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Download E-Book On Rules Of Interpretation Of Tax Statutes By N. M. Ranka, Sr. Advocate

The Bombay Chartered Accountants’ Society (BCAS) has released a publication titled “Rules of Interpretation of Tax Statutes” which is authored by Shri. N. M. Ranka, an eminent senior advocate. The learned author has dealt with important issues such as the difference between a charging provision and a machinery provision, the rules for interpretation of Double Taxation Avoidance Agreements, the law on retrospective, prospective and retroactive provisions, the principles of “Stare Decisis”, “Ejusdem Generis”, “Non Obstante” etc, etc. The learned author has also referred to all the important judgements on the subject. The e-book will prove invaluable to all tax payers and tax professionals

Posted in All Information, Others

CBDT Issues Circular To Clarify Law On Taxation And Investment Regime For PMGKY Scheme

The CBDT has issued Circular No.2 of 2017 dated 18.01.2017 by which it has provided important clarifications on the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. The PMGKY provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent. of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.The Scheme has commenced on 17.12.2016 and shall remain open for declarations/deposit upto 31.03.2017

Posted in All Information, Others

CBDT Keeps Circular No. 41/2016 (Taxation Of Indirect Transfers) In Abeyance To Address Concerns Of Stakeholders

The CBDT has issued a press release dated 17.01.2017 stating that it has received representations from various FPIs, FIIs, VCFs and other stakeholders expressing concerns that Circular No. 41/2016 which was issued on 21.12.2016 to deal with clarification on Indirect Transfer provisions, does not address the issue of possible multiple taxation of the same income. The CBDT has stated that pending the examination of the representations, the operation of the above mentioned circular is kept in abeyance for the time being

Posted in All Information, Others

Finance Ministry Notifies Effective Date Of India-Cyprus DTAA (Download Full DTAA)

The Ministry of Finance has issued a Notification dated 10.01.2017 stating that all the provisions of the Agreement and Protocol between the Government of Republic of India and the Government of Republic of Cyprus for the avoidance of double taxation and the Prevention of Fiscal evasion with respect to taxes on income shall be given effect to in the Union of India with effect from the 1st day of April, 2017 being the First day of Fiscal year next following the year in which the said Agreement and Protocol entered into force

Posted in All Information, Others

Transfers Of Hon’ble Members Of The ITAT (January 2017)

Vide order dated 13.01.2017 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, in public interest, with effect from 20th January 2017

Posted in ITAT related, Transfers/apptts

High Court Bans Frivolous Adjournment Applications In Tax Appeals

The Bombay High Court has decided to take a stern stand to combat the menace of advocates seeking adjournment on frivolous grounds. It has made it clear that “No adjournments will be granted on the ground that the papers or counsel duly instructed are not available”.

Posted in All Information, Supreme Court/High Court related

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

Posted in All Information, Others

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

Posted in All Information, Others

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.

Posted in All Information, Others

Eminent Lady Advocates Appointed To Top Positions In Bar

We are pleased to report that two eminent lady advocates have achieved the rare distinction of being the first woman Presidents of their respective Bar Associations

Posted in All Information, ITAT related

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