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Cabinet approves agreement on co-operation in customs matters between India and Philippines
The Union Cabinet approved signing and ratifying of Agreement between India and Philippines on co-operation and mutual assistance in customs matters. The agreement will help in availability of relevant information for prevention and investigation of Customs offences. The Agreement is ..
Month: Current Affairs - November, 2017
Government constitutes task force for drafting New Direct Tax Legislation
The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser ..
Month: Current Affairs - November, 2017
Cabinet approves protocol amending DTAA between India and Kyrgyz
The Union Cabinet approved protocol amending Agreement between India and Kyrgyz for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. The Protocol amending Double Taxation Avoidance Agreement (DTAA) aims to update Article 26 ..
Month: Current Affairs - November, 2017
Government doubles import duty on wheat to 20%
The Central Board of Excise and Customs (CBEC) under Union Finance Ministry has doubled import duty on wheat to 20% from 10% to curb cheap shipments and give positive price signal to farmers in ongoing Rabi season. It also imposed ..
Month: Current Affairs - November, 2017
Government reconstitutes Multi-Agency Group probe into Paradise Papers revelation
The Union Government has reconstituted Multi-Agency Group (MAG) to investigate cases relating to ‘Paradise Papers’ data disclosure which is also probing the Panama Papers leak. It will be led by Central Board of Direct Taxes (CBDT) Chairman and will have ..
Month: Current Affairs - November, 2017
CBDT signs seven unilateral APAs in October 2017
The Central Board of Direct Taxes (CBDT), the policy-making body of income-tax department has signed seven unilateral advance pricing agreements (APAs) in October 2017. With this, total number of APAs entered into by CBDT now stands at 184. This includes ..