Month: August 2012

Notification No. 31/2012 [F.No. 500/185/2011-FTD I], dated 17-8-2012 In exercise of the powers conferred by the second proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where the …

Transfer Pricing: Notification Of Specified Percentage for S. 92C(2) Second Proviso Read More »

In the speech delivered by the Hon’ble Chief Justice of India Shri. S. H. Kapadia on the occasion of the Independence Day, he highlighted the importance of “decisional independence” and “institutional independence” of the Judiciary. He also cautioned the Government that “drafting of laws today is not satisfactory” and suggested that the caution be kept in mind whilst changing the constitutional scheme of things. This was interpreted by some sections as being a criticism of the Judicial Standards and Accountability Bill. To quell the controversy, the Ministry of Finance has released a detailed Press Release

On the occasion of the Independence day, Hon’ble Chief Justice of India Shri. S. H. Kapadia spoke his mind on a variety of issues. In particular, he cautioned the Government that the drafting of laws today was not satisfactory and suggested that they keep this in mind before making any changes in the constitutional scheme of things

The Ministry of Finance has released a report issued by a Committee headed by the Chairman, CBDT, titled “Measures to Tackle Black Money in India and Abroad”.

Vide Order No. 163 of 2012 dated 14.08.2012 the CBDT has stated that the President has appointed several officers of the Indian Revenue Service to the grade of Joint Commissioner of Income-tax on an ad hoc basis

Dr. Justice D. Y. Chandrachud, Senior Judge of Bombay High Court inaugurated the ITAT Members Residential Training Programme on International Taxation and Transfer Pricing held at Maharashtra Judicial Academy, Uttan

The Ministry of Finance has issued a press release dated 10.08.2012 setting out in detail the steps taken by the Government & the CBDT to unearth and curb black money

Vide letter dated 09.08.2012, the CBDT has released a list of officers of the rank of Commissioners of Income-tax who have been selected for an “Advanced Mid Career Training Programme” which is to be conducted at the IIM, Bangalore and the Syracuse University, USA

The Department of Revenue, Ministry of Revenue has issued a report setting out the measures taken by it to tackle black money in the Indian economy

The Finance Ministry has issued the following Press Release dated 06.08.2012 in which it was stated that with a view to ensuring “Clarity in tax laws, a stable tax regime, a non-adversarial tax administration” etc, corrective measures would be taken to reassure investors. It was specifically stated that there had been “directed a review of tax provisions that have a retrospective effect in order to find fair and reasonable solutions to pending as well as likely disputes between the Tax Departments and the Assessees concerned