Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
July 19, Thursday 2018 3:54 AM       

       HEADLINES: Bihari woman found hanging in seminary                                              New assignment for ADGP Sudhesh Kumar                                              PC George turns violent at Paliyekkara toll plaza, toll barrier destructed                                              I pulled down barrier...civil rights can be protected this way only: P C George                                              Abhimanyu murder: Main accused Muhammad arrested                                              Dogs who sniffed out Bin Laden to help CISF                                              Reham Khan’s autobiography mentions Shah Rukh Khan                                              PM ready for any discussion as monsoon session of parliament begins                                              6 held for 'sexually assaulting' Russian tourist in TN                                              MiG 21 crashes in Kangra district of Himachal                                              Google fined 5 billion dollars by EU                                              Root and Morgan clinch decider for England in ODI series                                              Kaumudi Facebook
       BUSINESS Next Article: Apollo Munich Health Insurance ranked among India's 15 'Best Workplaces in the BFSI Sector'  
       CBDT invites comments to improve transparency in tax rulings
 
         Posted on :16:52:48 Apr 14, 2018
   
A A
       Last edited on:16:52:48 Apr 14, 2018
         Tags: CBDT, improve transparency, tax rulings
 

NEW DELHI: The Central Board of Direct Taxes on Saturday invited comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per Base Erosion and Profit Shifting (BEPS) Action 5, for improving transparency in tax rulings.

Under BEPS Action 5, exchange of rulings on Permanent Establishment (PE) by authority for advance rulings is required to be done not only with the countries of residence of all related parties with whom taxpayer enters into transaction, but also with the country of residence of the immediate parent company and the ultimate parent company.

Therefore, in order to implement the recommendations made under Action 5 of BEPS action plan to bring greater transparency in cross national transactions, Form 34C and 34D (Forms for Advance Rulings) are required to be modified so that details such as name, address and country of the residence of non-resident's immediate parent company or ultimate parent company etc. are captured at application stage itself.

Further, vide Finance Act, 2017, the definition of the term "applicant" for the purpose of advance rulings has been amended by substituting clause (b) of section 245N of the Income-tax Act, 1961.

Therefore, consequential amendments are required in Rule 44E and respective forms to bring them in harmony with the amendment to the Act.

Accordingly, a draft notification has been framed and uploaded on the website of the Income Tax Department for comments from stakeholders and general public.

The comments and suggestions on the draft rules and forms may be sent by April 30, 2018.

A A
       BUSINESS
Next Article: Apollo Munich Health Insurance ranked among India's 15 'Best Workplaces in the BFSI Sector'
 
 
BUSINESS HEADLINES
Sensex slides 146 pts on profit-booking, political developments  
India prepared to impose 'safeguards' if steel imports rise: government source  
Nickel falls on lower demand  
May announces new 2 bn pounds UK-Italian fighter jet project  
Infosys shares soar 6% after Q1 earnings  
Rupee slips 6 paise against US dollar  
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar  
India to be $10 trillion economy by 2030: Garg  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
India to be $10 trillion economy by 2030: Garg  
Markets slip from record to end flat on profit-booking  
Markets slip from record to end flat on profit-booking  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
Retail inflation rises to 5 percent in June  
Retail inflation soars to 5% in June, IIP presides to 3.2% in May  
Indian Army signs MoU with SBI on salary package  
US dollar ends sharply lower against rupee  
Gold, silver recover on mild demand  
BSNL starts first internet telephony service in India  
Sensex nears all-time high; TCS shines on Q1 show  
Gold futures gain 0.06% on global cues  
Goyal asks Coal India to ensure supply for power sector  
Grex Alternative Investments Market looks to raise $100 mln  
Cong targets PM over fall in value of Rupee  
Set up central agency to evaluate big loan proposals: ICAI  
 
Do you support Kottayam collector's warning against selfies at water-logged places?
yes
 
no
 
no opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy