Month: November 2017

The decision of the Government to set up a high-level task force to draft a New Direct Tax Legislation has been welcomed by tax professionals and taxpayers. It is appreciated that experienced professionals with an in-depth and practical understanding of Direct Taxes have been inducted into the task force. Their contribution towards the drafting of the new legislation will be invaluable

Vide order dated 16th November 2017 passed by the Hon’ble President pursuant to the consultations with the 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 1st December 2017

The CBDT has vide Order Nos. 200 and 201 of 2017 dated 16.11.2017 ordered the postings and transfers of several officers in the grade of Assistant, Deputy, Additional and Joint Commissioner of Income-tax with immediate effect and until further orders

Hon’ble Sushil Chandra, the Chairman, CBDT & Special Secretary to the Government of India, has addressed an irate letter dated 14th November, 2017 to all Pr. Chief Commissioners and Director Generals in which he has expressed grave dissatisfaction at the failure of the department to redress public grievances (CPGRAMs) in a timely & proper manner

The CBDT has issued Order No. 196 of 2017 dated 13th November 2017 by which it has stated that the President has appointed several Income Tax Officers To the grade of Assistant Commissioner f Income-tax (ACIT) on ad hoc basis in the pay matrix of Rs. 56,100-1,77,500 with immediate effect and for a period of one year

The CBDT has issued Circular No.28/2017 dated 7th of November 2017 in which it has provided important clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961

The CBDT has issued Circular No. 27/2017 dated 3rd November 2017 in which it has provided clear-cut clarification to queries relating to the applicability of income-tax provision (such as s. 40A(3), s. 269T and Rule 114B) to cash sale of agricultural produce by cultivators/agriculturists to traders

The CBDT has vide Order No. 189 of 2017 dated 31.10.2017 promoted several officers in the grade of Additional Commissioner of Income-tax to the grade of Commissioner of Income-tax (level 14 in the pay matrix of Rs. 144,200 – 2,18,200)