It is well known that Assessing Officers spare no effort in their zeal to collect taxes from hapless taxpayers. They can stoop to any extent and level all sorts of allegations without any regard to the stature of the taxpayer or his track record of paying taxes. Sachin Tendulkar, the illustrious sporting champion, is the latest to fall victim to the exuberance of the AO to make additions for the flimsiest of reasons
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CBDT Appoints ITOs To Post Of Assistant Commissioners Of Income-Tax
The CBDT has vide order No. 137 of 2018 dated 23rd August 2018 appointed several Income Tax Officers to the grade of Assistant Commissioner of Income-tax in the pay matrix of Rs. 56,100 – 1,77,500 for a period of one year with immediate effect or until further orders
CBDT Circular Clarifies Law On Immunity U/s 270AA From Levy Of Penalty
The CBDT has issued Circular No. 5/2018 dated 16th August 2018 by which it has issued an important clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961
CAs Get Access To Top-Notch Tax Portals At Rock-Bottom Prices
ICAI, the governing body of Chartered Accountants, has used its immense negotiating power to secure access to CAs to top-notch tax portals at heavy discounts
CBDT Dilutes Applicability Of Low Tax Effect Circular
The CBDT has issued a directive dated 20th August 2018 by which it has carved out several exceptions to its Circular No. 3 of 2018 dated 11th July 2018 relating to the withdrawal/ non-filing of appeal by the Department in low-tax effect appeals. The CBDT has specified several instances where appeals have to be filed and prosecuted despite their low-tax effect
Bombay High Court’s Tax Bench Constitution w.e.f 20.08.2018
The Tax Bench of the Hon’ble Bombay High Court with effect from 20th August 2018 is as follows
CBDT Directive Reg Acceptance Of Paper Returns For AYs Prior To AY 2018-19
The Additional Director General (Systems) has issued an important directive dated 14th August 2018 with regard to the acceptance of paper returns by ASK Centers for AYs prior to AY 2018-19
CBDT Circular Explains Law On Computation Of S. 10A Deduction
The CBDT has issued Circular No. 4/2018 dated 14th August 2018 in which the law relating to computation of admissible deduction u/s 10A of the Income-tax Act, 1961 has been explained in the light of the judgement of the Supreme Court in CIT vs. HCL Technologies Ltd (2018) 404 ITR 719
Tax Bar Thanks Retiring ITAT Member For Exemplary Service To Cause Of Justice
The Tax Bar has paid rich tribute to an Accountant Member of the Income Tax Appellate Tribunal who retired on 9th August 2018
Tax Bar Mourns Untimely Demise Of Eminent Jurist Palkhivala & Pays Homage
The Tax Bar has mourned the untimely demise of eminent jurist Palkhivala. Leading tax lawyers have recollected his stellar contribution to the development of law and furthering the cause of justice
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