Month: January 2016

CBDT Orders For Postings Of Pr. CCsIT And Promotions Of Addl CsIT To Post Of CsIT

The CBDT has vide Orders Nos. 9 and 10 of 2016 dated 29.01.2016 ordered the postings of officers in the grade of Pr. CCIT/ CCIT. Vide Order No. 7 of 2016 dated 21.01.2016, the CBDT has stated that the President is pleased to grant Proforma Promotion to Additional Commissioners of Income Tax to the grade of Commissioner of Income-tax in the pay band Band-4 – Rs. 37,400 – 67,000 + Grade Pay of Rs. 10,000.

CBDT Creates Environment Of Tax Certainty And Encourages MNCs To Do Business In India By Resolving More Than 100 Cases Of Transfer Pricing Disputes With USA Under MAP

The CBDT has issued a press release dated 28.01.2016 stating that one of the significant steps taken by Central Board of Direct Taxes to boost investment sentiments among MNCs is the landmark Framework Agreement signed with the Revenue Authorities of USA in January, 2015. This agreement was finalised under the Mutual Agreement Procedure (MAP) provision contained in the India-USA Double Taxation Avoidance Convention (DTAC). The agreement seeks to resolve about 200 past transfer pricing disputes between the two countries in the Information Technology (Software Development) Services [ITS] and Information Technology enabled Services [ITeS] segments. More than 100 cases have already been resolved and some more are expected to be resolved before the end of this fiscal. It is stated that the MAP programmes with other countries like Japan and UK are also progressing well with regular meetings and resolution of past disputes. The CBDT is confident that a combination of a robust APA programme and a streamlined MAP programme would be helpful in creating an environment of tax certainty and encourage MNCs to do business in India

Draft Report of Justice R. V. Easwar (Retd) Committee To Simplify The Provisions Of The Income-tax Act, 1961

The ten member Committee which was constituted on 27th October, 2015 under the Chairmanship of Justice R.V Easwar (retd.) former Judge, Delhi High court has given its draft report of recommendations for “simplification of the Income-tax Act” and “promoting ease of doing business”. The report contains 27 suggestions for amendments to the Income-tax Act and 8 recommendations for reform through administrative instructions

CBDT Order Reg Promotion Of Principal CsIT To Post Of Chief CsIT

The CBDT has vide Order No. 5 of 2016 dated 20.01.2016 promoted several officers in the grade of Principal Commissioner of Income-tax (HAG, Pay Scale Rs. 67,000-79,000) to the post of Chief Commissioner of Income-tax (HAG+) in the pay scale of Rs. 75,500-80,000 for the panel year 2015-16 with effect from the date of assumption of charge of the post and until further orders. The promotions are on ad hoc basis

Initiatives Undertaken By The CBDT For Reducing Litigation With Taxpayers

The CBDT has issued a press release dated 15.01.2016 in which it is stated that reducing litigation with the taxpayers has been a key focus area for the Income Tax Department. It is pointed out that several initiatives have been taken by the Central Board of Direct Taxes in the last three months up to December 2015 to significantly reduce disputes and provide relief to taxpayers facing long standing litigation. A list of all those initiatives are set out in the press release

CBDT Directs Issue Of Refunds Of Rs. 1148 Cr To Small Taxpayers By 31.01.2016

The CBDT has issued an Office Memorandum dated 14.01.2016 stating that in order to provide relief to the small taxpayers, refunds up to Rs.5,000 and refunds in cases where arrear demand is up to Rs.5,000 may be issued without any adjustment of outstanding arrears under section 245 of the Act during FY 2015-16. It is stated that as on 09.01.2016, there are 64,938 cases of refunds below Rs.5,000 involving Rs.1,148.14 Crore in non-CASS cases for AYs 2013-14 and 2014-15 pending in AST. The CBDT has directed the Assessing Officers to issue these refunds without any adjustment of arrears under Section 245. Similarly, the non-CASS cases for those assessment years where the refund amount is more than Rs.5,000 but the outstanding arrear is Rs. 6,000/- or less have been directed to be processed for issue of refund without any adjustment under Section 245. It is further directed that the above exercise should be completed before 31st January, 2016 and a compliance report be sent to the Member (Revenue).

Platinum Jubilee Celebrations Of The Income Tax Appellate Tribunal

The “Income Tax Appellate Tribunal” is celebrating its “Platinum Jubilee” at Convention Hall, The Ashok, Chanakyapuri, New Delhi on 24th & 25th January, 2016. President of the Income Tax Appellate Tribunal Justice (Retd) Shri Dev Darshan Sud is desirous that all the individuals and institutions who are associated with the ITAT participate in the Platinum Jubilee Celebrations.

Book Release: ‘212 Frequently Asked Questions on Survey – Direct Taxes’

AIFTP has announced the release of a publication titled “212 Frequently Asked Questions on Survey – Direct Taxes” by Dr. K. Lakshaman, Member of Legislative Assembly, Hyderabad

Change In Constitution Of Bombay High Court’s Tax Bench w.e.f. 04.01.2016

Change In Constitution Of Bombay High Court’s Tax Bench w.e.f. 04.01.2016

CBDT Issues Advisory To TDS Deductors For Validating S. 197 Certification

The CBDT has issued an advisory in which it is pointed out that instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 certificate number. The scenario of wrong 197 certificate generally arises when the deductor accepts from deductee a manually issued lower deduction certificate by assessing officer & quotes the same in TDS statements. It is explained that CPC(TDS) has provided the facility of validating the 197 certificate to the deductors and that if the 197 certificate is not valid as per TRACES validation, the deductor should always insist upon an ITD system generated certificate having a unique 10 digit alpha numeric number. The entire procedure for this is explained in the advisory

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