Month: August 2016

The CBDT has issued Circular No. 30/2016 dated 26th August 2016 by which it has streamlined the process of issue of No Objection Certificate (NOC), voyage return and voyage assessment in the case of foreign shipping companies

The Constitution of the Bombay High Court’s Tax Bench w.e.f 22.08.2016 is as follows

Vide order dated 19.08.2016 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, in public interest, with effect from 29th August 2016

The CBDT has issued an order no. 149 of 2016 dated 22nd August 2016 stating that the President has promoted several officers of Indian Revenue Service to officiate on regular basis in the grade of Joint Commissioner of Income-tax in the pay band of Rs. 15,600 – 39,100 + (7600 Grade Pay) (per-revised) with immediate effect

In his Independence Day speech, the Hon’ble Prime Minister spoke of all sundry issues concerning the development of the Country. However, he maintained a deafening silence on the woes plaguing the judiciary. This did not go down well with Chief Justice Thakur. He publicly criticized the Government and expressed the view that he is disappointed at the fact that the Government is not showing any seriousness towards resolving the problem

Ajay Devgn, the celebrated actor, who has delivered block-buster movies like Singham, Dilwale, Shivaay etc is the latest to fall victim of the heightened scrutiny of the Income-tax department. In keeping with his character as a non-nonsense person, Ajay Devgn is not taking the allegation of the Income-tax department lying down. Instead, he has launched an offensive and termed the assessment as “unfair” and “high pitched

The CBDT has issued a Notification dated 17th August 2016 by which Rule 3(1)(d) of the Income Declaration Scheme Rules 2016 have been amended to provide that where the acquisition of immovable property by the declarant is evidenced by a deed registered with any authority of a State Government, the fair market value of such property shall, at the option of the declarant, may be taken on the stamp duty value as increased by the same proportion as Cost Inflation Index for the year 2016-17 bears to the Cost Inflation Index for the year in which the property was registered

The Income Declaration Scheme, 2016 came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the CBDT has issued three sets of FAQs vide Circular Nos. 17, 24, 25 & 27 of 2016. In order to address further queries received from the public relating to the Scheme, the CBDT has issued Circular No. 29 of 2016 dated 18th August 2016

The CBDT Chief has noted that as on date there are 3738 CPGRAMS grievances pending out of which 1073 grievances are overdue i.e. pending beyond the prescribed period of 60 days for disposal. They include 4 grievances which are overdue beyond 1 year, 137 grievances overdue beyond 6 months, 390 grievances which are overdue for a period between three to six months and 542 grievances pending over 2 months to 3 months

The CBDT has vide Orders Nos. 145 and 146 of 2016 dated 18th August 2016 ordered the transfers and postings of several officers in the grade of Assistant and Deputy Commissioners of Income-tax