Month: February 2019

Do Not Harass Taxpayers Or Be High-Handed With Them: New CBDT Chief To AOs

Hon’ble P. C. Mody, the newly appointed Chairman of the CBDT, has sent the clear message to all officials of the income-tax department that while maximizing the revenue collection is the immediate priority, the same has to be done “without any harassment or high handedness“. The learned Chairman has stipulated that the conduct of the officials should be impeccable, friendly, yet objective – without fear or favour – as the Dept moves towards becoming a non-adversarial regime

CBDT Revises Targets For Collection Of Corporate Tax In FY 2018-19

The CBDT has revised the target for collection of corporation tax for FY 2018-19. The region-wise targets are also specified. The revised targets are required to be further allocated amongst the charges within the jurisdiction of the PCsIT. The target for personal income-tax has remained unchanged.

CBDT Turns Heat On 100s Of Donors Who Claimed Deduction U/s 35(1)(ii) In Bogus Donation Racket

The CBDT has launched a crackdown on 100s of alleged unscrupulous assessees who claimed deduction u/s 35(1)(ii) by making donations to alleged bogus institutions. The CBDT has provided a list of the donors and directed that in order to curb the blatant misuse of the beneficial provision, appropriate remedial action with respect to the donors should be initiated by the AOs

Unregulated Deposits Banned. Download Ordinance

The ‘Unregulated Deposit Schemes Ordinance, 2019’ bans altogether unregulated deposit taking schemes. It provides for punishment and disgorgement / repayment of deposits in cases where such schemes manage to raise deposits illegally. The Ordinance has very wide implications and requires to be studied carefully by all professionals.

CBDT Directive Reg S. 143(1)(a) Prima facie Adjustments For AY 2017-18

The Directorate of Income-tax (System) has issued a directive dated 20.02.2019 on the subject of processing of Return of AY 2017-18 and issue of notice for prima facie adjustment under 143(1)(a). It is pointed out that with effect from AY 2017-18 amendments have been done in the Act with regard to processing of cases under 143(1). Provision of section 143(1D) has been amended, as per which all the returns are required to be processed. Section 241A allowing withholding of refund determined under 143(1) in cases where notice u/s 143(2) is issued is also introduced

AOs Should Appear Before CsIT(A) & Properly Defend ‘Quality’ Assessment Orders: CBDT

The CBDT has issued a directive dated 14th February 2019 in which it has stated that all assessment orders which are marked as “quality orders” should be duly represented before the CIT(A) by the department and properly defended with verbal and written submissions. The CBDT has stipulated a clear-cut SOP on the subject

IRS Officers Appointed Joint Commissioners Of Income-tax

The CBDT has vide Office Order Nos. 26 and 27 of 2019, both dated 14th February 2019, stated that the President has extended the ad-hoc appointment of several IRS officers to the grade of Joint Commissioner of Income-tax

“Habitually Corrupt” IRS Officer & 90-Year Old Mum Sentenced To 7-Years RI For Corruption

An IRS Officer, who attained notoriety for being “habitually corrupt“, has been found guilty and sentenced to 7-years of rigorous imprisonment. His 90-year old mother, who was his accomplice in the crime, has also been found guilty. His property has also been confiscated

CBDT To Examine ‘Perverse’ Orders Of ITAT And Evaluate Performance Of Counsel

The CBDT has directed the formation of a committee consisting of high-ranking officials who will inter alia examine “perverse and irregular” orders of the ITAT and cases where the submissions of the DRs have not been recorded by the ITAT. These will be taken up by the CBDT with the President, ITAT/ Ministry of Law. The CBDT has also called for information relating to the performance of standing counsel as to the number of cases decided in favour of, and against, the department

E-Assessment: Download CBDT Notification Reg Centralised Verification Scheme, 2019

The CBDT has issued a Notification dated 30th January, 2019 by which it has formulated a scheme called the Centralised Verification Scheme, 2019. The scheme provides for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer in the context of E-Assessment

Top

If you are a tax professional, you must sign up for our free newsletter. Why? Because we keep you informed about the latest developments in the world of tax. We focus only on the most important must-read judgements & articles that will impact your day-to-day professional work. You can see a chronological listing of all our postings on twitter & facebook


IMPORTANT: After signing up & clicking on the confirmation mail, send a test/ blank mail to editor@itatonline.info. Why? Because it is the easiest way to add our email address to your address/ contacts book and ensure that our Newsletter does not get sent to the Spam/ Junk folder


Email



Unsubscribe