Since Cyprus has not been providing the information requested by the Indian tax authorities under the exchange of information provisions of the agreement, it has been decided to notify Cyprus as a notified jurisdictional area under section 94A of the Income-tax Act, 1961 through Notification No. 86/2013 dated 1st November, 2013 published in Official Gazette through SO 4625 GI/13

Yogesh Thar and Anjali Agarwal, the authors of “Domestic Transfer Pricing – Law, Practice and Procedure”, have a wealth of experience backing them. In their busy practice at Bansi. S. Mehta & Co they have handled matters of huge conglomerates and must have encountered virtually every conceivable problem. In addition, both have a flair for writing and giving lectures. They know how to focus on the topic and grab the readers’ interest

The CBDT has issued an Order dated 24.10.2013 under section 119 of the Act in continuation of the order dated 26.09.2013 directing that in cases where the ‘due date’ of furnishing reports of audit and corresponding income-tax returns was 30th September 2013 and where the same are furnished electronically on or before 31st October 2013, such reports of audit and returns of income shall be deemed to have been furnished within the ‘due date’ prescribed under section 139(1) of the Income-tax Act, 1961

The Directorate of Income-tax (Systems) has issued a letter dated 22.10.2013 stating that pursuant to the decision of the full Board the process has been initiated to issue refunds without adjustment of demand as an interim measure in certain cases. The AOs have been requested to carry out necessary verification following the procedure prescribed in s. 245 of the Act

The Directorate of Income-tax (Systems) has issued a letter dated 22.10.2013 stating that about 1.46 lakh returns have been submitted for AY 2013-14 where the self-assessment tax was unpaid. It is stated that these returns are deemed defective under the law. The AOs have been requested to issue notices to the concerned assessees and follow-up to ensure that the unpaid self-assessment tax is deposited at the earliest

The CBDT has issued Notification No. 7 of 2013 dated 21.10.2013 appointing several Assistant Commissioners of Income-tax as Deputy Commissioners of Income-tax in the pay scale of Rs. 15,600 – 39,000 (Plus Grade Pay of Rs. 6,600 in Pay Band-3 with effect from the notified date

International Tax Review, the prestigious publication on global transfer pricing and international taxation issues has released a publication in which it has identified the best CA firms in India specializing in transfer pricing matters. What is heartwarming is that while the top roost is occupied by the Big 4 CA firms, a number of local CA firms have been recognized for their top-quality transfer pricing work.

The CBDT has issued Order No. 186 of 2013 dated 01.10.2013 stating that the President has appointed 164 officers of the India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income-tax purely on Ad-hoc basis in the pay scale of Rs. 15,600-39,100 + 7,600/- with immediate effect and until further orders

The Brazilian Institute of Tax Law at the University of Sao Paulo, Brazil, arranged an event on 30th September 2013 which was attended by luminaries in the World of international taxation. The luminaries, who are also Judges in their respective Countries, made incisive presentations on controversial topics and provided authoritative answers to several issues

The CBDT has issued an order dated 30.09.2013 u/s 119 of the Act stating that in view of the reports of dislocation of general life caused due to recent heavy rains and floods in the State of Gujarat, the ‘due-date’ for filing Returns of Income in the cases of Income-tax assessees in the State of Gujarat who are liable to file their Income tax returns by 30th September, 2013 is extended to 14th October, 2013.