Category: Others

First time in the History of Income-tax, Immediately after the presentation of Budget, The Finance Minister with her team Comprising of Hon’ble Finance Secretary, Revenue Secretary, Secretary Expenditure, Chairman CBDT, Chairman CBIC,Secretary Economic Affairs, Chief Commissioners of Income -tax Mumbai and Commissioners of Income tax (Mumbai) have arranged an interactive session with the stake holders including Tax professionals

The Direct Tax Vivad se Vishwas Bill, 2020 is proposed to be introduced for dispute resolution related to direct taxes. The Bill is available for download

The Finance Bill 2020 was presented in Parliament today, 1st February 2020. A copy of the same is available for download

The CBDT has issued a comprehensive circular bearing no. 4/2020 dated 16th January 2020 in which the entire law and procedure relating to TDS u/s 192 from salaries has been explained

The CBDT has vide Office Memorandum dated 03.01.2020 reconstituted the CASS Committee under the Chairmanship of Director General of Income Tax (Risk Assessment). The terms of reference for the CASS Committee are also stated and include analysis of suggestions received from field authorities, recommendation of modification or removal of existing rules, recommending changes in Income Tax Returns, Income Tax Forms, third Party information etc., to enable effective scrutiny selection

The CBDT has vide Circular No. 1/2020 dated 03.01.2020 extended the time limit for filing of applications for compounding of offenses under the Income-tax Act, 1961. The extension has been granted with a view to give a final opportunity to taxpayers and to reduce the pendency of existing prosecution cases before the courts

The CBDT has vide letter dated 31.12.2019 invited public consultation on the proposal for amendment of Income-tax Rules 1962, to insert new rule 29BA and Form 15E, to give effect to the amendment in section 195 of the Income-tax Act , 1961 (the Act) vide Finance (No.2) Act 2019

The CBDT has issued a directive to the Principal Chief Commissioners and Director Generals of Income Tax that all measures should be taken to get pending CPGRAMS grievances expeditiously disposed of and to ensure that there are no grievances pending for more than 90 days in their Region/ Charge

The CBDT has vide OFFICE ORDERS NO. 05 OF 2020 dated 02.01.2020 and 274 of 2019 dated 31.12.2019 stated that several IRS officers have been appointed to the grade of Joint Commissioner of Income Tax (JCIT) and several Commissioners of Income-tax have been promoted to the post of Pr. Commissioner of Income-tax

The CBDT has issued a directive dated 27.12.2019 in which it is noted that a large number of appeals are pending before the CsIT(A) for more than 5 years. The CBDT has directed that all such appeals must be disposed off without fail by 31st March, 2020

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