Category: Others

CBDT Circular Reg TDS From Salaries U/s 192 Of The Income-Tax Act, 1961 In FY 2016-17

The CBDT has issued Circular No. 01/2017 dated 02.01.2017 in which it has explained in a comprehensive manner the obligation of taxpayers with regard to deduction of tax at source from salaries under section 192 of the Income-tax Act, 1961 for the financial year 2016-17

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CBDT Directs Suspension Of Collection Of Taxes During Mutual Agreement Procedure (MAP) Under India-Sweden DTAA

The CBDT has issued Instruction No. 01/2017 dated 04.01.2007 stating that on receipt of a formal request for suspension of collection of outstanding tax from a taxpayer who is a resident of Sweden and where MAP has been invoked through the Competent Authority of Sweden, the Assessing Officers are required to keep the enforcement of collection of outstanding taxes in abeyance for a period of two years in respect of such taxpayers subject to fulfillment of certain conditions

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Download Compendium Of Rulings On Transfer Pricing And International Taxation

Shri. Sunil Moti Lala, Advocate, has written a publication titled “Compendium of Transfer Pricing and International Tax Rulings”. The publication contains a summary of more than 400 important judgements of the Courts, Tribunal and AAR on issues relating to transfer pricing and international taxation pronounced in the period from January to October 2016. Every judgement is classified under a specific heading so to enable easy retrieval. The summary provided for each judgement is succinct and enables the reader to know the ratio of the judgement at a glance. The publication will prove invaluable to all taxpayers and tax professionals engaged in the practice of transfer pricing and/ or international taxation.

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CBDT Directive Reg Reporting Cash Transactions Under Rule 114E Of Income-Tax Rules, 1962

The CBDT has issued a Press Release dated 22nd December 2016 in which it has provided important clarification regarding the requirement to report cash transactions under Rule 114E of the Income–tax Rules, 1962

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CBDT Circular Of Clarifications on the Direct Tax Dispute Resolution Scheme, 2016

The CBDT has issued Circular No. 42 of 2016 dated 23rd December 2016 in which important clarifications on the Direct Tax Dispute Resolution Scheme, 2016 have been provided

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Bombay High Court’s Tax Bench Constitution w.e.f 04.01.2017

The Constitution of the Bombay High Court’s Tax Bench w.e.f 04.01.2017 is as follows

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CBDT Circular Clarifies Imp Aspects Of Law On Taxability Of Indirect Transfers In S. 9(1)(i)

The CBDT has issued Circular No. 41 of 2016 in which it has provided clarification to several important aspects relating to the taxability of indirect transfers in s. 9(1)(i) of the Income-tax Act, 1961

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CBDT Constitutes High-Level Committee To Advise On Re-Engineering Of Assessment Proceedings

The CBDT has issued an Office Memorandum dated 19th December 2016 stating that it has set up a committee of high-ranking officials to provide advise on re-engineering the assessment procedure and to arrive at a definite standard assessment procedure through an e-system which should incorporate within itself the principles of certainty, transparency, accountability and natural justice on the one hand and rules for addressing the revenue risks involved on the other. The Committee will also advice of the necessary changes in the Income Tax Laws and Rules necessary for implementing such an assessment procedure

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Finance Ministry Directive Reg Filing Of Revised Income Tax Returns By Tax Payers Post De-Monetisation Of Currency

The Finance Ministry has issued a press release dated 11th December 2016 in which it has warned that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law

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CBDT Circular Reg Reopening U/s 147 Of Past Assessments Due To Increase In Current Year’s Turnover

The CBDT has issued Circular No. 40/2016 dated 9th December 2016 directing Assessing Officers not to reopen assessments of earlier years u/s 147 of the Act merely because there is an increase in turnover of the present year because of the adoption by the assessee of digital means of payment. The CBDT has pointed out that such move would cause “undue harassment” to the taxpayers

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