The CBDT has issued a directive dated 27 November, 2018 by which it has outlined the measures to be taken by the Department to avoid refund frauds and leakage of confidential data in accordance with the guidelines of the Central Vigilance Commission. All Pr. Commissioners of Income Tax, Pr. Directors of Income Tax (Inv) and Commissioners of Income Tax (Appeals) have been advised to ensure strict compliance of the guidelines and implement the same in letter and spirit
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CBDT Explains Procedure To Deal With Foreign Rulings Under BEPS Action 5
The CBDT has issued Instruction No. 6/2018 dated 22nd November 2018 by which it has explained in detail the procedure for dealing with Rulings received from other jurisdictions under BEPS Action 5. An explanation has been provided regarding the following taxpayer-specific rulings, being (i) rulings relating to preferential regimes; (ii) unilateral APAs or other cross-border unilateral rulings in respect of transfer pricing; (iii) cross-border rulings providing for a downward adjustment of taxable profits; (iv) permanent establishment PE. rulings; (v) related party conduit rulings and (vi) Miscellaneous rulings which may be included at a later date as decided by the Forum on Harmful Tax Practices
CBDT Directive Reg Exchange Of Information In Time Barring Assessment Cases
The CBDT has issued an important directive dated 22nd November 2018 to the Pr CCsIT and DGsIT regarding requests for exchange of information from field offices of time barring assessment cases
CBDT Directive Reg Taxability Of Services Charges Charged By Hotels
The CBDT has issued an important directive dated 19th November 2018 0n the issue of treatment of service charge taken from customers by the hotels/restaurants under the Income-tax Act, 1961
Two Judges Appointed To The Bombay High Court, Constitution Of Tax Bench Changed
Pursuant to the recommendations of the Supreme Court Collegium, Mr. Justice A.A.Kureshi, Judge, Gujarat High Court, and Mr. Justice Indrajit Mahanty, Judge, Orissa High Court, have been transferred to the Bombay High Court. Pursuant to the said transfer, the Tax Bench of the Bombay High Court with effect from 19th November 2018 has been reconstituted
CBDT Directive Reg Additional Charge To Pr CCsIT And CCsIT
The CBDT has issued an office order no. 193 of 2018 dated 15th November 2018 by which it has ordered officers in the grade of Pr. CCIT and CCIT to hold the charge(s) indicated against their names, in addition to their substantive charge/ additional charge(s), if any, being held by them, with immediate effect and until further orders
Report Of Full Court Welcome Reference To Hon’ble Justice Mr. P. P. Bhatt, President, ITAT
First time in the history of the ITAT, a full court welcome reference of Hon’ble Justice Mr. P. P. Bhatt, taking over as President, ITAT, on 24th October, 2018, at 10:30 AM, was held in Court Room No.1 in the presence of the members of the profession and the Department Representatives
Change In Constitution Of Bombay High Court’s Tax Bench w.e.f. 19.11.2018
The Constitution of the Tax Bench in the Bombay High Court w.e.f. 19.11.2018 is as follows
Download The Companies Amendment Ordinance 2018
The Companies Amendment (Ordinance), 2018 was promulgated on 2nd November 2018. It makes important amendments to the Companies Act 2013 with the twin objectives of promotion of Ease of Doing Business along with better corporate compliance
CBDT Chairman Issues Directive Reg Disposal Of Non-Time-Barring Assessments
Hon’ble Sushil Chandra, the Chairman of the CBDT, has addressed a letter dated 29th October, 2018 in which a mid-year review of achievements in major KRAs specified in Central Action Plan, 2018-19 has been undertaken with reference to the progress in the major Key Result Areas of Budget Collection, scrutiny disposal, cash collection out of arrear and current demand and disposal by CIT(A)
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