The CBDT has issued a letter dated 23.12.2014 setting out the guidelines for compounding of offences under Direct Tax Laws. The guidelines shall come into effect from 01.01.2015 and shall be applicable to all applications for compounding received on or after the aforesaid date. The Guidelines classify offences into two parts and set out the criteria for compounding of offences under each category. The procedure to be adopted for making the compounding application and the manner in which they should be dealt with is also explained in detail.

This is where AIFTP’s latest publication “Basic questions and answer on Foreign Exchange Management Act – Non-Resident Taxation – Limited Liability Partnership – Allied Laws – Report of Foreign Bank and Financial Accounts” comes to our rescue. The publication is edited by eminent professionals, Shri. Dilip J. Thakkar, Chartered Accountant & Dr. K. Shivaram, Senior Advocate. Between them, the two stalwarts have decades of experience on the problems businessmen face when setting up operations in India

The Comproller & Auditor General of India (CAG) has issued a report No. 32 of 2014 setting out the results of the performance audit of “Appreciation of Third Party (Chartered Accountant) Certification in Assessment Proceedings of the Department of Revenue”.

The CBDT has issued a letter dated 18.12.2014 pointing out that instances/complaints of undue influence/coercion have come to notice of the CBDT that some assessees were coerced to admit undisclosed income during Searches/Surveys opriducted by the Department. It is pointed out that that many such admissions are retracted in the subsequent proceedings since the same are not backed by credible evidence. Such actions defeat the very purpose of Search/Survey operations as they fail to bring the undisclosed income to tax in a sustainable manner leave alone levy of penalty or launching of prosecution

RELEVANT PORTIONS OF THE SECOND REPORT OF THE SPECIAL INVESTIGATION TEAM (SIT) ON BLACK MONEY RELEASED; ON THE DIRECTIONS OF SIT, CBDT DIRECTS VARIOUS ASSESSING OFFICERS TO FINALIZE THE ASSESSMENTS FOR ALL ACTIONABLE CASES (427), WHOSE NAMES ARE APPEARING IN THE HSBC LIST RECEIVED BY THE DEPARTMENT

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the introduction of the Companies (Amendment) Bill, 2014 in Parliament to make certain amendments in the Companies Act, 2013.

The Bar Council of India has issued a Notification dated 29th October 2014 by which the “Bar Council of India Certificate of Practice and Renewal Rules. 2014” have been notified