New Delhi [India], March 4 (ANI): Central Board of Direct Taxes (CBDT) on Wednesday issued a clarification in respect of residency under the Income Tax Act, 1961 vide Circular No.2 of 2021 dated March 3. If any individual is facing double taxation even after taking into account the relief provided by the relevant Double Taxation Avoidance Agreement (DTAA), they now have a solution.
According to a statement issued by CBDT, “The Central Board of Direct Taxes has received various representations for relaxation in the determination of the residential status of previous year 2020-21 from individuals who have come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to suspension of international flights. The matters have since been examined by CBDT.”
In this context, Circular number 2 has been issued by CBDT which stated that if any individual is facing double taxation even after taking into account the relief provided by the relevant Double Taxation Avoidance Agreement (DTAA), he/she may furnish the specified information by March 31, 2021 in Form -NR annexed to the circular.
As per the CBDT, this form is to be submitted electronically to the Principal Chief Commissioner of Income-Tax (International Taxation). The circular can be accessed on the Income Tax Department official website.
Meanwhile, the re-appointment of Pramod Chandra Mody as Chairman of the CBDT has been extended for a further period of three months. Mody is a 1982-batch Indian Revenue Service officer, was appointed as the CBDT chief in February 2019.
Rs 6.63 lakh crore collected of revised estimate for direct tax collection for year: PC Mody
The revised estimate for direct tax collection this year is Rs 9.05 lakh crore, out of which Rs 6.63 lakh crore, have been collected, said Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody on Monday.
“The revised estimate for direct tax collection this year is Rs 9.05 lakh crore, out of which we have collected Rs 6.63 lakh crores. I am very confident that we will achieve the target,” Mody told ANI.
When asked to comment on no change in tax slabs in the newly presented Budget, CBDT Chairman said, the taxpayer keep in mind the benefits they get from the improved facilities of the process of tax collection
“The normal taxpayer is not as much benefitted from exemption or reduction in taxes. They should keep in mind the benefits they from the facilities of the process of tax collection. Earlier the tax assessment process was not only time consuming but also confusing. We have improved all that with the introduction of technology over time,” he said. (ANI)
