Category: All Information

Vide Order No. 9/FT&TR/2012 dated 07.09.2012, the CBDT has directed a change in the Constitution of the Dispute Resolution Panel in Delhi, Mumbai, Ahmedabad, Pune, Kolkota, Bangalore, Hyderabad and Chennai with effect from 24.08.2012

Vide letter dated 3.09.2012 addressed to Chief Commissioners and Director Generals of Income-tax, the CBDT has stated that the issue of demand management continues to remain an area of grave concern and that in most of the cases demand uploaded is incorrect and incomplete. It is stated that such demands have been uploaded by AOs without due diligence and verification and that adjustment of such demands against refunds is leading to public grievances. The CBDT has directed that it is imperative to correct the demand data base and quickly rectify cases, where wrong adjustments have taken place and that all arrears demand grievances should be resolved within 30 days

The Directorate of Income-tax has informed vide letter dated 27.08.2012 that the Finance Minister has approved utilization of 1% incremental revenue earned during F.Y. 2009-10 amounting to Rs, 80.63 crore. The amount has to be utilized for enhancing organizational efficiency, infrastructure and wherewithal. The Officers have been requested to forward their suggestions for utilization of the funds by 15th September, 2012. It has been clarified that the funds will be used for schemes that result in enhancing organizational efficiency, infrastructure and wherewithal of Income Tax Department and not for welfare schemes of employees

Vide Order No. 177 of 2012 dated 04.09.2012, the CBDT has ordered the transfers and postings of several officers in the grade of Commissioner/ Director of Income-tax with immediate effect

Vide Order No. 176 of 2012 dated 04.09.2012, the CBDT has promoted several officers in the grade of Commissioner/ Director of Income-tax to the grade of Chief Commissioner of Income-tax (CCIT) in the pay scale of Rs. 67,000 to 79,000 with immediate effect. By the same order, postings and transfers have also been ordered

The Government had constituted an Expert Committee on General Anti Avoidance Rules (GAAR) to undertake stakeholder consultations and finalise the GAAR guidelines as well as a roadmap for implementation. The Committee, chaired by Dr. Parthasarathi Shome, has submitted its draft report after analysis of the GAAR provisions and noting the concerns
expressed by various shareholders. The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the Income-tax Rules, 1962; circular to clarify GAAR provisions along with illustrations; and other measures to improve tax administration specifically oriented towards GAAR matters

The Report of the Expert Committee on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961 has been released today (1st September 2012)

Hon’ble Shri. H. L. Karwa has been appointed President of the Tribunal in place of Hon’ble Shri. G. E. Veerabhadrappa, who was the officiating President

The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing Agreement (APA). The APA Scheme shall come into effect from the date of its publication in the Official Gazette, i.e. from 30.08.2012

Vide Notification No. 36 of 2012 dated 30.08.2012, the CBDT has inserted Rules 10F to 10T to introduce the “Advance Pricing Agreement Scheme”.