evidences during Search/Survey and to strictly avoid obtaining admission of undisclosed income under coercion/undue influence.
3. In view of the above, while reiterating the aforesaid guidelines of the Board, I am directed to convey that any instance of undue influence/coercion in the recording of the statement during Search/Survey/Other proceeding under the I.T.Act,1961 and/or recording a disclosure of undisclosed income under undue pressure/ coercion shall be viewed by the Board adversely.
4. These guidelines may be brought to the notice of all concerned in your Region for strict compliance.
5. I have been further directed to request you to closely observe/oversee the actions of the officers functioning under you in this regard.
6. This issues with approval of the Chairperson, CBDT
(K. Ravi Ramchandran)
Director (Inv.)-II, CBDT
e-TDS/TCS RPU (Version 4.2) for Statements from FY 2007-08 onwards released
e-TDS/TCS RPU (Version 4.2) for Statements from FY 2007-08 onwards released and made available on NSDL website wef 20.12.2014
Key features of RPU version 4.2
1. Allow update in field in Form no. 27Q "Whether TDS rate of TDS is IT act (a) and DTAA (b)" where the tax has been deducted at higher rate.
2. Incorporation section code 194LBA and 194DA:
- "194LBA" & "194DA" have been added for below forms which will be applicable for statements pertain to FY 2014-15 & Q3 onwards.
- Section code 194LBA will be applicable for Form 26Q and 27Q.
- Section code 194DA will be applicable only for Form 26Q.
- For section code "194LBA", select "4BA" from the dropdown of section code column in Annexure I sheet.
- For section code "194DA", select "4DA" from the dropdown of section code column in Annexure I sheet.
3. Incorporation of FVU versions 4.5 and 2.141
Link to Download e-TDS/TCS RPU (Version 4.2) for statements from FY 2007-08 onwards
NSDL releases FVU version 4.5 & 2.141for quarterly e-TDS/TCS statement wef 20.12.2014
e-TDS/TCS FVU version 4.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and e-TDS/TCS FVU version 2.141 from FY 2007-08 to FY 2009-10 released and made available on NSDL website wef 20.12.2014.
Key features of FVU version 4.5
Incorporation of section 194 LBA:
- Section 194LBA is applicable for Form no. 26Q and 27Q
- Section 194LBA is applicable for statements pertaining to Q3 of FY 2014-15 onwards.
- Section code to be quoted in the TDS statement for section 194LBA is 4BA
Incorporation of section 194DA:
- Section 194DA is applicable for Form no. 26Q only
- Section 194DA is applicable for statements pertaining to Q3 of FY 2014-15 onwards.
- Section code to be quoted in the TDS statement for section 194DA is 4DA
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