The ITAT Bar Association has filed a detailed representation before the Select Committee set up to address grievances against the DTC Bill 2010. Apart from several other important issues, the Representation points out that unless the tax administration is made accountable, transparent, efficient, unbiased and pragmatic in its approach and functioning, no amount of reform in mere tax laws will have any meaningful effect
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Book Release: “151 Frequently Asked Questions On Survey”
Book Release: “151 Frequently Asked Questions On Survey”
Instruction No. 03/2010 dated 23-3-2010: Tax Implications Of Forward Foreign Exchange Contracts
Foreign Exchange derivative transactions entered into by the corporate sector in India have witnessed a substantial growth in recent years. This combined with extreme volatility in the foreign exchange market in the last financial year is reported to have resulted in substantial losses to an assessee on account of trading in forex-derivatives. A large number of assesses are said to be reporting such losses on ‘marked to market’ basis either suo motu or in compliance of the Accounting Standard or advisory circular issued by the Institute of Chartered Accountants. The issue whether such losses on account of forex-derivatives can be allowed against the taxable income of an assessee has been considered by the Board. In this connection, I am directed to say that the Assessing Officers may follow the guidelines given below
Filing SLPs: Dept Takes Stern View & Pins Responsibility on CIT To Avoid Delay
Pursuant to the public criticism of the Finance Minister at the mindless litigation undertaken by the department causing loss of crores of rupees to the nation (see Fret Not, Mr. FM, About Appeal-Filing Mania & Grasim superseded .. but whither accountability?), the CBEC issued a Circular to streamline the processing of departmental litigation before the Courts and Tribunal. The Directorate General of Income Tax (Legal & Research) has now issued a directive to regulate the filing of Special Leave Petition (SLPs) before the Supreme Court
Transfers of Commissioners / Directors of Income-tax (Sept 2010)
The following Order No. 123 of 2010 dated 21st September 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of Income-tax & Director of Income-tax
Transfers of Chief Commissioners of Income-tax (Sept 2010)
The following Order No. 109 of 2010 dated 3rd September 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Chief Commissioner of income-tax & Director General of Income-tax.
Transfers of Commissioners of Income-tax (July 2010)
The following Order No. 81 of 2010 dated 9th July 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of income-tax
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