The Standing Committee on Finance has submitted its 49th Report on the Direct Tax Code 2010 to Parliament today, 9th March 2012. The Committee has noted that it has considered the suggestions of the Income Tax Appellate Tribunal Bar Association.
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Year: 2012
Amendment to Income Tax (Appellate Tribunal) Rules, 1963
In exercise of the powers conferred by sub-section (5) of section 255 of the Income Tax Act, 1961, the Appellate Tribunal hereby makes the following rules further to amend the Income Tax (Appellate Tribunal) Rules, 1963
Bombay High Court Affirms Special Bench Law On Brokers’ Bad Debts
In DCIT vs. Shreyas S. Morakhia 40 SOT 432 the ITAT Mumbai Special Bench held that a broker was eligible to claim a deduction of the entire amount due to him from his client as a “bad debt” even though only the brokerage (and not the entire amount) had been offered as income. This judgement has been affirmed by the Bombay High Court today, 28.02.2012
Appointment & Posting of 13 Newly Appointed Hon’ble ITAT Members
Vide Notification dated 21.02.2012 issued u/s 252 of the Income Tax Act, 1961, the Central Government has appointed the following persons as Judicial Member / Accountant Member of the Income Tax Appellate Tribunal with effect from the dates as mentioned against their names and until further orders. Consequent to their joining as Members, the said persons have been posted to the paces mentioned against their names vide Order dated 21.02.2012
Important Guidance Notes Issued By The ICAI
In February 2012, the Institute of Chartered Accountants of India (ICAI) has issued three important Guidance Notes that have considerable relevance for income-tax practitioners. For the importance of such Guidance Notes in income-tax matters see CIT vs. Virtual Soft Systems Ltd (Delhi High Court)
Salaried Assessees With Income Upto Rs. 5 Lakhs Exempt From ROI For AY 2012-13
NOTIFICATION NO 9/2012, Dated: February 17, 2012 In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the …
Salaried Assessees With Income Upto Rs. 5 Lakhs Exempt From ROI For AY 2012-13 Read More »
Promotion of Addl. CIT/ DIT to Commissioner of Income-tax
Vide Order No. 34 of 2012 dated 16.02.2012 the CBDT has promoted officers in the grade of Additional Commissioner/Additional Director of Income-tax to the grade of Commissioner of Income-tax (CIT) with immediate effect and actually from the date of assumption of charge of the post and until further orders
Promotion of CITs/ DITs To Chief Commissioners of Income-tax
Vide Order No. 33 of 2012 dated 16.02.2012 the CBDT has promoted officers in the grade of Commissioner/Director of Income Tax to the grade of Chief Commissioner of income-tax with immediate effect and actually from charge of the post and until further orders
How To Complain Against Corruption: CVC Circular
The Government of India has authorized the Central Vigilance Commission (CVC) as the Designated Agency to receive written complaints for disclosure on any allegation of corruption or misuse of office and recommend appropriate action under the Public Interest Disclosure & Protection of Informers (PIDPI) Resolution, 2004. Accordingly, Commission had also vide circular No.33/5/2004 dated 17/05/2004 issued guidelines and public notice on the procedure to be followed for filing whistle blower complaints under PIDPI Resolution for protecting identity of complainants/informers
Collect Taxes; Get Promotion & Choice Posting: CBDT Chief
Among the parameters of performance in your area, achievement of revenue collection target will obviously be given the highest weightage while writing your APAR by reporting officers and reviewing officers and will also be a major factor while considering placements during AGT 2012
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