The Finance Bill 2012 (original) as amended by the amendments made on 7.5.2012 and passed by the Lok Sabha on 8.5.2012 is available for download

Porus F. Kaka Appointed President of IFA Worldwide

Vide Order No. 83 of 2012 dated 8.5.2012, the CBDT has transferred and posted several Assistant Commissioners of Income-tax with immediate effect

The rate of service tax has been restored to 12% w.e.f. 1st April 2012. Representations have been received requesting clarification on the rate of tax applicable wherein invoices were raised before 1st April 2012 and the payments shall be after 1st April 2012. Clarification has been requested in case of the 8 specified services provided by individuals or proprietary firms or partnership firms, to which Rule 7 of Point of Taxation Rules 2011 was applicable and services on which tax is paid under reverse charge

The following is the speech delivered by Shri. Pranab Mukerjee, Finance Minister, while moving the amendments to the Finance Bill 2012 on 7th May 2012

The Finance Minister today (7th May 2012) introduced amendments to the Finance Bill 2012. The text of the amendments is available.

The Government of India has vide Office Memorandum dated 3.5.2012 issued guidelines to avoid delay in grant of sanction for prosecution of public servants. One of the measures is that it is now mandatory for the competent authority to take a decision on whether or not to grant sanction for prosecution within 3 months and pass a speaking order giving reasons for this decision. If the competent authority refuses permission for sanction to prosecute, it has to submit its order including reasons for refusal, to the next higher authority for information within 7 days.

In furtherance to this office OM of even number dated 22.03.2012 regarding ‘Advisory Group for International Taxation and Transfer Pricing’, it has been decided with the approval of Competent Authority that the Group would comprise of the following members

A news report has appeared in the Financial Express, Delhi edition, 27th April, 2012 captioned “I-T didn’t warn Vodafone of tax burden or dispute deal format”. In this regard, the Central Board of Direct Taxes (CBDT) has issued the following clarification

The department has released information about a raid conducted by a gang of 6 persons who, on the basis of fake identity cards and fake letter from the CIT, got police protection to conduct a raid on a doctor. The gang took away Rs. 11 lakhs and demanded a bribe for closing the case. The department suspects that the master-mind (Mr. V. D. Goyal) may be an ex-employee of the department as he appeared to be well versed with procedures/law of search. The department has released his picture and requested for assistance in arresting him so as to save the respect of the department