Month: July 2012

Press Release Regarding Exemption From E-Filing Of ROI For AY 2012-13

Relaxation from compulsory e-filing of return of income for assessment year 2012-13 – for representative assesses of non-residents and in the case of private discretionary trusts

Extension Of Due Date For Filing ROI From 31.07.2012 To 31.08.2012

On consideration of the reports of disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and HUF has been made mandatory, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the ‘due date’ of filing of returns of income for the Assessment Year 2012-13 to 31st August 2012 in respect of assessees who are liable to file such returns by 31st July 2012 as per provisions of section 139 of Income Tax Act, 1961

Press Release Regarding Reference Of Portfolio Investments To GAAR Committee

The Prime Minister’s Office has issued the following Press Release dated 30.07.2012 stating that the issue of taxation of portfolio investment has been referred to the GAAR Committee with a view to have clarity on the tax liability of portfolio investors and Foreign Institutional Investors

Press Release Regarding Transfer Pricing “Safe Harbour Rules”

The Prime Minister’s Officer has issued a Press Release dated 30.07.2012 stating that a Committee of top ranking officials has been formed to finalise the Safe Harbour provisions announced in Budget 2010 sector-by-sector and examine issues relating to taxation of the IT sector and suggest any clarifications that may be required. The Committee has been given a specific time frame to achieve its objectives.

GAAR Is “Extraordinarily Broad” and “Too Vague”: United States CIB

The United States Council for International Business (USCIB) has addressed a letter dated 19.7.2012 to the CBDT in which it claims that the GAAR provisions are “extraordinarily broad” and “too vague”. It claims that the uncertainty is causing concern to international investors wanting to invest in India. It has also expressed concern that the 3 Member panel may provide “rubber stamp” approval to whatever the income-tax department proposes. The letter also provides suggestions on how these concerns can be addressed by the Government to provide confidence to investors & taxpayers

Finance Ministry’s Press Release Reg “Taxpayer Friendly Initiatives”

Press Release dated 23.0.2012 issued by the Ministry of Finance Income Tax Department Starts Two More Taxpayer Friendly Initiatives : ‘Register for Home Visit’ and ‘Online Tax Help’ In order to make the Income Tax Return filing experience even more

Download UK Finance Act 2012

The United Kingdom Parliament has approved the Finance Act 2012. From an Indian perspective, the Act is interesting for its treatment of “Controlled foreign companies and foreign permanent establishments” given that a similar concept will be introduced in the Indian legislation sooner or later. Also of interest is the manner in which the transfers of “long-term business” is taxed

Download UK Govt’s Paper: “Lifting the lid on Tax Avoidance Schemes”

The United Kingdom’s HM Revenue & Customs has issued a Consultation Paper dated 23.07.2012 called “Lifting the lid on Tax Avoidance Schemes” to discuss how Tax Avoidance Schemes are created and what steps can be taken to expose them. The Paper also describes proposals for revising and extending the Disclosure of Tax Avoidance Schemes (DOTAS) regime

Guide To Service-tax On Advocates From 1.07.2012 Onwards

Despite the previous clarification, a number of queries have continued to be raised on various aspects of the exemption/ reverse charge on service-tax on Advocates’ services. To resolve all queries, CA Rajkamal Shah, a well known expert in the filed,

Exemption To Salaried Employees From Filing ROI For AY 2012-13

Press Release dated 20.07.2012 issued by the Ministry of Finance: Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13

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