The United Nations has released a publication titled “Practical Manual on Transfer Pricing”. The Manual contains valuable discussion on a number of important topics. For instance, there is a detailed discussion on the types of transfer methods available (such as CUP, TNMM etc) and their respective merits and demerits. Practical examples and case studies have also been given to explain in what circumstances a particular method is suitable. There is also detailed discussion on how comparables should be selected and how a comparability analysis should be conducted. There is also detailed discussion on the transfer pricing implications of marketing intangibles (trade marks, technical know-how etc) which becomes very relevant in the light of L.G.Electronics vs. ACIT 140 ITD 41 (SB). There is also a write-up on the law & practices being followed in India and other countries

Vide Order No. 92 of 2013 dated 31.05.2013, the CBDT has ordered the transfer/ posting of several officers in the grade of Chief Commissioner of Income-tax with immediate effect. Vide Order No. 94 of 2013 dated 31.05.2013, the CBDT has ordered the transfer/ posting of several officers in the grade of Deputy/ Assistant Commissioner of Income-tax with immediate effect.

Vide Order No. 86 of 2013 dated 24.05.2013, the CBDT has ordered the transfers/ posting of several officers in the grade of Deputy/ Assistant Commissioner of Income-tax with immediate effect. Vide Order No. 87 of 2013 dated 24.05.2013, the CBDT has ordered the transfers/ posting of several officers in the grade of Additional/ Joint Commissioner of Income-tax with immediate effect.

The Income-tax department has released a publication titled “Assessment of Charitable Trusts and Institutions“. The publication explains the legal provisions and the procedural requirements for claiming exemption under the Income-tax Act, 1961 for charitable activities. Apart from explaining the concept of ‘Charitable Purposes’, the publication deals with the procedure for registration, assessment, denial of exemptions, incentives given to the donors of the trust etc. The publication also deals with important issues in a FAQ format. All amendments made by the Finance Act, 2012 are incorporated in the publication. The forms which have to be used by the assessees in order to avail of the benefit of various provisions are compiled as Annexures to the publication. The publication will prove very useful for all taxpayers and tax professionals

The Income-tax department has released a publication titled “Appeals And Procedures For Filing Appeals“. The publication seeks to educate taxpayers about the legal provisions and procedures relating to filing appeals before the Commissioner of Income-tax (Appeals) and the Tribunal. The publication lists out the Forms in which the appeal has to be filed, the manner in which it has to be signed, the fees payable etc. The entire law and procedure is explained in lucid language. The guidelines laid down by the Appellate Tribunal for the guidance of the assesses and their representatives on how to conduct appeals is also included in the publication. The publication will prove useful as a ready-referencer for taxpayers and tax professionals

The CBDT has issued a publication titled “Advance Pricing Agreement Guidance With FAQs“. The publication seeks to increase the awareness of the taxpayers about the “Advance Pricing Agreement Scheme” which was notified on 30.08.2012 and its implementation. The publication explains the procedure to be followed by a taxpayer and the tax authorities before a taxpayer can enter into an APA. It also provides guidance on types of APAs, advantages of APAs etc

The Finance Bill 2013 received the assent of the President on 10th May 2013 and has been enacted as the Finance Act 2013 (No. 17 of 2013)

Vide Order No. 83 of 2013 dated 13th May 2013 the CBDT has informed that the President has appointed several Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACTT) in the pay scale of Rs.I5,600/-39,100/- (Plus Grade Pay of Rs.5400/- in Pay Band-3) with immediate effect and until further orders

We are pleased to announce that eminent senior advocate and tax expert Shri Kapil Sibal has been appointed the Law Minister of India. Shri. Kapil Sibal’s father, Shri. H. L. Sibal, was an eminent tax counsel and has appeared in hundreds of tax matters. Shri. Kapil Sibal has also appeared in a number of landmark tax matters such as HY Lay Poultry Farms vs. State (1977) CTR (SC) 169, Mardia Chemicals vs. UOI 136 TM 360 (SC), Bansal Commodities vs. UOI 189 ITR 62 (Del) etc. He has an excellent grasp of all legal and tax issues and is well aware of the problems being faced by the tax payers in the Country. He is also well known for his humane and sympathetic approach while dealing with the problems of the citizens