The Central Board of Direct Taxes (CBDT) has issued guidance notes dated 31.08.2015 on implementation of reporting requirements for the US law called “Foreign Account Tax Compliance Act” (FATCA). Under FATCA, foreign financial institutions that fail to give information about their American clients to US authorities would face 30 per cent withholding tax. FATCA provides for 30 per cent withholding tax on US source payments made to foreign financial institutions (FIs) unless they enter into agreement with Internal Revenue Service (IRS) to provide information about accounts held with them by USA persons or entities controlled by USA persons
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Book Release (30% Discount) – Commentary + FAQ + Case Studies On Black Money Law By Eminent Legal Luminaries
The Chamber of Tax Consultants (CTC) has released a publication titled “The Black Money – Answers to 295 FAQs, Case Studies by Senior & Eminent Professionals”. The contributors to the publication are eminent legal experts such as Sr. Adv Ram Jethmalani, CA Yogesh Thar, Adv K. C. Singhal (Ex VP, ITAT), Adv R. P. Garg (Ex VP, ITAT), CA Nihar Jambusaria, CA Rashmin Sanghavi etc. The experts have meticulously analyzed the provisions of the law and explained all of its nuances and intricacies in an easy-to-understand format. A steep discount of 30% is being offered for all orders placed till 10.09.2015. Limited copies of the publication are available.
Supreme Court Stays Bar Council’s Directive On Advocates’ Verification
A Writ Petition No. 17361 of 2015 was filed by A. P. Ranganathan in the Karnataka High Court to challenge the Certificate and place of Practice (Verification) Rules, 2015. (copy of Writ Petition is available here). The High Court passed an order dated 24.04.2015 grating interim relief as prayed for “only in so far as the petitioner is concerned“. A similar Writ Petition in the case of MOHANAN L Vs. BAR COUNCIL OF INDIA (Writ Petition Civil 17467 of 2015) was filed in the Kerala High Court. The Kerala High Court’s interim order is not available. The Bar Council of India moved a Transfer Petition Nos. 1233-1243 of 2015 in the Supreme Court. In the said Transfer Petition, the Supreme Court has passed the following order dated 26.08.2015
Imp Directive Of Bar Council For Practicing Advocates To Verify Themselves Before 15.09.2015 Or Face Suspension
Bar Council of India has framed the “Bar Council of India Certificate and Place of Practice (Verification) Rules 2015”. A copy of the rules is available with the Bar Association. The necessary forms for the application for verification are also available. The members are requested to comply with the said Rules and to make the necessary applications after getting the same certified from the Bar Association. The last date for compliance is 15th September, 2015.
CBDT Notification On Computation Of Period Of Stay In India U/s 6(1)
The CBDT has issued a Notification dated 17.08.2015 in which it has laid down rules on the computation of period of stay in India in certain cases. The rules come into effect with retrospective effect from 01.04.2015
CBDT Directive Reg Representation Before Authority For Advance Rulings
The CBDT has issued a directive dated 14.08.2014 in which it has expressed concern that officers of the level of DCIT/ACIT are being nominated for representing cases before the Authority of Advance Rulings and that such officers are not able to effectively represent the Departmental view on complex issues
CBDT Circular Of Clarifications On Grant Of Approval And Claim Of Exemption u/s 10(23C)(vi)
The CBDT has issued Circular No. 14/2015 dated 17.08.2015 in which it has provided important clarification on various issues related to grant of approval and claim of exemption u/s 10(23C)(vi) of the Income-tax Act, 1961
Bombay High Court’s Tax Bench Constitution w.e.f 19.08.2015
HIGH COURT, ORIGINAL SIDE, BOMBAY SITTING LIST W.E.F. 19th AUGUST 2015
Eminent Senior Tax Advocate Appointed To Top SEBI Post
We are pleased to report that an eminent senior tax advocate, who was also the President of the ITAT Bar Association, has been appointed Member of SEBI
Tax Arrears Locked Up In High Court Litigation Is Rs. 37,684 Crore
According to a press release issued by the Ministry of Finance, the number of cases relating to Direct Taxes pending in various High Courts and the amount involved therein is as below
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