The CBDT Chairperson, Dr. Sudha Sharma, has, on the occasion of her retirement, pointed out that her endeavour always has been to foster highest standards of ethics and morality and to guard against tendencies which could bring a bad name to the Department. She stated that upholding ethical values and human dignity have remained her guiding principles

Vide Notification No. 03 of 2014 dated 28.02.2014 the CBDT has stated that 90 Joint Commissioners of Income-tax have been placed in the Selection Grade (Non-Functional) in the PB-4 Rs. 37,400-67,000 + Grade Pay of Rs. 8,700 from the date indicated against each name

The Auditing and Assurance Standards Board of the ICAI has on 28.02.2014 released a Guidance Note on Audit of Banks, 2014 Edition

Vide Order No. 36 of 2014 dated 20.02.2014 the CBDT has promoted officers in the grade of Commissioner / Director of Income Tax to the grade of Chief Commissioner of Income Tax (CCIT) in the Pay Band of Rs. 67,000 – 79,000with immediate effect and actually from the date of assumption of charge of the post and until further orders. The CBDT has also directed the postings of the said promotees

Vide Order No. 32 of 2014 dated 20.02.2014 the CBDT has promoted several officers in the grade of Additional Commissioner / Additional Director of Income Tax to the grade of Commissioner of Income Tax (CIT) in the Pay Band 4 – Rs. 37,400-67,000 + Grade Pay of Rs. 10,000/- with immediate effect and actually from the date of assumption of charge of the post and until further orders

The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows

The CBDT has issued Circular No. 6 of 2014 dated 11.02.2014 in which the issue as to whether mutual funds/specified companies are required to pay additional income-tax under sub-section(2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors has been considered in great detail

The CBDT has issued Circular No. 5 of 2014 dated 11.02.2014 in which the issue as to whether disallowance under section 14A and Rule 8D can be made in cases where the corresponding exempt income has not been earned during the financial year has been considered in great detail.

The CBDT has issued Circuar 04/2014 dated 10.02.2014 pointing out that a large number of returns have become non-est as ITR-V was not furnished within the due date. As a result the refund claims have not been processed. In order to mitigate the hardships of taxpayers pertaining to non-receipt of tax refunds, the CBDT has extended u/s 119(2)(a) the date for filing ITR-V for AYs 2009-10, 2010-11 and 2011-12 to 31.03.2014. The time-frame under the second proviso to s. 143(1) for issuing the Intimation has been extended to 6 months from the end of the month in which ITR-V is received

The CBDT has vide letter dated 07.02.2014 released a list of 58 officers who are being considered for promotion to the grade of Commissioner of Income-tax against the anticipated vacancies for the year 2013-14 (Regular DPC) and 2012-13 (Supplementary DPC)