Category: Others

NDTV Casts Aspersions On ITAT For Order On Rs. 642 Cr Scam

NDTV has attacked the Income-tax department and ITAT for the order holding that the former was guilt of perpetrating a scam which evaded tax on Rs. 642 crore. NDTV has claimed that the ITAT’s order is “unprecedented” and that it is an attack on the “freedom of the press” and is not in “national interest”. It is also claimed that the labeling of foreign investments as “bogus” by the income-tax department will deter foreign investors

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CBDT Circular Reg TDS Deduction On GST Component On Services

The CBDT has issued Circular No. 23 of 2017 dated 19th July 2017 in which it has clarified that wherever in terms of the agreement or contract between the payer and the payee, the component of ‘GST on services’ comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid or payable without including such ‘GST on services’

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CBDT, Irked At Non-Compliance By Dept With Audit Objections Procedure, Sets Out SOP To Handle Objections & Directs Strict Compliance

The CBDT has issued Instruction No. 07 /2017 dated 21st July 2017 in which it has lamented that in spite of a comprehensive instruction with well-defined role & responsibilities of various authorities, the pendency of outstanding objections has not abated. Further, indiscriminate remedial measures result in frivolous litigations causing undue hardship to tax payers. The CBDT has reviewed entire workflow to handle receipt audit observations with twin objectives of quick conclusion of remedial action in cases of accepted audit objections & to avoid remedial action as precautionary measure where observations are not acceptable. The CBDT has made it clear that it expects strict compliance by all concerned

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CBDT Sets Out Procedure For ‘Naming & Shaming’ Tax Defaulters

The CBDT has issued a directive dated 21st July 2017 in which it has called for the names of defaulters as on 31st March 2017 where the undisputed demand exceeds Rs. 1 crore. The names of these defaulters will be made public as per the CBDT’s policy of ‘name and shame’. The CBDT has directed that notice for publication of the name must be given to the assessee

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CBDT Modifies Definition Of “Tax Effect” In Low Tax Effect Circular No. 21/2015

The CBDT has issued a letter dated 14th July 2017 in which it has noted that in certain cases appellate authorities are dismissing appeals without going into the merits of the case by relying on the definition of ‘tax effect’ as defined in Circular No. 21/2015, which prescribes the monetary limit for filing appeals before various appellate authorities. In certain situations where income is computed under the provisions of section 115JB or section 115JC for the purposes of determination of ‘tax effect’, and the additions made under provisions other than sections 115JB or section 115JC do not impact book profit, the appellate authorities are not considering the said additions for the purpose of ‘tax effect’ as defined in para 4 Circular No. 21/2015. The CBDT has examined the matter and directed the insertion of para 4.1 after the para 4 of the Circular No. 21/2015

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GST On Legal Services – Clarification By Finance Ministry

The Finance Ministry has issued important clarification by way of a press release dated 15th July 2017 regarding the controversy whether legal services are subject to GST or not

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CBDT To Reward AOs For ‘Innovative Ideas’ Even As Pr. CIT Caught By CBI For Corruption

The CBDT has instituted a scheme for awarding income-tax employees for “innovative ideas” and “special efforts” in their work. However, the baffling aspect is that the CBDT has turned a blind eye to the rampant corruption being carried on under its nose. In the latest episode, four high-ranking officials, including a Principal Commissioner of Income-tax, have been caught by the CBI for alleged corruption

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CBDT Guidelines For Selection Of Cases For Scrutiny During FY 2017-18

The CBDT has issued Instruction No. 5/2017 dated 7th July 2017 by which it has laid down the procedure and criteria for compulsory manual selection of returns/cases requiring scrutiny during the financial-year 2017-2018. It is also stated that cases are also being selected under CASS-2017 (Computer Aided Scrutiny Selection) on the basis of broad based selection filters and in a non-discretionary manner in two categories of Limited Scrutiny & Complete Scrutiny

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CBDT Vows To Reduce Pending Tax Litigation In CIT(A), ITAT & Courts On War Footing

The CBDT has released the “Central Action Plan for 2017-18” in which it has inter alia dealt with the issue of “litigation management’. The CBDT has laid out a clear cut strategy for reducing appeals pending before the CIT(A), ITAT and Courts. Systematic targets have been set out in which the number of appeals with time-frame for disposal are specified

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CBDT Chief Fumes At Poor Collection Of Taxes In FY 2017-18

Hon’ble Sushil Chandra, the Chairman of the CBDT, has addressed a stern letter dated 6th July 2017 in which he has pointed out that the growth in revenue is not satisfactory on several parameters. The learned Chairman has given facts and figures to support his proposition. He has directed all officers to take all measures to increase revenue collection and also stated that if revenue is not forthcoming from one Head/ source, alternate sources may be concentrated upon to make up for the deficit

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