Month: March 2015

Check Out The Rogue’s Gallery Of Absconding ‘Wilful Tax Defaulters’

The Income Tax department has adopted the aggressive strategy of ‘naming and shaming‘ some large tax defaulters by publishing names of 18 entities who owe over Rs 500 crore tax to the exchequer

Posting + Transfer Orders Of Hon’ble ITAT Members (March 2015 – IV)

Vide orders passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following decisions have been taken

ITAT Members To Get Bonus Points For Intl Tax + Transfer Pricing Orders

Vide Order dated 20th March 2015, the Hon’ble President of the Tribunal has directed that the order dated 2nd February 2015 is withdrawn forthwith and the practice of giving bonus point is restored. It is stated that the Vice Presidents will have the discretion to award bonus points in accordance with the quality and effort required to decide cases relating to International Taxation and Transfer Pricing

Acche Din! NAMO Cracks Whip On Income-Tax Dept For Harassing Taxpayers

Prime Minister Narendra Modi a.k.a NAMO has come to the rescue of beleaguered taxpayers. According to a terse note dated 26th March 2015 addressed by Hon’ble Ms. Anita Kapur, Chairperson of the CBDT, to the Income-tax department, she and the Revenue Secretary had a conference with NAMO regarding the status of public grievances against the department. At the meeting, NAMO “expressed dissatisfaction about delays in responding to public grievances” by the officers and “the harassment meted out to the taxpayers and officious behaviour” of the officers. NAMO also made it clear that he will be “personally monitoring” the status of monthly grievances on a monthly basis

Posting + Transfer Orders Of Hon’ble ITAT Members (March 2015 – III)

Vide orders passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following decisions have been taken

Important CBDT Circular On Taxation Of Foreign Dividend From Indian Assets

The CBDT has clarified that the purpose of the amendment of section 9(1) (i) was to tax gains having economic nexus with India. It is stated that the as the declaration of dividend by a foreign company outside India does not have the effect of transfer of any underlying assets located in India, the said dividends would not be deemed to be income accruing or arising in India by virtue of the provisions of Explanation 5 to section 9 (1) (i) of the Act. Even if the shares derive their value substantially from assets situated in India

Transfers Of Hon’ble Members Of The ITAT (March 2015 -II)

Vide order dated 23.03.2015 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, mentioned below with effect from 4th April 2015

Transfers Of Hon’ble Members Of The ITAT (March 2015)

Vide order dated 23.03.2015 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, mentioned below with immediate effect

CBDT Takes Stern View Of Laxity By Counsel And CIT In Court Matters

The CBDT has issued two letters, both dated 20th March 2015, in which it has referred to an incident in the Delhi High Court where the Court had sought information relating to a case. Though the Standing Counsel communicated the directions of the Court to the concerned CIT, this was done in a “routine manner” and without any “follow up”. The result is that the Court issued directions and possibly strictures against the department.

Download The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new Bill in the current Session of the Parliament. In order to fulfil the commitment made by the Government to the people of India through the Parliament, the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 has been introduced in the Parliament on 20.03.2015. The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such income will henceforth not be taxed under the Income-tax Act but under the stringent provisions of the proposed new legislation.

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