In furtherance of Instruction No. 01/2018 dated 12th of February, 2018 issued by the CBDT regarding the conduct of electronic assessment proceedings, the CBDT has now notified the Centralized Communication Scheme 2018. The Centralized Communication Scheme 2018 contains provisions for the electronic issuance of notices to taxpayers and prescribes the format in which the information and documents have to be furnished. The notices to taxpayers will be issued by the centralized communication centre under Section 133C of the Income-tax Act, 1961 through email or by placing a copy in the registered account on the portal, followed by an intimation by short messaging service (SMS)
The CBDT has vide Order No. 30 of 2018 dated 19.02.2018 ordered the postings and transfers of officers in the grade of Commissioner of Income-tax with immediate effect and until further orders
The CBDT has issued Instruction No. 01/2018 dated 12th of February, 2018 by which it has issued important instructions with regard to the conduct of assessment proceedings in scrutiny cases electronically
The CBDT issued a press release a few days ago alleging that it has busted a tax refund scam master-minded by a Chartered Accountant. This has has not gone down well with The Institute of Chartered Accountants of India (ICAI)
Hon’ble Piyush Goyal, the Minister of Railways and Coal, has sent the clarion call to all CAs that if they decide to “practice honestly”, then the problem of corruption in the country will be resolved. However, some CAs have taken exception to the allegation that some practice dishonestly
The CBDT has issued an important directive dated 6th of February, 2018 relating to the determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act read with Rule 11UA(2) of Income-tax Rules
The Finance Bill 2018 has reintroduced the taxation of Long-term capital gains (LTCG) on stocks. The CBDT has issued a detailed FAQ dated 4th February 2018 in which it has addressed numerous questions relating to the method for calculation of long-term capital gains, the cost of acquisition, the fair market value, availability of inflation index, TDS obligations etc. The CBDT has also clarified the law applicable to capital gains earned by Foreign Institutional Investors (FIIs)
In an article titled “Grandfather clause in LTCG: Why it may be time to call up your tax lawyer”, it was pointed out that the grandfathering of past returns promised by Finance Minister Arun Jaitley in his budget speech is missing from the fine print of the bill in the context of foreign investors. The drafting error created an uproar amongst taxpayers at the shoddy drafting of the Finance Bill 2018.