At the 31st Annual Conference of Principal Chief Commissioners etc, Hon’ble Shri Arun Jaitley, Union Finance Minister, sent the clear-cut message to the senior officers of the Income-tax Department that they have to be prompt in redressing the grievances of the tax payers and not harass honest tax payers. He emphasized that this is the “policy” of the Government. He added that while black money hoarders have to be “squeezed”, even that has to be done in a “free and transparent” manner

The CBDT has issued a press release dated 21.05.2015 stating that the Finance (No. 2) Act, 2014 had amended the provision of Income-tax Act relating to transfer pricing regime. The purpose of amendment of section 92C (2) of the Act …

CBDT’s Draft Outline Of New Transfer Pricing Regime For Computation of Arm’s Length Price Read More »

The CBDT has issued Circular No. 07 dated 23.04.2015 stating that the CBDT has decided that since corporations covered under Section 10(26888) satisfy the two conditions of Circular No. 4/2002 i.e. unconditional exemption of income under Section 10 and no statutory liability to file return of income under Section 139, any corporation whose income is exempted under Section 10(26BBB) of the Act will also be entitled to the benefit of the said Circular. Hence there would be no requirement for tax deduction at source from the payments made to such corporations since their income is anyway exempted under the Act

The CBDT has issued Circular No. 8 of 2015 dated 14.05.2015 setting out the detailed procedure that has to be followed by taxpayers in response to an arrear demand from the AO. The Ministry of Finance has also issued a press release stating that the said Circular is because the Income Tax Department has taken note of grievances of taxpayers arising on account of outstanding tax demand which may be inaccurate due to non-reporting or delayed reporting of TDS by deductors leading to mismatch between the claim and data available with the Department, non-posting of challans, non-disposal of rectification applications, incorrect details of income or pre-paid taxes reported by taxpayer etc. It is emphasized that the Income Tax Department is committed to early and satisfactory resolution of taxpayers’ grievances. It is also stated that about 95% of entries of Demand involve demand up to Rs. 1 lakh and about 90% of such assessees are Individuals and HUFs. It is expected that majority of the grievances of small taxpayers can be redressed by following the procedure prescribed in the circular

The Ministry of Finance has issued a press release stating that a High Level Committee (HLC) Headed by Justice A.P. Shah on Direct Tax Matters has been constituted. The Committee consists of leading tax experts. The Committee is required to examine the matter relating to levy of MAT on FIIs for the period prior to 01.04.2015 among others. The Committee has been requested to give its recommendations on the above issue expeditiously

The Draft Gold Monetization Scheme, released by the government yesterday, is available for download

Vide Order No. 67 of 2015 dated 19.05.2015 the CBDT has ordered the transfers and postings of several officers in the grade of Principal Chief Commissioner of Income-tax, Chief Commissioner of Income-tax and Director General of Income-tax with immediate effect and until further orders

The Ministry of Finance has vide Office Memorandum dated 18.05.2015 invited applications for appointment to the post of “Income Tax Ombudsman”. The vacancy of “Income Tax Ombudsman” at Kochi will fall vacant in June 2015. The post of “Income Tax Ombudsman” carries a pay scale of Rs.75500-80000. Interested candidates are requested to forward their application by 22.06.2015 indicating their preferred location

The Finance Act 2015, as approved by the Hon’ble President on 14th May 2015 and as published in the Official Gazette is available for download Click here to download Finance Act 2015