A section of Media has reported that the Central Board of Direct Taxes has extended ‘due date’ of filing of returns to 31st August, 2012 in respect of only those returns which were to be e-filed by 31st July, 2012. It is clarified that the notification issued by the Board on 31st July, 2012 has extended the ‘due date’ of filing of all returns for the Assessment Year 2012-13 which were due to be filed by 31st July, 2012 to 31st August, 2012

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

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

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.

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

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

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

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

Vide Order No. 143 of 2012 dated 13.07.2012, the CBDT has nominated the officers to hold additional charge in place of the Chief Commissioners & Director Generals who have been selected for the Advanced Mid Career Training Programme

The Ministry of Finance has released a power-point presentation on 13.07.2012 explaining the entire concept of service-tax and the changes made thereto by the Finance Act 2012 in a simple and easy-to-understand format. The presentation will be useful for all tax professionals