Month: May 2012

The CBDT has issued Notification No. 10 of 2012 dated 31.5.2012 stating that the President has appointed several IRS (IT) officers in the grade of Assistant Commissioner of Income-tax in the pay scale of Rs. 15,600 to Rs. 39,100 with effect from the dates stated against their names

The Finance Minister had stated that a letter would be issued by the CBDT regarding reopening of completed assessments on accounts of the retrospective amendments in the Finance Act 2012. That letter is set out below:

On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases shall not be reopened. Now CBDT has issued a circular in this regard, the Finance Minister has stated

Vide Order passed in pursuance of the consultation of the collegium of the Income tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, Shri R.S. Padvekar, Judicial Member, Mumbai has been transferred, in public interest, in the same capacity to the Pune Bench of the Income tax Appellate Tribunal with effect from the forenoon of 04.06.2012

The CBDT has issued a circular dated 28.05.2012 stating that it has launched an internship programme in the Foreign Tax & Tax Research Division. The objective is to enable the department to critically analyze various aspects of International Taxation, Transfer Pricing, Advance Pricing Agreements etc on the basis of refreshing ideas from the filed of academics. A stipend is payable. The terms and conditions are stated in the Circular

The Finance Act 2012 as approved by the President on 28.05.2012 is available for download

Law Ministry’s Press Release On Complaints Against Judges & Vacancies

CBDT Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012 On Processing Of Returns For AY 2011-12

The CBDT has issued Circular No. 02/2012 dated 22.5.2012 containing the explanatory notes to the provisions of the Finance Act 2011

The ICAI has issued on 22.5.2012 a document titled “Frequently Asked Questions (FAQs) on Revised Schedule VI to the Companies Act” to aid professionals to comply with the new regulations. Given the importance of Schedule VI to the Companies Act, the FAQ is of great relevance to auditors and tax professionals