Vide Order No. 104 of 2012 dated 5.6.2012, the CBDT has transferred/ posted several officers in the grade of Additional/ Joint/ Deputy/ Assistant Commissioners of Income-tax with immediate effect

The result is that Notification No. No.15/2012-Service Tax dated 17.3.2012 shall come into effect on 1.7.2012

The Inland Revenue Authority of Singapore has released a “Consultation Paper” seeking views on the proposed change to the law on taxing software rights. It is pointed out that currently, all payments for the use of software are classified as royalty for tax purposes. Royalty made to non-resident persons are deemed to be sourced in Singapore and the payer has to withhold tax on such payments made to non-residents

Hon’ble Finance Minister Pranab Mukherjee addressed the top brass of the CBEC yesterday (4.6.2012) in which he warned that in the drive to collect more revenue, the assessees should not be “unduly burdened“. He cautioned the department to ensure that their actions did not hinder the smooth conduct of any bona fide activity of an honest and law-abiding tax payer and did not, in any way, add to his legitimate compliance cost. He emphasized that the department had to strive to build a transparent and hassle-free tax regime where the assessee voluntarily complies with the statutory requirements and dreads any breach of regulatory provisions and procedures

The CBDT has issued Notification No. 10 of 2012 dated 31.5.2012 stating that the President has appointed several IRS (IT) officers in the grade of Assistant Commissioner of Income-tax in the pay scale of Rs. 15,600 to Rs. 39,100 with effect from the dates stated against their names

The Finance Minister had stated that a letter would be issued by the CBDT regarding reopening of completed assessments on accounts of the retrospective amendments in the Finance Act 2012. That letter is set out below:

On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases shall not be reopened. Now CBDT has issued a circular in this regard, the Finance Minister has stated

The CBDT has issued a circular dated 28.05.2012 stating that it has launched an internship programme in the Foreign Tax & Tax Research Division. The objective is to enable the department to critically analyze various aspects of International Taxation, Transfer Pricing, Advance Pricing Agreements etc on the basis of refreshing ideas from the filed of academics. A stipend is payable. The terms and conditions are stated in the Circular

The Finance Act 2012 as approved by the President on 28.05.2012 is available for download