The CBDT has issued Circular No. 10/2015 dated 10.02.2015 to provide important clarifications on several controversial issues relating to the Rollback Provisions of Advance Pricing Agreement Scheme which were introduced in 2012 through insertion of sections 92CC and 92CD in the Income-tax Act, 1961 by the Finance Act, 2012

The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due-date’ for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of income tax assessees concerned

The CBDT has issued Circular No. 11/2015 to point out that assessees who had paid wealth-tax on agricultural land as per the provisions of the Act as they existed prior to Finance Act 2013 are entitled to a refund in view of the amendment brought by the Finance Act 2013 w.r.e.f. 1.4.1993. However, as the time-limit for filing revised return or application for rectification for the purpose of claiming refund has expired in several cases, the CBDT has authorized Principal Commissioners/Commissioners of Wealth-tax to admit application for revision under section 25 of the Act from assessees seeking refund arising due to the aforesaid amendment, after the expiry of the period specified under the said section and to deal with it on merits as per law.

The CBDT has issued a letter dated 1st June 2015 stating that grievances have been received by the Board from many taxpayers that in their cases the deductor has deducted tax at source from payments made to them in accordance with the provisions of Chapter XVII of the Income-tax Act but has failed to deposit the same into the Government. The CBDT has pointed out that under section 205 of the Act, the assessee shall not be called upon to pay the tax to the extent that tax has been deducted from the income. It has emphasized that the Act puts a bar on direct demand against the assessee in such cases and the demand on account of tax credit mismatch cannot be enforced coercively. The CBDT has asked all assessing officers not to put the assessees to any inconvenience on account of the default of tax info into the Government account by the deductor

The CBDT has issued Circular No. 9/2015 dated 9th June 2015 to deal with the issue of condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Income-tax Act. The said Circular contains containing comprehensive guidelines on the conditions for condonation and the procedure to be followed tor deciding such matters

Eminent Jurist Ram Jethmalani has launched a blistering no-holds-barred attack to challenge the appointment of K. V. Chowdary, the former CBDT Chairman, as the new Central Vigilance Commissioner (“CVC”)

The CBDT has issued a press release stating that the news in the media that the CBDT has told its officers to go beyond raids and searches to target tax evaders is not correct. It has been clarified that effective …

CBDT Clarification Regarding Prosecution of Tax Evaders With Stringent Action Read More »

The CBDT has addressed a letter dated 5th June 2015 expressing concern that the rectification applications u/s 154 filed by the taxpayers before the field officers are not being dealt with promptly. It is pointed out that the Citizen’s Charter of the Department requires that applications for rectification are to be disposed of within two months from the end of the month in which application is received. The CBDT has directed that all rectification applications that were received up to 31″ March 2015 should be disposed of on or before 20th June 2015. It I stated that the Income-tax Department is committed to prompt redressal of taxpayer grievances and all the officers of the Department are expected to take lead in fulfilling this commitment.