It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in securities claim such income as exempt from tax under the Income-tax Act, 1961(‘the Act’) by availing benefit provided in the Double Taxation Avoidance Agreements (‘DTAAs’) signed between India and their respective countries of residence

Transfers And Posting Orders Of Assistant Commissioners of Income-tax and Deputy Commissioners of Income-tax By CDBT

The CBDT has issued Circular No. 05 of 2015 dated 9th April 2015 explaining the chargeability of interest under section 17B of the Wealth-tax Act, 1957 on self-assessment tax paid before the due date of filing of return of net welath

Prime Minister Narendra Modi a.k.a NAMO has expressed great anguish at the gross delay in disposal of appeals by the Tribunals. At the recently concluded conference of Chief Justices, NAMO came down hard on the fact that the numerous Tribunals set up across the Country have failed to fulfill the object for which they were set up i.e. to deliver quick and efficient justice to the citizens

It has been decided to amend the sub-rule (5) of rule 10MA to provide that in a case where an application has been filed prior to the 31st day of March, 2015, application for roll back in Form No. 3CEDA along with proof of payment of additional fee may be filed at any time on or before the 30th day of June, 2015 or the date of entering into the agreement whichever is earlier. Similarly, in a case where an agreement has been entered into before the 31st day of March, 2015, application for roll back in Form No. 3CEDA along with proof of payment of additional fee may be filed at any time on or before the 30th day of June, 2015

The CBDT has issued Notification dated 14.03.2015 to make rules relating to Roll Back of an Advance Pricing Agreement (APA). As per sub-rule (5) of the newly prescribed rule 10MA, where an application for entering into an advance pricing agreement has been filed prior to 1.01.2015, the request for rollback in the newly prescribed Form No. 3CEDA may be filed at any time on or before 31.03.2015. Similarly, where an advance pricing agreement has been entered into before 1.01.2015, the said form may be filed before 31.03.2015

The CBI has issued a press release stating that P. K. Sharma, the Chief Commissioner Income Tax, and Shailendra Bhandari, ITO, have been arrested for allegedly taking bribe of Rs 15 lakh. In two other press releases, the CBI has stated than an ITO in Mumbai and another in Lucknow have also been arrested for demanding and accepting a bribe of Rs. 10 lakh and Rs. 75,000 respectively. According to news reports, the team of CBI officials was allegedly attacked with fire extinguishers by tax officials in Lucknow, after the investigating agency arrested one of their colleagues for bribe-taking. Some CBI officers were injured and are being treated in hospital. The CBI has filed an FIR against the attackers