Due to intensive efforts undertaken by the Income Tax Department, provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), which came into force w.e.f 1st November, 2016. These attachments include plots of land, flats, shops, jewellery, vehicles, deposits in bank accounts, fixed deposits etc. The value of properties under attachment is more than Rs. 3,500 crore including immovable properties of more than Rs. 2,900 crore
The CBDT has issued Circular No. 01 of 2018 dated 10th January 2018 by which it has issued important directions regarding the processing of income-tax returns under section 143(1) of the Income-tax Act, 1961 which were filed in Forms ITR-1 to 6 and the applicability of section 143(1)(a)(vi)
The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette. A few provisions in the Amendment Act have important bearing on the working of the Insolvency and Bankruptcy Code, 2016 (Code). A copy of the amendment act is available for download
The CBDT has vide ordes nos. 6, 8 and 10 of 2018 dated 8th and 9th January 2018 ordered the transfer and posting of officers in the grade of Principal Commissioner of Income-tax, Commissioner of Income-tax and Assistant/ Deputy Commissioner of Income-tax with immediate effect and other further orders
The CBDT has vide orders nos. 219, 220 and 221 all dated 29th December 2017, appointed/ promoted several IRS officers to the grade of Joint Commissioners of Income-tax and Chief Commissioners of Income-tax
The CBDT has issued a Notification dated 20th December 2017 by which it has amended Rule 127 of the Income-tax Rules with regard to the delivery and transmission of communications by the department to the assessees
It was reported earlier that the AIFTP had a meeting with the Revenue Secretary Dr. Hasmukh Adhia and the CBDT Chairman Shri Sushil Chandra. The Tax Bar had offered valuable suggestions on reforms to the tax laws. For the benefit of the taxpayers and professionals, the full text of the representations made are reproduced.
ITAT Bar Association, Mumbai, and the All India Federation of Tax Practitioners have jointly published a Book titled “Income Tax Appellate Tribunal – A Fine Balance – Law, Practice, Procedure and Conventions – Frequently asked questions”, dedicated to Padmavibhushan Late Dr. N. A. Palkhivala, Sr. Advocate