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Appointment Of IRS Officers To Post Of Joint Commissioners Of Income-tax Extended

The CBDT has issued Order No. 105 of 2017 dated 16th June 2017 by which it has stated that the President has extended the ad-hoc appointment of several IRS Officers to the grade of Joint Commissioner of Income-tax from 1st April 2017 to 31st March 2018

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CBDT Circular Explains Whether Trade Advances Constitute ‘Deemed Dividends’ U/s 2(22)(e) Of The I. T. Act, 1961

The CBDT has issued Circular No. 19/2017 dated 12th June 2017 in which it has considered the important issue whether trade advances, which are in the nature of commercial transactions, would fall within the ambit of the word ‘advance’ in section 2(22)(e) of the Act and be assessable as “deemed dividends”

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CBDT Circular Reg Applicability Of S. 194-I Of The Income-tax Act, 1961 To Remittance Of Passenger Service Fees (PSF) By Airlines To Airport Operators

The CBDT has issued Circular No. 21/2017 dated 12th June 2017 in which it has dealt with the important issue of applicability of the provisions of section 194-I of the I.T. Act, 1961 on remittance of Passenger Service Fees (PSF) by an Airline to an Airport Operator. The CBDT has considered the issue in the light of the judgement of the High Court of Bombay in CIT vs. Jet Airways (India) Ltd. (ITA No.1181 of 2014 dated 04.01.2017 where it was held that even though the normal meaning of the word ‘rent’ stood expanded, the primary requirement is that the payment must be for the use of land and building and mere incidental /minor /insignificant use of the same while providing other facilities and service would not make it a payment for use of land and buildings so as to attract section 194-I of the Act

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CBDT Circular Reg Adjustment Of Seized Assets Against Existing Liability U/s 132B Of Ihe I.T. Act, 1961

The CBDT has issued Circular No.20/2017 dated 12th June 2017 in which it has dealt with the important issue of adjustment of seized assets/requisitioned assets against the amount of any existing liability under section 132B of the Income-tax Act, 1961

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Aadhaar Card Is Mandatory For Filing Returns Of Income: CBDT Interprets Supreme Court’s Verdict On S. 139AA Linkage Of Aadhaar Card With PAN

The CBDT has issued a press release dated 19th June 2017 in which it has explained the implications of the Supreme Court’s verdict in Binoy Visam vs. UOI dealing with the constitutional validity of section 139AA of the Income-tax Act which makes the linkage of Aadhaar Card with the PAN. The CBDT has inter alia taken the view that from July 1, 2017 onwards, every person eligible to obtain Aadhaar must quote their Aadhaar number or their Aadhaar Enrolment ID number for filing of Income Tax Returns as well as for applications for PAN

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CBDT Transfer And Posting Orders Of Assistant And Deputy CsIT

The CBDT has vide order No. 98 of 2017 dated 09.06.2017 ordered the posting and transfer of several officers in the grade of Assistant and Deputy Commissioners of Income-tax with immediate effect and until further orders

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CBDT Amends Safe Harbor Rules On Transfer Pricing For International Transactions

The CBDT has issued Notification No. 46/2017/ F. No. 370142/6/2017-TPL dated 07.06.2017 by which it has amended the Safe Harbour Rules specified in the Income-tax Rules relating to transfer pricing for international transactions. The “safe harbours” stipulate circumstances in which the Transfer Pricing Officer (TPO) will accept the transfer price declared by the assessee. The Notification has added a category of international transaction being receipts of “low value-adding intra-group services”. The prevalent safe harbour margins have also been revised. The new Rules will go a long way to avoid disputes between the income-tax department and the assessees. All taxpayers and tax professionals are required to be well-versed with the terms of the safe harbour rules

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New ITAT Members To Get Marginal Salary Hike But Limited 3 Year Term For Members, VPs And President

The Ministry of Finance has issued a notification dated 1st June 2017 titled the “Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2017” by which various conditions relating to the appointment of Tribunal Members (including the ITAT) have been specified

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CBDT Transfer Orders Of Pr. Chief CsIT, Addl/ Joint CsIT And Asst/ Deputy CsIT

The CBDT has issued the following transfer orders:

(i) Vide order No. 87 of 2017 dated 31.05.2017, several officers in the grade of Assistant and Deputy Commissioners of Income-tax have been transferred with immediate effect and until further orders;

(ii) Vide order No. 88 of 2017 dated 31.05.2017, several officers in the grade of Principal Chief Commissioners/ Principal Directors/ Chief Commissioners/ Director Generals of Income-tax have been transferred with immediate effect and until further orders;

(iii) Vide order No. 89 of 2017 dated 31.05.2017, several officers in the grade of Additional and Joint Commissioners of Income-tax have been transferred with immediate effect and until further orders;

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CBDT Notification Reg Filing Of TDS Forms 15G-15H U/s 197A Of Income-Tax Act

The CBDT has issued Notification dated 30th May 2017 with regard to the obligation of the recipients/ payees to furnish to the payer a self-declaration in Form No.15G/15H under section 197A of the Income-tax Act, 1961 read with Rule 29C

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