The CBDT has issued a press release dated 31st July 2017 on the issue of extension of the due date for filing the return of income and the linking of PAN with Aadhaar
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Month: July 2017
Taxpayers Fume As CBDT Makes Mockery Of ‘Digital India’ Dreams With Faulty Website On Due Date Of Filing ROI
The CBDT had to again face the embarrassment of having to extend the due date for filing returns of income because its website crashed. The question is that if this is the sorry state of affairs with regard to an important statutory requirement, what can one expect from so-called Digital India?
New ITAT Bench At Surat Formed By Transfer From Kolkata Bench
Vide Order dated 24th July 2017, the Hon’ble President of the ITAT has directed that a Bench in Kolkata be transferred to Surat. The jurisdiction of the Surat Bench will be the Districts of Bharuch, Narmada, Navsari etc.
The Hon’ble President has taken the aforesaid decision pursuant to the representations made by the Tax Bar that there is growing pendency of matters in Surat and that the professionals and taxpayers find it difficult to travel to Ahmedabad for the hearing of their appeals
CBDT Circular Of Clarifications (FAQs) On Computation of S. 115JB Book Profit For Ind AS
The CBDT has issued Circular No. 24/2017 dated 25th July 2017 in which it has provided clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies
NDTV Casts Aspersions On ITAT For Order On Rs. 642 Cr Scam
NDTV has attacked the Income-tax department and ITAT for the order holding that the former was guilt of perpetrating a scam which evaded tax on Rs. 642 crore. NDTV has claimed that the ITAT’s order is “unprecedented” and that it is an attack on the “freedom of the press” and is not in “national interest”. It is also claimed that the labeling of foreign investments as “bogus” by the income-tax department will deter foreign investors
Tagged with: NDTV ITAT Order
CBDT Circular Reg TDS Deduction On GST Component On Services
The CBDT has issued Circular No. 23 of 2017 dated 19th July 2017 in which it has clarified that wherever in terms of the agreement or contract between the payer and the payee, the component of ‘GST on services’ comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid or payable without including such ‘GST on services’
CBDT, Irked At Non-Compliance By Dept With Audit Objections Procedure, Sets Out SOP To Handle Objections & Directs Strict Compliance
The CBDT has issued Instruction No. 07 /2017 dated 21st July 2017 in which it has lamented that in spite of a comprehensive instruction with well-defined role & responsibilities of various authorities, the pendency of outstanding objections has not abated. Further, indiscriminate remedial measures result in frivolous litigations causing undue hardship to tax payers. The CBDT has reviewed entire workflow to handle receipt audit observations with twin objectives of quick conclusion of remedial action in cases of accepted audit objections & to avoid remedial action as precautionary measure where observations are not acceptable. The CBDT has made it clear that it expects strict compliance by all concerned
CBDT Sets Out Procedure For ‘Naming & Shaming’ Tax Defaulters
The CBDT has issued a directive dated 21st July 2017 in which it has called for the names of defaulters as on 31st March 2017 where the undisputed demand exceeds Rs. 1 crore. The names of these defaulters will be made public as per the CBDT’s policy of ‘name and shame’. The CBDT has directed that notice for publication of the name must be given to the assessee
CBDT Modifies Definition Of “Tax Effect” In Low Tax Effect Circular No. 21/2015
The CBDT has issued a letter dated 14th July 2017 in which it has noted that in certain cases appellate authorities are dismissing appeals without going into the merits of the case by relying on the definition of ‘tax effect’ as defined in Circular No. 21/2015, which prescribes the monetary limit for filing appeals before various appellate authorities. In certain situations where income is computed under the provisions of section 115JB or section 115JC for the purposes of determination of ‘tax effect’, and the additions made under provisions other than sections 115JB or section 115JC do not impact book profit, the appellate authorities are not considering the said additions for the purpose of ‘tax effect’ as defined in para 4 Circular No. 21/2015. The CBDT has examined the matter and directed the insertion of para 4.1 after the para 4 of the Circular No. 21/2015
GST On Legal Services – Clarification By Finance Ministry
The Finance Ministry has issued important clarification by way of a press release dated 15th July 2017 regarding the controversy whether legal services are subject to GST or not
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