Further to the letter dated 22.10.2013 regarding the processing of 1.46 lakh defective returns submitted for AY 2013-14 where the self-assessment tax is unpaid, the Directorate of Income-tax (Systems) has issued a letter dated 13.11.2013 setting out a detailed Standard Operating Procedure (SOP) for handling such E-filed Returns where self assessment tax is not paid

Vide Order No. 211 of 2013 dated 12.11.2013, the CBDT has stated that the President has promoted 185 officers of Indian Revenue Service from the grade of Deputy Commissioner of Income Tax to officiate on regular basis in the grade of Joint Commissioner of Income Tax in the Pay Band 3 — Rs. 15,600 — 39,100 + 7,600 (Grade Pay) with immediate effect

The CBDT has issued Instruction No. 16/ 2013 dated 31.10.2013 in which it has noted that despite a comprehensive procedure prescribed earlier for action at different stages of Revenue Audit objections, settlement track record is unsatisfactory and remedial action is delayed. It is also pointed out that there is a need to provide that Internal Audit should normally precede Revenue Audit. The CBDT has, therefore, decided to fine tune the procedure and strengthen the role of supervisory authorities so that quick and effective remedial action can be taken to prevent loss of revenue

The CBDT has issued Order No. 5/FT&TR/2013 dated 04.11.2013 specifying the jurisdiction of the Dispute Resolution Panel at Delhi and Mumbai and the cases or classes of cases that they are assigned. The CBDT has also issued Order No. 6/FT&TR/2013 dated 04.11.2013 specifying the reserve members of the DRP at Delhi and Mumbai

Since Cyprus has not been providing the information requested by the Indian tax authorities under the exchange of information provisions of the agreement, it has been decided to notify Cyprus as a notified jurisdictional area under section 94A of the Income-tax Act, 1961 through Notification No. 86/2013 dated 1st November, 2013 published in Official Gazette through SO 4625 GI/13

Yogesh Thar and Anjali Agarwal, the authors of “Domestic Transfer Pricing – Law, Practice and Procedure”, have a wealth of experience backing them. In their busy practice at Bansi. S. Mehta & Co they have handled matters of huge conglomerates and must have encountered virtually every conceivable problem. In addition, both have a flair for writing and giving lectures. They know how to focus on the topic and grab the readers’ interest

The CBDT has issued an Order dated 24.10.2013 under section 119 of the Act in continuation of the order dated 26.09.2013 directing that in cases where the ‘due date’ of furnishing reports of audit and corresponding income-tax returns was 30th September 2013 and where the same are furnished electronically on or before 31st October 2013, such reports of audit and returns of income shall be deemed to have been furnished within the ‘due date’ prescribed under section 139(1) of the Income-tax Act, 1961