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Archive for August, 2013

CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS


August 31st, 2013

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013 stating that where the report by the deductor in the TDS statement are not found available in the OLTAS database resulting in TDS mismatch, the CPC(TDS)/ AOs(TDS) shall immediately issue letters to the deductors, in whose case TDS challans are unmatched, with a view to verify and correct these challans. If necessary, the deductors may be asked to file correction statements, as per the procedure laid down and necessary follow up action be taken. It has been directed that the task should be completed by 31st December 2013 for FY 2012-13 in the case of CPC (TDS) and FYs 2011-12 & earlier in case of AOs (TDS)


All Information, Others | 1 Comment »

CBDT Order Regarding Constitution Of The Dispute Resolution Panel (DRP)


August 28th, 2013

Further to Order No. 1/FT & TR/2013 dated 13.08.2013, the CBDT has issued Order No. 2/FT & TR/2013 dated 27.08.2013 regarding the Constitution of the Dispute Resolution Panel in Delhi, Mumbai, Ahmedabad, Pune, Kolkota, Bangalore, Hyderabad and Chennai with effect from 19.08.2013


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Resolution Of Rajasthan Tax Consultants’ Association


August 27th, 2013

RESOLVED that on complaints being received from members broadly raising the following issues in respect of functioning of Hon’ble Accountant Member of ITAT Jaipur Bench; Shri B.R. Jain that


All Information, ITAT related, Procedures/Guidelines | 6 Comments »

Q & A on Service-Tax VCES 2013


August 20th, 2013

The Voluntary Compliance Encouragement Scheme, 2013 (VCES) has given rise to a number of practical problems. Though the CBEC has issued a clarificatory Circular No. 170/5 /2013 – ST dated 08.08.2013 and also a FAQ, several aspects of the Scheme are still not clear. The author, using his immense practical experience in the subject, has provide clear cut answers to a number of questions raised by tax professionals and tax payers


All Information, Others | 5 Comments »

Change In Constitution Of The Dispute Resolution Panel (DRP)


August 16th, 2013

Vide Order No. 1/FT & TR/2013 dated 13.08.2013, the CBDT has directed a change in the Constitution of the Dispute Resolution Panel in Delhi, Mumbai, Ahmedabad, Pune, Kolkota, Bangalore, Hyderabad and Chennai with effect from 19.08.2013


All Information, Others | 1 Comment »

Transfer Pricing: Rangachary Committee Report On Safe Harbour Rules


August 15th, 2013

The Rangachary Committee was set up in July 2012 to “Review Taxation of Development Centres and the IT Sector” and to “finalise the Safe Harbour Transfer Pricing provisions”. The first report on Taxation of Development Centers and the lT Sector was released in July 2013. The second report on the “Transfer Pricing Safe Harbour” recommendations has been released now


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CBDT Releases Draft Transfer Pricing Safe Harbour Rules


August 15th, 2013

The Ministry of Finance has issued a press release dated 14.08.2013 inviting comments and suggestions on the draft “Safe Harbour Rules” proposed to be inserted by way of Rules 10TA to Rule 10TG in the Income-tax Rules, 1962. The Rules have been framed based on the recommendations of the Rangachary Committee


All Information, Others | No Comments »

Tax Administration Reform Commission Set Up


August 14th, 2013

The Ministry of Finance has issued a press release dated 13.08.2013 stating that the Union Cabinet has approved the proposal for setting up of the Tax Administration Reform Commission (TARC)


All Information, Others | 6 Comments »

CBEC Service-tax VCES FAQ 2013 Is Available For Download


August 14th, 2013

The CBEC has released a publication titled “Service Tax – Voluntary Compliance Encouragement Scheme (VCES), 2013 – Frequently Asked Questions” in which all doubts and apprehensions raised by taxpayers have been answered by the CBEC in the form of FAQs. For ease of reference, the statutory provisions and the ST VCES Rules containing the VCES forms are also included in the booklet


All Information, Others | 2 Comments »

CBEC Clarification Circular On Service-Tax VCES


August 9th, 2013

The Central Board of Excise and Customs(CBEC) has issued Circular No. 170/5 /2013 – ST dated 08.08.2013 providing important clarifications as to the scope and applicability of the Service Tax Voluntary Compliance Encouragement Scheme (VCES)


All Information, Others | 3 Comments »