Month: May 2017

The CBDT has issued Circular No. 18/2017 dated 29.05.2017 in which it has dealt with the important issue regarding the requirement of Tax Deduction at Source in case of entities whose income is exempted from section 10 of the Income Tax Act, 1961

The CBDT has issued a press release dated 26th May 2017 by which it has provided important clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response u/s section 285BA of the Income-tax Act, 1961 read with Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017

The CBDT has issued Order No. 86 of 2017 dated 26.05.2017 by which it has promoted several officers in the grade of Chief Commissioner Of Income-tax to the post of Principal Chief Commissioner Of Income-tax in the pay scale of Rs. 80,000 with immediate effect and until further orders

The CBDT has issued an Office Memorandum dated 25th May 2017 by which it has constituted a committee of high-ranking officials to study the nature and extent of arrears of direct taxes and to suggest measures for expeditious recovery of the outstanding dues. The terms of reference of the Committee are clearly spelt out. The Committee is required to submit its report by 15th July 2017

Hon’ble Shri P. K. Bansal, the Vice-President of the ITAT, has issued an important directive dated 12th May 2017 with regard to the fixation of stay applications for hearing.

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The CBDT has issued Order No. 80 of 2017 dated 18.05.2017 by which it has directed the postings and transfers of several officers in the grade of Assistant And Deputy Commissioners Of Income-tax with immediate effect and until further orders

The ITAT has issued a notice dated 11th May 2017 stating that it intends to make important changes to the Tribunal Rules. The proposed amendments deal with important aspects such as the grant of adjournments, hearings of stay petitions, rectification applications, pronouncements of orders etc.

The proposed changes will have an impact on all tax professionals and tax payers. It is vital that the proposed changes be studied minutely and suggestions offered to the committee that has been set up to approve the changes.

The CBDT has released “Draft Income Computation and Disclosure Standards on Real Estate Transactions” prepared by the Committee constituted by the Finance Minister. The draft ICDS is based on the Guidance Note issued on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). For the purposes of providing uniformity and certainty and harmonising the same with provisions of the Act, the committee suggested certain changes in draft ICDS. The CBDT has requested stakeholders to offer comments on the draft ICDS

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The first step towards ushering in digital and paperless courts has been taken by way of the inauguration of the Supreme Court’s Paperless, Digital Management System. The new system, aimed at serving as a digital repository for case-related information, can be accessed at The system is the first step to ending the age-old practice of filing voluminous case records. The Supreme Court will collect all records electronically from lower courts and high Courts. This will dispense with the requirement to file printed copies in the Supreme Court.

Yet another senior IRS officer has fallen into the clutches of the CBI. He demanded a bribe of Rs. 15 crore and was caught red-handed accepting the first installment of Rs. 1.25 crore