Vide Office Order dated 02.07.2012, the Director General of Income-tax has ordered the transfers and postings of several officers in the cadre of Assistant/ Deputy Directors of Income-tax under various directorates of International Taxation & Transfer

The two successive notifications issued – one providing for “reverse charge” and the other granting an “exemption” – has created confusion amongst the legal fraternity and their clientele. To resolve the confusion, CA Rajkamal Shah, a well known expert in the field, has provided the following clarification

CBDT has issued notification S.O. 626(E), dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for

The Government of India has issued a detailed letter dated 28.06.2012 by which a scheme for removal of “dead wood” amongst government servants has been formulated. The letter points out that a few members of the All-India Services do become mere passengers in their post. They become either stale or listless; they do not exhibit any creativity or innovativeness; and they do not achieve results. This results in the operation of the “Peter Principle” (every man rises to the level of his incompetence from where he can go no higher) and one must guard against this says the letter. The scheme provides for the compulsory retirement of such employees so the cost on the exchequer is saved

The Standing Committee on Finance in the Lok Sabha has delivered a comprehensive report on the Companies Bill 2011. The report was presented to the Hon’ble Speaker of the Lok Sabha on 26.06.2012

Vide letter dated 28.06.2012, the Director General of Income-tax has issued draft guidelines in respect of the General Anti-Avoidance Rules (GAAR). GAAR is scheduled to become applicable w.e.f. 1.4.2013. The guidelines contain illustrations to explain how the GAAR provisions will apply together the draft of the forms required to be filled in

Vide Office Order dated 27.06.2012, the Director General of Income-tax (International Taxation) has transferred and posted several officers in the cadre of Additional & Joint Directors of International Taxation and Transfer Pricing with immediate effect

Vide Order No. 131 dated 26.06.2012 the CBDT has transferred and posted several officers in the grade of Additional/ Joint Commissioners of Income-tax with immediate effect

The Ministry of Finance has issued a Notification No. 25/2012 dated 20.6.2012 exempting services provided by an individual as an advocate or a partnership firm of advocates by way of legal services to, (i) an advocate or partnership firm of advocates providing legal services; (ii) any person other than a business entity; or (iii) a business entity with a turnover up to rupees ten lakh in the preceding financial year