Month: February 2014

CBDT Order Promoting CsIT/ DsIT to Chief Commissioners of Income-tax

Vide Order No. 36 of 2014 dated 20.02.2014 the CBDT has promoted officers in the grade of Commissioner / Director of Income Tax to the grade of Chief Commissioner of Income Tax (CCIT) in the Pay Band of Rs. 67,000 –79,000with immediate effect and actually from the date of assumption of charge of the post and until further orders. The CBDT has also directed the postings of the said promotees

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CBDT Order Promoting Addl. CsIT/ DsIT to Commissioners of Income-tax

Vide Order No. 32 of 2014 dated 20.02.2014 the CBDT has promoted several officers in the grade of Additional Commissioner / Additional Director of Income Tax to the grade of Commissioner of Income Tax (CIT) in the Pay Band 4 –Rs. 37,400-67,000 + Grade Pay of Rs. 10,000/- with immediate effect and actually from the date of assumption of charge of the post and until further orders

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Download Finance Bill 2014

The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows

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CBDT Circular On Payment Of Dividend Distribution Tax By Mutual Funds

The CBDT has issued Circular No. 6 of 2014 dated 11.02.2014 in which the issue as to whether mutual funds/specified companies are required to pay additional income-tax under sub-section(2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors has been considered in great detail

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CBDT Circular On Application Of Section 14A And Rule 8D

The CBDT has issued Circular No. 5 of 2014 dated 11.02.2014 in which the issue as to whether disallowance under section 14A and Rule 8D can be made in cases where the corresponding exempt income has not been earned during the financial year has been considered in great detail.

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Eminent Tax Experts Designated As ‘Senior Advocates’ By The High Court

The Bombay High Court has vide Notification dated 12.02.2014 conferred the prestigious designation of “Senior Advocate” upon seven Advocates, two of whom are from the Tax Bar.

Posted in All Information, Supreme Court/High Court related

CBDT Circular On Extension Of Due Date For Filing Refund Claims

The CBDT has issued Circuar 04/2014 dated 10.02.2014 pointing out that a large number of returns have become non-est as ITR-V was not furnished within the due date. As a result the refund claims have not been processed. In order to mitigate the hardships of taxpayers pertaining to non-receipt of tax refunds, the CBDT has extended u/s 119(2)(a) the date for filing ITR-V for AYs 2009-10, 2010-11 and 2011-12 to 31.03.2014. The time-frame under the second proviso to s. 143(1) for issuing the Intimation has been extended to 6 months from the end of the month in which ITR-V is received

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List Of Potential Promotees To Post of Commissioner Of Income-tax

The CBDT has vide letter dated 07.02.2014 released a list of 58 officers who are being considered for promotion to the grade of Commissioner of Income-tax against the anticipated vacancies for the year 2013-14 (Regular DPC) and 2012-13 (Supplementary DPC)

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CBDT Order Appointing IRS Officers As Joint Commissioners Of I. T

Vide Order No. 18 of 2014 dated 03.02.2014 the CBDT has stated that the President has appointed IRS(IT) officers to the grade of Joint Commissioners of Income Tax in the pay scale of Rs.15,600-39.100 + Rs. 7,600 with immediate effect

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Transfer Of Hon’ble ITAT Member (Jan 2014)

Vide Order dated 30.01.2014 passed in pursuance of the consultation of the collegium of the Income tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, Shri R. C. Sharma, Accountant Member, Indore has been transferred, in public interest, in the same capacity to the Mumbai Bench of the Income tax Appellate Tribunal with immediate effect. Vide the same order Smt. Diva Singh, Judicial Member, Delhi, has been allowed to continue in Delhi till 31.08.2014

Posted in All Information, ITAT related, Transfers/apptts