The crackdown against corrupt officials of the income-tax department is continuing unabated. In the latest move, an Assessing Officer has been sentenced to imprisonment for 10 years for demanding and accepting a bribe of Rs. 5 lakh from a taxpayer
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CBDT Clarifies Imp Law On Cash Transaction Limits Imposed By Sections 269ST And 271DA
The CBDT has issued a press release dated 5th April 2017 by which it has provided important clarification regarding the restriction imposed on cash transaction by sections 269ST & 271DA inserted by the Finance Act 2017 to the Income-tax Act. These sections provide that no person (other than those specified therein) shall receive an amount of two lakh rupees or more (a) in aggregate from a person in a day; (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. The CBDT has clarified that the said cash transaction limit of Rs 2 lakh will not apply to withdrawal from banks, cooperative bank and post offices
Download Finance Act 2017
The Finance Act 2017 received the assent of the President on the 31st March, 2017. A copy is available for download. There are several important and radical amendments made by the Finance Act 2017 to the Income-tax Act 1961 and other statutes
CBDT Orders Of Promotion Of Chief Commissioners And Appointment Of Assistant Commissioners Of Income-Tax
The CBDT has vide Order No. 46 of 2017 dated 31.03.2017 promoted several officers to the grade of Chief Commissioner of Income-tax [HAG + scale of pay (Rs. 75,500 – 80,000) (pre-revised) w.e.f. the date of assumption of charge of the post.
The CBDT has vide Order No. 45 of 2017 dated 31.03.2017 appointed several officers as Assistant Commissioners of Income-tax in the pay scale of Rs. 15,600 – 39,100 on completion of training at National Academy of Direct Taxes (NADT).
CBDT Appoints IRS Officers As ACsIT And Promotes ACsIT To DCsIT
The CBDT has issued two notifications, both dated 29th March 2017, relating to the appointment of Assistant Commissioners of Income-tax and the promotion of Assistant Commissioners to the grade of Deputy Commissioners of Income-tax
CBDT Stipulates Guidelines For Waiver Of Interest Charged U/s 201(1A)(i) Of The Income-tax Act, 1961 For TDS Default
The CBDT has issued Circular No. 11/2017 dated 24.03.2017 which encompasses an Order u/s 119(2)(a) of the Income-tax Act, 1961. By the said Circular, the CBDT has stipulated guidelines for waiver of interest charged under section 201(1A)(i)of the Income-tax Act, 1961 for failure / default in deducting TDS under Chapter XVIIB of the Act. The CBDT has specified the class of cases in which the reduction or waiver of interest u/s 201(1A)(i) can be considered
CBDT Launches Manhunt To Locate ‘Absconding’ IRS Officers
The CBDT has made the surprising announcement that a number of high-level IRS and Group A service officers are presently “absconding” or are on “unauthorized leave”. A high-level committee has been formed to locate these officers. However, why any IRS officer in his right mind would want to abscond and forego the immense privileges and perquisites that he enjoys at the cost of the exchequer will require to be separately probed
CBDT Circular Clarifies Important Aspects Of ICDS (FAQs)
The CBDT has issued Circular No. 10 of 2017 dated 23.03.2017 by which it has provided important clarifications on the Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income-tax Act, 1961. The clarifications are in the form of FAQs. There are 25 FAQs dealing with all the important aspects of the ICDS. The Circular is a must read for all taxpayers and professionals
CBDT Order Of Posting And Transfers Of Commissioners Of Income-Tax
The CBDT has vide Order No. 41 of 2017 dated 21.03.2017 ordered the postings and transfers of officers in the grade of Commissioner of Income-tax with immediate effect and until further orders
Download Finance Bill 2017 As Passed By The Lok Sabha
The Finance Bill 2017, as passed by the Lok Sabha today, is available for download. There are several important and landmark amendments proposed in the said Bill.
The Finance Bill has 40 amendments. The amendments to the Finance Bill include a provision to cap legal cash transactions at Rs 2 lakh from 1st April. The bill had originally proposed the cap at Rs 3 lakh. Arun Jaitley, the Hon’ble Finance Minister, said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding.
Besides, amendments to the Companies Act, the Employees Provident Fund Act, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act were passed.
One of the important amendments is making Aadhaar number mandatory for filing of Income Tax returns to curb tax evasion and frauds.
The Bill was passed by the House by voice vote. Unfortunately, there as a walkout by the members of the Congress and the BJD.
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