Category: All Information

The CBDT has issued a directive dated 18.02.2016 by which it has directed Assessing Officers to conduct immediate verification of outstanding demands where intimation u/s 245 has been issued by CPC and taxpayers have disputed the demands

The CBDT has issued Office memorandum dated 29.02.2016 by which it has revised Instruction No. 1914 dated 21.03.1996 and issued fresh guidelines for stay of demand at the first appeal stage

The CBDT has issued Circular Nos. 04/2016 and 05/2016, both dated 29.02.2016. In Circular No. 04/2016, the CBDT has explained the law relating to Tax Deduction at Source on payments by broadcasters or television channels to production houses for production of ciontent or programme for telecasting. In Circular No. 05, the CBDT has explained the law relating to Tax Deduction at Source on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements

The Finance Bill 2016, as introduced in the Lok Sabha today, 29.02.2016, is available for download together with the Memorandum explaining the Bill and the speech of the Hon’ble Finance Minister.

The CBDT has issued a letter dated 15.02.2015 in which it has pointed out that taxpayers are facing problems due to mismatch of TDS/other taxes. These problems may be due to the non-reporting of TDS and uploading the TDS details improperly by their deductors. As a result, demand notices are being sent to the taxpayers due to non-availability of the tax credits for claim. The CBDT has drawn attention to Circular No. 8/2015 in which AOs were directed to give credit for taxes paid on the basis of evidence furnished by the taxpayer. The CBDT has directed that the SOP as per the said Circular should be strictly followed and immediate steps should be taken to reduce the grievances of the taxpayers

The CBDT has issued Circular No 03/2016 dated 26.02.2016 to clarify the law relating to the taxability of share Buy-back transactions under income-tax Act, 1961. The CBDT has made it clear that the consideration received on buyback of shares between the period 01.04.2000 till 31.05.2013 would be taxed as capital gains in the hands of the recipient in accordance with section 46A of the Act and no such amount shall be treated as dividend in view of provisions of section 2(22)(iv)

Hon’ble Shri Justice Dhirendra Hiralal Waghela was sworn in to the office of Chief Justice of the Bombay High Court on 15th February 2016. The learned judge was earlier the Chief Justice of the Orissa High Court and before that he was the Chief Justice of the Karnataka High Court. According to biographical information contained in the website of the Orissa High Court, Chief Justice Wahgela was a “precocious child”. His teachers encouraged him twice to jump two standards in one academic year and that is how he cleared his eleventh standard matriculation at the age of 14 years. The learned Judge completed his LLB even before he completed the age of 21 years with the result that he had to wait a few months to be enrolled with the Bar

The controversy relating to the taxability of the capital gains arising to Hutchison Whampoa out of the $11 billion acquisition by Vodafone has returned to haunt Vodafone. It may be recalled that the Supreme Court decided the issue in favour of Vodafone (341 ITR 1). However, a controversial retrospective amendment to section 9 of the Income-tax Act, 1961 sought to torpedo the judgement of the Supreme Court. Thereafter, the new Government led by Prime Minister Narendra Modi and Finance Minister Arun Jaitley declared that they are opposed to the concept of retrospective legislation and vowed to resolve the controversy. The amount owed by Vodafone on the basis of the retrospective legislation is Rs. 14,200 crore

The CBDT has issued Circular No. 1/ 2016 dated 15.02.2016 in which it has clarified the meaning of the term “initial assessment year” in section 80-IA(5) of the Income-tax Act, 1961

The CBDT has issued Instruction No. 01/2016 dated 15.02.2016 in which it has directed Assessing Officers to strictly follow the time limit of six months prescribed under section 154(8) of the Income-tax Act, 1961 to pass rectification orders. The CBDT has also directed the supervisory officers to monitor the adherence to the prescribed time limit and initiate suitable administrative action where failure to adhere to the prescribed time limit is noticed