Month: October 2012

Vacancy in posts of “Income Tax Ombudsman” (October 2012)

The Ministry of Finance has vide letter dated 16.10.2012 invited applications for appointment to the post of “Income Tax Ombudsman”. There are posts of “Income Tax Ombudsman” at 12 stations, namely, New Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Pune, Lucknow, Chandigarh, Bhopal and Kochi and some of the posts will fall vacant during the period 1.10.2012 to 31.3.2013. The post of “Income Tax Ombudsman” carries a pay scale of Rs.75500-80000. Interested candidates are requested to forward their application by 30.11.2012 indicating their preferred location

CBDT Hauls Up CIT(A)s For “Mounting Pendency” & “Tardy Disposal” Of Appeals

The CBDT has addressed a letter dated 25.10.2012 to the Chief Commissioners of Income-tax in which it has expressed “serious concern” over the “mounting pendency of appeals before CIT(A) and huge amounts disputed therein“. It has been pointed out that the average disposal per CIT(A) in FY 2011-12 was only 312 appeals

Income-tax Department Seeks To End Corruption

The Income-tax Department is conducting a “Vigilance Awareness Week” from 29.10.2012 to 3.11.2012 in order to “sensitize its officials to the need for improving quality of public service rendered and mitigating the potential area of corruption“. An interactive session will be held on 2.11.2012 at 3.00 pm to understand the “potential areas of corruption” and how to mitigate them. The ITAT Bar Association has been requested to depute its representatives to participate in the said interactive session

Eminent Senior Advocate & Tax Expert Is Law Minister

We are pleased to announce that eminent senior advocate Shri Ashwani Kumar has been appointed the Law Minister of India. Shri. Ashwani Kumar is well versed with income-tax matters and has appeared in several landmark matters such as Topman Exports vs. CIT 247 CTR (SC) 353 & Vikas Kalra vs. CIT 247 CTR (SC) 382 (DEPB & s. 80HHC). He has also been a member of the consultative committee for the Ministry of Finance and is well aware of the problems facing income-tax assessees

Download “Tax Accounting Standards” Issued By The CBDT

Pursuant to s. 145 (1) of the Income-tax Act, 1961 which provides that “Profits and gains of business or profession” & “Income from other sources” shall be computed in accordance with Accounting Standards notified by the Central Government, the CBDT had set up a high-powered committee to draft the Accounting Standards. The Committee has prepared the said “Tax Accounting Standards” and invited comments from all professionals by 26.11.2012

Transfers of Hon’ble ITAT Members (October 2012)

Vide order passed in pursuance of the consultations of the collegiums of the Income Tax Appellate Tribunal, consisting of the President and two senior-most Vice Presidents, the following transfers have been ordered with effect from 5th November 2012

Transfers & Postings Of Additional/ Joint Commissioners of Income-tax

Vide Order No. 194 of 2012 dated 18.10.2012 the CBDT has ordered the transfers/ postings of officers in the grade of Additional/ Joint Commissioner of Income-tax with immediate effect

Promotion of Assistant Commissioners To Deputy Commissioners of Income-tax

Vide Order No. 193 of 2012 dated 17.10.2012, the CBDT has ordered that several IRS officers in the grade of ACITs be promoted to the grade of DCITs

Separate Benches For “International Taxation & Transfer Pricing” Cases In ITAT

In order to dispose of the pending appeals relating to International Taxation and Transfer Pricing matters generally involving high stakes, a Committee was constituted to offer suggestions. After elaborate discussion and deliberations among the participants and keeping in view the suggestions made by the representatives of the assesses and the department, the Committee decided to take certain steps. The recommendations offered by the said Committee have been approved by the Hon’ble President vide letter dated 6th September 2012 and all Benches have been requested to implement the same scrupulously

Download Shome Committee Draft Report On Vodafone Retrospective Law

Report of the Expert Committee on Retrospective Amendments made by the Finance Act, 2012 to Income-Tax Act, 1961 Relating to Taxation of Non- Residents on Indirect Transfer; Comments and Suggestions on the Draft Report to be submitted by 19th October, 2012

Top

If you are a tax professional, you must sign up for our free newsletter. Why? Because we keep you informed about the latest developments in the world of tax. We focus only on the most important must-read judgements & articles that will impact your day-to-day professional work. You can see a chronological listing of all our postings on twitter & facebook


IMPORTANT: After signing up & clicking on the confirmation mail, send a test/ blank mail to editor@itatonline.info. Why? Because it is the easiest way to add our email address to your address/ contacts book and ensure that our Newsletter does not get sent to the Spam/ Junk folder


Email



Unsubscribe