The CBDT has issued Circular No. 01/2017 dated 02.01.2017 in which it has explained in a comprehensive manner the obligation of taxpayers with regard to deduction of tax at source from salaries under section 192 of the Income-tax Act, 1961 for the financial year 2016-17
The CBDT has issued Instruction No. 01/2017 dated 04.01.2007 stating that on receipt of a formal request for suspension of collection of outstanding tax from a taxpayer who is a resident of Sweden and where MAP has been invoked through the Competent Authority of Sweden, the Assessing Officers are required to keep the enforcement of collection of outstanding taxes in abeyance for a period of two years in respect of such taxpayers subject to fulfillment of certain conditions
Shri. Sunil Moti Lala, Advocate, has written a publication titled “Compendium of Transfer Pricing and International Tax Rulings”. The publication contains a summary of more than 400 important judgements of the Courts, Tribunal and AAR on issues relating to transfer pricing and international taxation pronounced in the period from January to October 2016. Every judgement is classified under a specific heading so to enable easy retrieval. The summary provided for each judgement is succinct and enables the reader to know the ratio of the judgement at a glance. The publication will prove invaluable to all taxpayers and tax professionals engaged in the practice of transfer pricing and/ or international taxation.
The CBDT has issued a Press Release dated 22nd December 2016 in which it has provided important clarification regarding the requirement to report cash transactions under Rule 114E of the Income–tax Rules, 1962
The CBDT has issued Circular No. 42 of 2016 dated 23rd December 2016 in which important clarifications on the Direct Tax Dispute Resolution Scheme, 2016 have been provided
The Constitution of the Bombay High Court’s Tax Bench w.e.f 04.01.2017 is as follows
The CBDT has issued Circular No. 41 of 2016 in which it has provided clarification to several important aspects relating to the taxability of indirect transfers in s. 9(1)(i) of the Income-tax Act, 1961