Vide Order No. 171 of 2015 dated 16.09.2015 of the CBDT, several officers in the grade of Additional Commissioner/ Additional Director of Income Tax have been promoted to the grade of Commissioner of Income Tax (CIT) in the Pay Band-4 – Rs. 37,400-67,000 + Grade Pay of Rs. 10,000/- with immediate effect and actually from the date of assumption of charge of the post until further orders.
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CBDT Directive Reg Re-fixation Of Monetary Limits For Monitoring Of Dossier Cases
The CBDT has issued Instruction No. 10/2015 dated 16.09.2015 stating that in view of the very large number of Dossier cases (about 1,55,000) requiring periodic reporting and review by various Income Tax Authorities and the fact that the monetary threshold for classification of a case of outstanding demand as a Dossier case has not been revised in last about 30 years, it has been decided to raise the primary threshold for Dossier cases from Rs. 10 lakh to Rs.30 lakh and re-adjust intermediate thresholds for focused monitoring and rationalization of workload
Bar Council Extends Date For Verification Of Advocates To 31.12.2015
According to a report in livelaw.in, the Bar Council of India has resolved to extend the date for filing of application for verification throughout the country under the ‘Certificate and Place of Practice (Verification) Rules, 2015’ to 31st December, 2015. The notification says that the Council took note of the letter dated July 21, 2015 received from the Secretary, Bar Council of Maharashtra that the process of verification is not likely to be completed by 30th September 2015.
Finance Ministry Directive: No Extension Of Due Date For Filing ROI Due On 30.09.2015
The Ministry of Finance has issued a press release dated 09.09.2015 stating that there will be no extension of the date for filing of returns due by 30th September for Assessment Year 2015-16. The Ministry has advised taxpayers to file their returns well in time to avoid last minute rush
The Bombay Tax Bar Is The Best Tax Bar In The Country: Hon’ble Chief Justice Mohit S. Shah
Hon’ble Shri. Mohit S. Shah, Chief Justice of the Bombay High Court, retired from judicial office on 9th September 2015. To mark the occasion and to felicitate the learned Judge, a function was organized by the Bombay Tax Bar. The function was graced by several sitting and retired judges of the Bombay High Court and also by distinguished members of the Bar.
The learned Chief Justice candidly revealed that he is fascinated by the nuances and intricacies of income-tax law and that he joined the LL.M course with the specific purpose of conducting a formal study of Nani Palkhivala’s treatise “The Law & Practice of Income-tax Law”. The learned judge also revealed that he was in awe of Nani Palkhivala’s mastery at making complex issues sound simple and that he never missed an opportunity to attend Nani Palkhivala’s speeches on the Budget Speech and that he would listen spellbound to the late Jurist.
Details Of Fees Charged By Eminent Senior Advocates
Livemint has revealed interesting details about the fees charged by eminent senior advocates like Fali Nariman, Harish Salve, P. Chidambaram, A. M. Singhvi and others for a single appearance in the High Courts and the Supreme Court
What Ails The ITAT? Eminent Experts Explain And Suggest Solutions
Taxindiaonline.com conducted a programe to examine the problems being faced by the Income Tax Appellate Tribunal (“ITAT”). The programme was attended by Mr R. P. Garg, Former Senior V-P, ITAT, Mr G. C. Srivastava, Advocate and former DG (International Taxation) and Mr Ajay Wadhwa, President, ITAT Bar Association, Delhi. The discussions were moderated by TIOL’s Founder Editor, Shailendra Kumar. The experts have explained the reasons for the problems being faced by the ITAT also also given practical solutions on how to resolve the said problems
CBDT Guidelines For Compounding Of Offences In Cases Of Persons Holding Undisclosed Foreign Bank Accounts/Assets
The CBDT has issued a letter dated 4th September 2015 setting out the guidelines for compounding of offences under the Income-tax Act, 1961 and the Wealth-tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts and assets
CBDT’s Clarifications (FAQs) On Tax Compliance for Undisclosed Foreign Income and Assets (Black Money Act)
The CBDT has issued Circular No. 15 of 2015 dated 3rd September 2015 stating that The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has introduced a tax compliance provision under Chapter VI of the Act. The Black Money (Undisclosed Foreign Income an d Assets) and Imposition of Tax Rules, 2015 (hereinafter referred to as ‘ the Rules’) have been notified. In this regard, circular No. 13 of 2015 dated 6th July, 2015 issued by the Board provided clarifications to 32 queries. Subsequently, further queries have been received from the public about the tax compliance provisions under Chapter VI of the Act. The Board has considered the same and issued clarifications
CBDT Clarification Reg Extension Of Due Date Of Filing Return Of Wealth For AY 2015-16
In view of CBDT order F.No.225/154/2015/ITA-11 tinted 2.9.2015 issued under section 119 of the Income-tax Act, extending the due date for e-filing returns of income from 31″ August, 2015 to 7th September, 2015 in respect of all taxpayers who were required to e-file their returns of income by 31″ August, 2015, the ‘due date’ for filing return of wealth by such assessees for assessment year 2015.16 also stands extended from 31″ August 201510 7th September 2015
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