The Ministry of Finance has vide letter dated 23.01.2012 invited applications for appointment to the post of “Income Tax Ombudsman”. The post of “Income Tax Ombudsman” carries a pay scale of Rs.75500-80000. Interested candidates are requested to forward their application by 23.02.2012 indicating their preferred location.

Vide Order No. 1/FT & TR 2012 dated 31.01.2012, the Central Board of Direct Taxes has constituted 10 Dispute Resolution Panels to sit at various locations across the Country.

Vide Order No. 223 of 2012 dated 25.01.2012 the Chief Commissioner of Income-tax (CCA) Kolkota has transferred several officers in the grade of Deputy/ Assistant Commissioners / Directors of Income-tax with immediate effect

Vide Order No. 222 of 2012 dated 25.01.2012 the Chief Commissioner of Income-tax (CCA) Kolkota has transferred several officers in the grade of Additional / Joint Commissioners / Directors of Income-tax with immediate effect

Verification of high value transactions (investments/deposits/expenditure) of persons who are not assessed to income tax

Press Release No. 402/92/2006-MC (03 of 2012), dated 18-1-2012

The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March, 2012, for verifying high value transactions (investments/deposits/expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors/depositors/spenders.

2. Addressees will be required to furnish their PAN if they already have one, or apply immediately for PAN to NSDL/UTIISL if they do not have one. They will also be required to explain the source of the high value investments/deposits/expenditure, and whether these are properly accounted for/explained in the income tax return filed by them. Persons who have not properly accounted for the high value transactions, are required to pay due taxes and file the income tax return within this financial year, i.e., by 31st March, 2012. For furnishing the information called for, visit to the tax office is not necessary. Information can be sent by speed/registered post.

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Vide Order No. 14 dated 17.01.2012 the CBDT has, on promotion to the grade of Joint Commissioners of Income-tax on ad hoc basis, transferred & posted officers with immediate effect

Vide Order No. 13 dated 17.01.2012 the CBDT has transferred & posted officers in the grade of Additional/ Joint/ Deputy/ Assistant Commissioners of Income-tax in the Directorate of International Taxation & Transfer Pricing with immediate effect

Vide Order No. 08 dated 12.01.2012 the CBDT has promoted several Additional CITs/ DITs to the grade of Commissioner of Income-tax in the pay band of Rs. 37,400-67000 + grade pay Rs. 10,000 with effect from the date of assumption of charge of the post of CIT by them and until further orders

Vide Order No. 5 of 2012 dated 12.01.2012 the CBDT has posted and transferred officers in the grade of Commissioners/ Directors of Income-tax with immediate effect

HUF 151 QnA

The AIFTP has released a publication titled “155 Frequently Asked Questions & Answers – HUF”. Hon’ble Mr. Justice Deepak Verma, Judge, Supreme Court of India released the publication on 10th December, 2011 at Ranchi at the 16th National Convention organised by the AIFTP (Eastern Zone).

The highlights of the publication are as follows:

(i) All the provisions and controversies relating to HUF, in the form of 155 Questions & Answers, of practical importance, are answered in simple and lucid language by eminent professionals such as S/Shri Anant Pai, Chartered Accountant, B. V. Jhaveri, Advocate, Mumbai, N. M. Ranka, Sr. Advocate, Jaipur, Pravin Veera, Advocate & Solicitor, Mumbai, Vipul Joshi, Advocate, Mumbai. The same is edited by S/Shri N. M. Ranka, Sr. Advocate, Jaipur, V. H. Patil, Advocate, Mumbai, Dr. K. Shivaram, Advocate, Mumbai and Pradip Kapasi, Chartered Accountant.

(ii) The publication is divided into 13 Chapters to enable easy reference. Specimen Drafts of the documents required to create a HUF are also given;

(iii) Some of the important Chapters in the book are ‘Status of HUF’, ‘Partition’, ‘Reunion’, ‘Family Arrangements’, ‘Taxation and Clubbing of Income’, ‘Stamp Duty’, ‘Right of coparceners’, ‘Members’, ‘Provisions of Hindu Succession applicable to HUF Property’ etc. Aspecial chapter devoted to Amendments in Hindu Succession Act, 2005 is also included;

(iv) The publication will serve as an useful reference for Tax Consultants, Tax-payers, Advocates, Chartered Accountants & Government Authorities as well as tax officials in understanding the various issues relating to Hindu Law & HUF.

(v) The price of publication is Rs. 250. After discount, Members of the Federation have to pay only Rs. 200 while non-members have to pay only Rs. 225. Local / Outstation members desiring the publication to be sent by post are requested to add Rs. 50 per publication as courier charges.
Please make all drafts payable to “All India Federation of Tax Practitioners”.

For further details please contact:

ALL INDIA FEDERATION OF TAX PRACTITIONERS
215, Rewa Chambers, 31, New Marine Lines, Mumbai – 400 020
Tel.: 2200 6342 Telefax: 2200 6343 E-mail: aiftp@vsnl.com