The ‘Unregulated Deposit Schemes Ordinance, 2019’ bans altogether unregulated deposit taking schemes. It provides for punishment and disgorgement / repayment of deposits in cases where such schemes manage to raise deposits illegally. The Ordinance has very wide implications and requires to be studied carefully by all professionals.
The Directorate of Income-tax (System) has issued a directive dated 20.02.2019 on the subject of processing of Return of AY 2017-18 and issue of notice for prima facie adjustment under 143(1)(a). It is pointed out that with effect from AY 2017-18 amendments have been done in the Act with regard to processing of cases under 143(1). Provision of section 143(1D) has been amended, as per which all the returns are required to be processed. Section 241A allowing withholding of refund determined under 143(1) in cases where notice u/s 143(2) is issued is also introduced
The CBDT has issued a directive dated 14th February 2019 in which it has stated that all assessment orders which are marked as “quality orders” should be duly represented before the CIT(A) by the department and properly defended with verbal and written submissions. The CBDT has stipulated a clear-cut SOP on the subject
The CBDT has vide Office Order Nos. 26 and 27 of 2019, both dated 14th February 2019, stated that the President has extended the ad-hoc appointment of several IRS officers to the grade of Joint Commissioner of Income-tax
An IRS Officer, who attained notoriety for being “habitually corrupt“, has been found guilty and sentenced to 7-years of rigorous imprisonment. His 90-year old mother, who was his accomplice in the crime, has also been found guilty. His property has also been confiscated
The CBDT has issued a Notification dated 30th January, 2019 by which it has formulated a scheme called the Centralised Verification Scheme, 2019. The scheme provides for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer in the context of E-Assessment
The CBDT has been criticized over alleged ‘tax terrorism’ of two award-winning start-ups named ‘Travel Khana’ and ‘Baby Go Go’. It is alleged that the AOs attached the bank account and withdrew funds, leaving the start-ups high and dry. It is claimed that nearly 2500 start-ups are in similar dire state over tax demands. The CBDT has issued a press release to clear the air and has claimed that all procedures were diligently followed by the AO and the start-ups are to blame for non-compliance