Month: March 2014

The CBDT has vide Order No. 48 of 2014 dated 27.03.2014 promoted 18 officers in the grade of Chief Commissioner/Director General of Income Tax to the grade of Principal Chief Commissioner of Income Tax (CCIT) in the Pay Scale of Rs. 80,000/- with effect from the date of assumption of charge of the post and until further orders

The clarificatory Circular No. 01/2013 dated 17.01.2013 issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in export of computer software which are availing tax-benefits under sections 10A, 10AA and 10B of the Income-tax Act, 1961 should be brought to the notice of all Departmental Representatives (DRs) and Standing Counsels of the Department who plead such matters before the ITATs and the Courts, respectively so that such appellate authorities/courts are duly appraised of the clarifications issued by CBDT on various contentious issues pending before them

The final instalment of Advance tax for Financial Year 2013-14 is required to be paid on or before 15th March, 2014 by the tax payers who are liable to pay advance tax. These taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law. The banks are open for half day on 15th March, 2014, being a Saturday. Accordingly, to facilitate payment of this instalment of Advance tax for the Financial Year 2013-14, the Central Board of Direct taxes (CBDT) has issued an order to extend the time limit to make such payments of Advance Tax, from 15th March, 2014 to 18th March, 2014. Taxpayers, therefore, can now pay their advance tax instalment by 18th March, 2014 without entailing any consequential interest for deferment

Change In Constitution Of Bombay High Court’s Tax Bench w.e.f. 18.03.2014

The CBDT has issued Instruction No. 02/2014 dated 26.02.2014 in which it has referred to the judgements of the Supreme Court in Transmission Corp of A. P. 299 ITR 587 and GE India Technology Pvt. Ltd 327 ITR 456 on the issue of deduction of tax at source u/s 195 while making payments to non-residents. The CBDT has directed AOs u/s 119 that in a case where the assessee fails to deduct TDS u/s 195, the AO cannot treat the whole sum remitted to the non-resident as being chargeable to tax but he has to determine the appropriate proportion of the sum chargeable to tax as mentioned in s. 195(1) for treating the assessee as being in default u/s 201

The CBDT has issued Circular No. 07/2014 dated 04.03.2014 by which it has exercised powers u/s 119 and extended, ex-post facto, the due date of filing of the TDS/TCS statement to 31.03.2014 for a Government deductor

The CBDT Chairperson, Dr. Sudha Sharma, has, on the occasion of her retirement, pointed out that her endeavour always has been to foster highest standards of ethics and morality and to guard against tendencies which could bring a bad name to the Department. She stated that upholding ethical values and human dignity have remained her guiding principles

Vide Notification No. 03 of 2014 dated 28.02.2014 the CBDT has stated that 90 Joint Commissioners of Income-tax have been placed in the Selection Grade (Non-Functional) in the PB-4 Rs. 37,400-67,000 + Grade Pay of Rs. 8,700 from the date indicated against each name

The Auditing and Assurance Standards Board of the ICAI has on 28.02.2014 released a Guidance Note on Audit of Banks, 2014 Edition

Change In Constitution Of Bombay High Court’s Tax Bench w.e.f. 03.03.2014