Category: Others

CBDT Issues Clarification On Furnishing Statement Of Financial Transaction (SFT) & SFT Preliminary Response

The CBDT has issued a press release dated 26th May 2017 by which it has provided important clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response u/s section 285BA of the Income-tax Act, 1961 read with Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017

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CBDT Order Promoting Chief Commissioners Of Income-tax To Pr Chief CsIT

The CBDT has issued Order No. 86 of 2017 dated 26.05.2017 by which it has promoted several officers in the grade of Chief Commissioner Of Income-tax to the post of Principal Chief Commissioner Of Income-tax in the pay scale of Rs. 80,000 with immediate effect and until further orders

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CBDT Constitutes Committee To Recommend Measures For Expeditious Recovery Of Tax Arrears

The CBDT has issued an Office Memorandum dated 25th May 2017 by which it has constituted a committee of high-ranking officials to study the nature and extent of arrears of direct taxes and to suggest measures for expeditious recovery of the outstanding dues. The terms of reference of the Committee are clearly spelt out. The Committee is required to submit its report by 15th July 2017

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CBDT Order Posting & Transferring Assistant And Deputy Commissioners Of Income-tax

The CBDT has issued Order No. 80 of 2017 dated 18.05.2017 by which it has directed the postings and transfers of several officers in the grade of Assistant And Deputy Commissioners Of Income-tax with immediate effect and until further orders

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Draft Income Computation and Disclosure Standard (ICDS) On Real Estate Transactions

The CBDT has released “Draft Income Computation and Disclosure Standards on Real Estate Transactions” prepared by the Committee constituted by the Finance Minister. The draft ICDS is based on the Guidance Note issued on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). For the purposes of providing uniformity and certainty and harmonising the same with provisions of the Act, the committee suggested certain changes in draft ICDS. The CBDT has requested stakeholders to offer comments on the draft ICDS

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IRS Officer Demands Bribe Of Rs. 15 Crore – Busted!

Yet another senior IRS officer has fallen into the clutches of the CBI. He demanded a bribe of Rs. 15 crore and was caught red-handed accepting the first installment of Rs. 1.25 crore

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GST, GAAR & POEM Are Terrible For The Indian Economy: Arvind Datar

Eminent jurist Arvind Datar has delivered a talk in which he has severely criticized the introduction of Goods & Service Tax Act (GST), GAAR and POEM. He has argued that these legislative measures will cause enormous hardships to the taxpayers and will make India a less attractive destination for foreign investors. He has given cogent reasons in support of his propositions

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CIT(A), CA And MD Of Essar Group Held By CBI For Bribe Of Rs. 2 Crore

In a shocking incident, an IRS officer who is presently serving as a CIT(A), a Chartered Accountants and senior officials have been arrested by the CBI on allegations of demanding, and accepting, a bribe for passing favourable orders

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CBDT Circular Explains Law On Whether Lease Rent From Industrial Park/SEZ Is Assessable As Business Profits

The CBDT has issued Circular No. 16/2017 dated 25.04.2017 in which it has considered the issue whether income arising from letting out of premises /developed space along with other amenities in an Industrial Park/SEZ is to be charged under head ‘Profits and Gains of Business’ or under the head ‘Income from House Property’. The issue has been the subject manner of litigation in recent years. The assessees claim the letting out as business activity and that the income arising therefrom has to be charged to tax under the head ‘Profits and Gains of Business’. The Assessing Officers hold it to be chargeable under the head ‘Income from House Property’

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CBDT Circular Clarifies Law On Retrospective Removal Of Cyprus From List Of Notified Areas U/s 94A

The CBDT has issued Circular No. 15 of 2017 dated 21.04.2017 to clarify whether the removal of Cyprus from the list of notified jurisdictional areas under section 94A of the Income-tax Act, 1961 is with retrospective effect or not

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