The CBDT has issued a press release dated 19th June 2017 in which it has explained the implications of the Supreme Court’s verdict in Binoy Visam vs. UOI dealing with the constitutional validity of section 139AA of the Income-tax Act which makes the linkage of Aadhaar Card with the PAN. The CBDT has inter alia taken the view that from July 1, 2017 onwards, every person eligible to obtain Aadhaar must quote their Aadhaar number or their Aadhaar Enrolment ID number for filing of Income Tax Returns as well as for applications for PAN
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Month: June 2017
CBDT Transfer And Posting Orders Of Assistant And Deputy CsIT
The CBDT has vide order No. 98 of 2017 dated 09.06.2017 ordered the posting and transfer of several officers in the grade of Assistant and Deputy Commissioners of Income-tax with immediate effect and until further orders
CBDT Amends Safe Harbor Rules On Transfer Pricing For International Transactions
The CBDT has issued Notification No. 46/2017/ F. No. 370142/6/2017-TPL dated 07.06.2017 by which it has amended the Safe Harbour Rules specified in the Income-tax Rules relating to transfer pricing for international transactions. The “safe harbours” stipulate circumstances in which the Transfer Pricing Officer (TPO) will accept the transfer price declared by the assessee. The Notification has added a category of international transaction being receipts of “low value-adding intra-group services”. The prevalent safe harbour margins have also been revised. The new Rules will go a long way to avoid disputes between the income-tax department and the assessees. All taxpayers and tax professionals are required to be well-versed with the terms of the safe harbour rules
New ITAT Members To Get Marginal Salary Hike But Limited 3 Year Term For Members, VPs And President
The Ministry of Finance has issued a notification dated 1st June 2017 titled the “Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2017” by which various conditions relating to the appointment of Tribunal Members (including the ITAT) have been specified
CBDT Transfer Orders Of Pr. Chief CsIT, Addl/ Joint CsIT And Asst/ Deputy CsIT
The CBDT has issued the following transfer orders:
(i) Vide order No. 87 of 2017 dated 31.05.2017, several officers in the grade of Assistant and Deputy Commissioners of Income-tax have been transferred with immediate effect and until further orders;
(ii) Vide order No. 88 of 2017 dated 31.05.2017, several officers in the grade of Principal Chief Commissioners/ Principal Directors/ Chief Commissioners/ Director Generals of Income-tax have been transferred with immediate effect and until further orders;
(iii) Vide order No. 89 of 2017 dated 31.05.2017, several officers in the grade of Additional and Joint Commissioners of Income-tax have been transferred with immediate effect and until further orders;
CBDT Notification Reg Filing Of TDS Forms 15G-15H U/s 197A Of Income-Tax Act
The CBDT has issued Notification dated 30th May 2017 with regard to the obligation of the recipients/ payees to furnish to the payer a self-declaration in Form No.15G/15H under section 197A of the Income-tax Act, 1961 read with Rule 29C
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