Year: 2019

CBDT Order Of Transfers & Postings Of Addl And Joint Commissioners Of Income-tax

The CBDT has vide Office Order No. 171 of 2019 dated 14.08.2019 ordered the transfers and postings of several officers in the grade of Additional and Joint Commissioners of Income-tax

CBDT Bans Issue Of Notice, Order Etc Without DIN To Ensure Proper Audit Trail

The CBDT has issued Circular No. 19/2019 dated 14th August 2019 by which it has exercised its powers under section 119 of the Income-tax Act, 1961 and directed that no communication shall be issued by any income-tax authority relating to assessment, appeals, orders. statutory or otherwise, exemptions, enquiry, investigation. verification of information, penalty, prosecution, rectification, approval etc. to the assessee or any other person, on or after the 15th day of October, 2019 unless a computer-generated Document Identification Number (DIN) has been allotted and is duly quoted in the body of such communication. Some exceptions to the rule have also been stated

Transfer Of ITAT Member (August 2019)

Pursuant to an order dated 9th August 2019 passed after consultations with the Collegium of Income Tax Appellate Tribunal, consisting of the President and two senior most Vice Presidents, a Judicial Member of the ITAT has been transferred on account of administrative exigencies and in public interest, with effect from 23rd August, 2019.

Tax Officials Who Harass Honest Taxpayers Will Be Dismissed From Service: PM Modi

Prime Minister Narendra Modi has sent the chilling warning to all unscrupulous tax officials who harass honest taxpayers with a view to extorting money from them that their shenanigans will no longer be tolerated but they will instead be summarily sacked from service

S. 56(2)(viib): CBDT Clarification Reg Valuation Of Shares Of Startup Companies

The CBDT has issued a directive dated 9 August, 2019 by which it has provided clarification with respect to valuation of shares of Startup Companies involving application of Section 56(2)(viib) of the I. T. Act, 1961. The clarification is intended to mitigate the hardships faced by start-up companies

S. 56(2)(viib): CBDT Circular Reg Assessment Of Start up Companies

The CBDT has vide Circular No. 16/2019 dated 7th August 2019 provided clarification with respect to assessment of Start up Companies involving application of section 56(2)(viib) of the Income-tax Act, 1961. The CBDT has made a clear demarcation of the inquiry or verification which can be made by the AO is cases relating to “complete scrutiny”” and “limited scrutiny”

CBDT Accepts That Grant Of “Incentives” To CsIT(A) For Passing “Quality Orders” Is Improper

The CBDT has issued Office Memorandum dated 9th May 2019 in which it has fairly decided to accept the verdict of the Bombay High Court in Chamber of Tax Consultants v. CBDT (2019) 263 Taxman 551 that the policy of grant of “incentives” to CsIT(A) for making enhancement and levying penalty transgresses the exercise of quasi-judicial powers & is wholly impermissible and invalid u/s 119. The Court held that “Incentives” have the propensity to influence the CsIT(A) and they will be tempted to pass an order in a particular manner so as to achieve a greater target of disposal. The CBDT has withdrawn the credit already granted to the CsIT(A)

CBDT Circular Clarifies Law Reg Filling-Up Of ITR Forms For AY 2019-20

The CBDT has issued Circular No. 18 of 2019 dated 8th August, 2019 in which it has provided important clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20. The clarification is in the nature of questions and answers and cover a wide-ranging spectrum of issues. The circular is expected to clear doubts in the minds of taxpayers and tax professionals

CBDT Further Enhances Monetary Limits For Filing Appeals By Dept

The CBDT has vide Circular No. 17/2019 dated 8th August 2019 further enhanced the monetary limits for filing of appeals by the Department before the Income Tax Appellate Tribunal (ITAT), High Courts and SLPs/appeals before Supreme Court

Download The Finance (No. 2) Act, 2019

The Finance (No. 2) Act, 2019 received the assent of the President on the 1st August, 2019, and is now available for download

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