The CBDT has vide Order No. 60 of 2012 dated 28.3.2012 informed that the President has appointed several Income Tax Officers, presently posted in the region shown against their names, to officiate on regular basis in the
grade of Assistant Commissioner of Income Tax (ACIT) in the pay scale of Rs 15,600-39,100/- (Plus Grade Pay of Rs.5400/- in Pay Band-3) with immediate effect and
until further orders. The CCIT (CCA) concerned, to which the officers are posted, shall ensure that they are clear from Vigilance angle, no disciplinary / criminal proceedings are pending against them and are not under suspension before they are allowed to assume charge as ACIT on in-situ basis and till their formal posting is decided by the Competent Authority/ Placement Committee

The 2011 update of the UN Model Convention was launched on 15.3.2012. The UN Model Convention, authored by the UN Committee of Experts on International Cooperation in Tax Matters, replaces the 1999 version of the Convention, published in 2001. The updated version aims to provide assistance to negotiation of modern bilateral double-tax treaties, especially by developing countries, reflecting these countries’ current circumstances and policy priorities. The main objective of this revision has been to take account of developments in the area of international tax policies in the last decade

The Centralized Processing Center (‘CPC’), Bangalore, of the income-tax department has released a Manual-cum-Guide on how to submit Online Rectification Request to rectify intimation order issued under section 143 (1). The Manual explains the common errors that one will encounter during the process and explains how they can be resolved. The Manual will help preparation of an accurate rectification request and ensure proper resolution from CPC and issue of a rectification order

F. No. 500/54/2012-FTD.I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research Division-I Room No. 907, ‘C’ Wing, Hudco Vishala Building, Bhikaji Cama Place, R.K. Puram, N. Deihi Dated 22.03.2012 …

CBDT Sets Up ‘Advisory Group for International Taxation and Transfer Pricing’ Read More »

The CBDT has vide letter dated 23.03.2012 released a list of Income-tax Officers who are in the consideration zone for promotion to the grade of Assistant Commissioner of Income-tax

In partial modification of Order No. 1/FT&TR/2012 and in exercise of powers conferred under section 144C of the income Tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRPS at Mumbai-1, Chennai and Bangalore, who shall perform such duties in addition to their regular duties with immediate effect and until further order

Vide Notification No. 15/2012 dated 17.03.2012, the Ministry of Finance has specified that in respect of services provided by an individual advocate to any business entity, the service-tax payable by the advocate shall be Nil and that the person receiving the service shall pay 100& of the tax

Budget 2012: Finance Bill 2012 The Finance Bill 2012 was introduced today, 16.3.2012, in Parliament. This is an optimized copy, dealing only with the Direct Taxes aspect of the Bill.