A Task Force has been constituted to review the Income-tax Act, 1961 & to draft a new Direct Tax Law in consonance with the economic needs of the country. The Income-tax department has invited suggestions and feedback from stakeholders in the format provided on the departmental website. In response, Dr. Shivaram, Senior Advocate, has offered several valuable suggestions.
itatonline.org
Only the latest & most important updates on taxation
Category: Others
E-Assessment: CBDT Directive Reg Format Of S. 142(1) Notice
The CBDT has issued a directive dated 19th March 2018 by which it has revised the format in which notices under section 142(1) should be issued to assesseess. The CBDT has stated that the concept of electronic assessment proceeding was introduced last year and its scope was gradually enlarged. The e-assessment proceeding is now facilitated through e-filing portal. The CBDT Instruction No. 01/2018, dated 12-02-2018 has mandated that except for search related assessments and exceptional circumstance mentioned therein all other pending scrutiny assessment cases shall be conducted only through the ‘E-Proceedings’ functionality in ITBA/E-filing
CBDT Talks Tough! Warns CsIT(A) And CCsIT Against Back-Dating Orders, Malafide Intent And Corruption
The CBDT has finally taken formal notice of the alleged malpractices being indulged in by Commissioners of Income-tax (Appeals) with the active/passive connivance of the Chief Commissioners.
The CBDT has issued a stern directive dated 8th March 2018 stating that the defiance by the CsIT(A) of the Manual of Office Procedure relating to the passing of appellate orders “gives rise to suspicions about backdating of orders and/ or malafide intent” on the part of the concerned officer
CBDT Appoints ITOs To Post Of Assistant Commissioners Of Income-tax
The CBDT has issued Order Nos 33 and 34 of 2018, both dated 28.02.2018, whereby several Income-tax Officers have been appointed to the grade of Assistant Commissioners of Income-tax for the vacancy year 2015-16 from 22.07.2017 to 21.07.2018
E-Assessment: CBDT Notifies Centralised Communication Scheme, 2018
In furtherance of Instruction No. 01/2018 dated 12th of February, 2018 issued by the CBDT regarding the conduct of electronic assessment proceedings, the CBDT has now notified the Centralized Communication Scheme 2018. The Centralized Communication Scheme 2018 contains provisions for the electronic issuance of notices to taxpayers and prescribes the format in which the information and documents have to be furnished. The notices to taxpayers will be issued by the centralized communication centre under Section 133C of the Income-tax Act, 1961 through email or by placing a copy in the registered account on the portal, followed by an intimation by short messaging service (SMS)
CBDT Order Of Postings & Transfers Of Commissioners Of Income-Tax
The CBDT has vide Order No. 30 of 2018 dated 19.02.2018 ordered the postings and transfers of officers in the grade of Commissioner of Income-tax with immediate effect and until further orders
CBDT Instruction Reg Conduct Of E-Assessment Proceedings
The CBDT has issued Instruction No. 01/2018 dated 12th of February, 2018 by which it has issued important instructions with regard to the conduct of assessment proceedings in scrutiny cases electronically
ICAI Fumes At CBDT For Maligning CAs In Tax Refund Scam
The CBDT issued a press release a few days ago alleging that it has busted a tax refund scam master-minded by a Chartered Accountant. This has has not gone down well with The Institute of Chartered Accountants of India (ICAI)
If CAs Practice Honestly, Problem Of Corruption Will Be Solved: Minister Piyush Goyal
Hon’ble Piyush Goyal, the Minister of Railways and Coal, has sent the clarion call to all CAs that if they decide to “practice honestly”, then the problem of corruption in the country will be resolved. However, some CAs have taken exception to the allegation that some practice dishonestly
CBDT Directive Reg Determination Of FMV Of ‘Start Up’ Companies’ Shares U/s 56(2)(viib) And Rule 11UA(2)
The CBDT has issued an important directive dated 6th of February, 2018 relating to the determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act read with Rule 11UA(2) of Income-tax Rules
Recent Comments