The OECD 2008 Update to the Model Tax Convention incorporating India’s position , as approved by the Committee on Fiscal Affairs at its meeting of 24-25 June 2008 and the OECD Council on 17 July 2008 can be downloaded

In exercise of the powers conferred by sub-section (3) of section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where an agreement entered into by the Central Government with the Government of any country outside India for granting relief of tax or as the case may be, avoidance of double taxation, provides that any income of a resident of India “may be taxed” in the other country, such income shall be included in his total income chargeable to tax in India in accordance with the provisions of the Income-tax Act, 1961 (43 of 1961), and relief shall be granted in accordance with the method for elimination or avoidance of double taxation provided in such agreement.

Lawyers, like other professionals, are now free to advertise their services on the Internet as the Bar Council of India today informed the Supreme Court that it has relaxed its rules on the issue in view of the changing global scenario.

On Wednesday night, a packet containing Rs 15 lakh in cash was delivered to a Punjab and Haryana High Court judge. The person who sent the cash was the Haryana Additional Advocate General Sandeep Bansal.

It has been decided that all CCsIT (CCA) should redeploy officers and staff to clear the backlog in high pendency charges keeping in view the overall work load including pendency of scrutiny cases. Concerned CCsIT may take recourse to outsourcing of data entry as per standing instructions of the Board / Directorate of Systems on the subject. For this purpose, necessary funds would be placed at the disposal of the CCIT (CCA) for outsourcing of data entry. CCsIT(CCA) should send proposals to the Directorate of Income-tax (Systems) for outsourcing of data entry.

The Bombay edition of The Times dated 15th May, 2008 carried a news item concerning a bribe allegedly offered to a member of the Income-tax Appellate Tribunal based in Kolkata by an advocate. Several outstation newspapers and magazines (though not Bombay based publications) have reported subsequent developments.

An inquiry conducted by chairman VAT Tribunal Punjab Justice M.M. Aggarwal (retired) into the conduct of two fellow members of the tribunal in a specific case has found both officials guilty of reversing their own orders with the presumption that the same has been done for “extraneous considerations”.

The work of formulating down accounting standards for the companies operating in India was initiated when the Institute of Chartered Accountants of India (ICAI), a statutory body regulating the accounting profession in the country, first took up this task in 1977. However, the accounting standards prepared and issued by the ICAI were mandatory only for its members, who, while discharging their audit function, were required to examine whether the said standards of accounting were complied with. With the amendment of the Companies Act, 1956 through the Companies (Amendment) Act, 1999, accounting standards as well as the manner in which they were to be prescribed, were provided a statutory backing.