The CBDT has issued Circular No.28/2017 dated 7th of November 2017 in which it has provided important clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
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CBDT Circular Clarifies Law On Cash Sale Of Agricultural Produce By Cultivators/Agriculturists
The CBDT has issued Circular No. 27/2017 dated 3rd November 2017 in which it has provided clear-cut clarification to queries relating to the applicability of income-tax provision (such as s. 40A(3), s. 269T and Rule 114B) to cash sale of agricultural produce by cultivators/agriculturists to traders
CBDT Order Of Promotion Of Addl CsIT To Commissioners Of Income-tax
The CBDT has vide Order No. 189 of 2017 dated 31.10.2017 promoted several officers in the grade of Additional Commissioner of Income-tax to the grade of Commissioner of Income-tax (level 14 in the pay matrix of Rs. 144,200 – 2,18,200)
CBDT Circular Of Clarification Related To Guidelines For Establishing ‘Place Of Effective Management’ (PoEM) In India
The CBDT has issued Circular No 25 of 2017 dated 23rd October 2017 by which it has provided clarification related to guidelines for establishing ‘Place of Effective Management’ (PoEM) in India. The CBDT has in particular addressed concerns that as per the extant guidelines, PoEM may be triggered in cases of certain multinational companies with regional headquarter structure merely on the ground that certain employees having multi-country responsibility or oversight over the operations in other countries of the region are working from India, and consequently, their income from operations outside India may be taxed in India
CBDT Promotes Commissioners To Principal Commissioners Of Income-tax
The CBDT has vide Order No. 181 of 2017 dated 24th October 2017 promoted several officers in the grade of Commissioner of Income-tax to the grade of Principal Commissioner of Income-tax (level 15 in the pay matrix of Rs. 1,82,200 to 2,24,100) against the panel year 2016-17 w.e.f. the date of assumption of charge of the post and until further orders
Bold Move Of ITAT Ahd Towards “Paperless Court” Impresses Tax Professionals
The Ahmedabad Bench of the ITAT has issued an office order dated 17th October 2017 in which it has listed out several steps that are required to be taken by litigants and the registry so as to lead to a “paperless court”. Tax professionals have welcomed the initiative and urged other Benches across the Country to implement it
CBDT Issues Draft Notification Reg Re-Registration U/s 12A By Charitable Trusts After Amendment Of Objects
Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A of the Income-tax Act, 1961 (‘the Act’) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted registration under sections 12A or 12AA of the Act has subsequently adopted or undertaken modification of the objects and such modification does not conform to the conditions of such registration, then such trust or institution shall be required to obtain registration again by making an application within a period of thirty days from the date of such adoption or modification of the objects. The CBDT has issued a draft notification to amend Rule 17A and Form 10A and has invited comments from stakeholders and the general public
ITAT Judicial Member Appointed For Fixed Term Of Three Years After High Court’s Directive
Ms. Madhumita Roy had earlier been found ineligible by the ACC for appointment as a Member of the ITAT on the ground that she did not submit the income tax return for the year 2010-2011. The same was confirmed by the CAT. However, the Calcutta High Court held that this finding was erroneous. It directed the ACC to consider Ms. Madhumita Roy’s candidature afresh for appointment to the post of Judicial Member under unreserved category
CBDT Explains Imp Law On Scope Of Adjustments U/s 143(1)(a) To Returned Income
The CBDT has issued Instruction No. 9/2017 dated 11th October, 2017 in which it has explained the scope of clause (vi) of sub-section (a) of section 143(1) of the Income-tax Act, 1961 (`Act’) as introduced vide Finance Act, 2016, w.e.f. 01.04.2017. The said provision prescribes that while processing the return of income the total income or loss shall be computed after making adjustment of addition of income appearing in Form 26AS or Form 16A or Form 16 (the three Forms) which has not been included in computing the total income in the return
CBDT Directs CIT(A)’s To Dispose All High Tax Effect Cases By 31.12.2017
The CBDT has issued a directive dated 12th October 2017 by which it has referred to the Central Action Plan for FY 2017-18 and directed that all pending appeals having tax effect of more than Rs. 50 crore have to be disposed of by the CsIT(A) by 31st December 2017
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