The OECD has issued a report pointing out that corporate vehicles continue to play a part in a wide range of illicit activities, including tax fraud and evasion, money laundering, bribery, corruption and terrorist financing. Their misuse primarily lies in the way they are exploited, particularly in secrecy jurisdictions, to hide the identity of the beneficial owners and controllers of assets and the parties to illicit transactions
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Year: 2012
No TDS u/s 194J On Payments For Software Purchase: CBDT Notification
The CBDT has issued a Notification dated 13.06.2012 notifying that no deduction of tax shall be made u/s 194J on certain specified payments by a person for acquisition of software from another person. A pdf copy of the Notification is available for download
Commissioners of Income-tax Selected For Foreign Training In USA
Vide letter dated 14.06.2012, the CBDT has intimated the names of IRS officers of the rank of Commissioners of Income-tax who have been selected for a 5 week advanced mid-career training on “Corporate Taxation and Advocacy Skills” which includes 2 weeks of international training in the USA
Transfer of Hon’ble ITAT Member (June 2012)
Vide order dated 11.6.2012 passed in pursuance of the consultations of the collegiums of the Income Tax Appellate Tribunal, consisting of the President and two senior-most Vice Presidents, Shri Satbeer Singh Godara, Judicial Members, Income Tax Appellate Tribunal, Mumbai Benches, Mumbai is hereby transferred in public interest, in the same capacity to the Income Tax Appellate Tribunal, Chennai Benches, Chennai with effect from the forenoon of 18th June, 2012
Addl. CITs & Joint CITs Selected For Foreign Training In USA
Vide letter dated 13.06.2012, the CBDT has intimated the names of IRS officers of the rank of Addl. CIT and Joint CIT who have been selected for a 5 week advanced mid-career training on “investigation & IT” which includes 2 weeks of international training in the USA
Supplementary Memorandum To Amendments To Finance Bill 2012
Vide Circular No. 3 of 2012 dated 12.06.2012 a supplementary Memorandum explaining the official amendments moved in the Finance Bill 2012 as reflected in the Finance Act, 2012 has been issued
Transfers Of Deputy & Assistant Commissioners of Income-tax
Vide Order No. 118 of 2012 dated 21.06.2012, the CBDT has transferred and posted several officers in the grade pf Deputy & Assistant Commissioners of Income-tax
General Anti-Abuse Rule (GAAR) Discussion Paper (UK)
The UK Government has stated that it is strongly committed to tackling tax avoidance. For this purpose, it has today (12.06.2012) launched a formal consultation on a new general anti-abuse rule (GAAR) to tackle artificial and abusive tax avoidance schemes. This follows the Budget 2012 announcement that such a rule will be introduced in 2013. GAAR is expected to deter artificial tax avoidance schemes and contribute to providing a more level playing field for business. The Discussion paper is very relevant from the Indian context because the Indian law on GAAR is also broadly based on the UK law
Transfers & Postings of Chief Commissioners & Director Generals of Income-tax
Vide Order No. 113 of 2012 dated 7.6.2012 the CBDT has transferred and posted officers in the grade of Chief Commissioners of Income-tax & Director Generals of Income-tax with immediate effect
Transfers & Postings of Addl & Joint CITs in International Tax & Transfer Pricing
Vide Orders dated 107 and 108 dated 6.6.2012 the CBDT has transferred and posted officers in the grade of Additional & Joint Commissioners of Income-tax in the Directorate of International Taxation & Transfer Pricing
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