We regret to announce that Hon’ble Shri. Vivek Varma, Judicial Member of the ITAT, passed away on 12th May 2015 after a prolonged illness. Shri. Verma was known for his calm and courteous demeanor. His 23 years experience at the Bar made him very understanding towards those who appeared before him. Though he joined this institution only 3 years ago, he has left a mark. He was one of the finest members of the Institution. His untimely demise is a colossal loss to the institution. He rendered several land mark judgments.
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CBDT Chief Sends Clarion Call To Dept Top Brass For Widening Taxpayer Base
Hon’ble Ms. Anita Kapur, Chairperson of the CBDT, has addressed a letter dated 8th May 2015 to the Principal Chief Commissioners, Director Generals etc pointing out that the number of existing income tax payers is low compared to the potential and that the gap between the potential and the actual tax payers appears to be wider in the case of tier-II cities and towns. Ms Kapur has stated that considering the priorities of the Government and the need to widen the tax base, a concerted and focused effort in mission mode is required. She has called upon the department to strive for adding at least 25 lakhs new assesses per month during the current financial year
Important CBDT Directive On Applicability Of MAT To Foreign Cos And FIIs
The CBDT has issued a letter dated 11th May 2015 on the issue of “Imposition of Minimum Alternate Tax (MAT) on foreign companies particularly FIIs“. The CBDT has stated that in the light of the constitution of the Justice A. …
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Three Members Of Bombay Tax Bar Selected For Post Of Hon’ble ITAT Member
We are pleased to report that four members of the Tax Bar of Mumbai have been selected for appointment to the prestigious post of Hon’ble Members of the Income Tax Appellate Tribunal. While the members of the Bombay Tax Bar have always been forthcoming in answering the call of duty to the nation by joining judicial service, this is the first time that so many members have been selected together.
CBDT Order On Transfers & Postings Of Pr. CCIT, CCIT And DGIT
Vide Order No. 60 of 2015 dated 08.05.2015 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
Important Amendments To The Finance Bill 2015 Passed By The Lok Sabha
Taxmann has made available the amendments made to the Finance Bill 2015 as passed by the Lok Sabha on 30th April 2015. Taxmann has also summarized all the important changes made in the Finance Bill 2015
CBDT Instruction On Claim Of DTAA Benefits By FIIs
It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in securities claim such income as exempt from tax under the Income-tax Act, 1961(‘the Act’) by availing benefit provided in the Double Taxation Avoidance Agreements (‘DTAAs’) signed between India and their respective countries of residence
Transfers And Posting Orders Of Asst. CsIT and Deputy CsIT By CDBT
Transfers And Posting Orders Of Assistant Commissioners of Income-tax and Deputy Commissioners of Income-tax By CDBT
Circular On Taxation Of Capital Gains On Redemption Of Mutual Fund FMP Units
The CBDT has issued a Circular bearing No. 6 of 2015 and dated 9th April 2015 explaining the implication of capital gains in respect of units of Mutual Funds under the Fixed Maturity Plans on extension of their term
CBDT Circular On Chargeability Of Interest On Self-Assessment Tax
The CBDT has issued Circular No. 05 of 2015 dated 9th April 2015 explaining the chargeability of interest under section 17B of the Wealth-tax Act, 1957 on self-assessment tax paid before the due date of filing of return of net welath
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