With a view to addressing the numerous problems being faced by taxpayers due to faulty processing of TDS claims, the CBDT has formulated the “Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013”. The Scheme provides for the manner in which TDS correction statements will be filed, their processing, rectification of mistakes etc. In particular, it is provided that an adjustment of refunds against outstanding tax demand can be done u/s 245 of the Act only after issuing prior intimation to the taxpayer. An appeal can also be filed against the actions of the CPC

The CBDT has issued a comprehensive Circular No. 01/2013 dated 17.01.2013 in which it has provided clarifications on various issues relating to the export of computer software and the allowance of deduction under sections 10A, 10AA and 10B of the Income-tax Act, 1961. The Clarifications seek to address and resolve the several disputes that have arisen between the software industry and the income-tax department

The Ministry of Finance has issued the following Press Release dated 14.01.2013 setting out the statement of the Hon’ble Finance Minister on GAAR

The Expert Committee has submitted its Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961. The Report is very comprehensive and apart from giving an in-depth explanation of what the GAAR provisions are, it also has a number of examples of transactions which would be affected by GAAR

Vide Order No. 07 of 2013 dated 10.01.2013, the CBDT has promoted officers in the grade of Commissioner of Income-tax to the grade of Chief Commissioner of Income-tax. Vide Order No. 08 of 2013 dated 10.01.2013, the CBDT has transferred/ posted officers in the grade of Commissioner/ Director of Income-tax. Vide letter dated 10.01.2013, the CBDT has indicated the names of the officers who are in the consideration zone for promotion to the grade of Commissioner of Income-tax

All India Federation of Tax Practitioners (AIFTP) has released a publication titled “International Taxation – Important Aspects & Issues”. The publication explains the provisions, and deals with various controversies, relating to International Taxation. In particular, the book deals with issues such as Advance Rulings, Business Connection, Basic Principles of Interpretation of Double Taxation Agreements, Capital Gains, TDS obligations; Double Taxation Relief, Fees for Technical Services, What is income accruing or arising in India, Payments to non-residents, Royalties, Controversial issues in Transfer Pricing etc

Vide letter dated 27.12.2012, the CBDT has released a list of officers who are being considered for promotion to the grade of Chief Commissioner of Income-tax

The CBDT has issued a Press release dated 26-12-2012 in which it has answered several questions relating to foreign investors in an easy-to-understand format. The questions raised pertain to the requirement to obtain PAN, how to compute capital gains, how to offer income to tax, the applicability of treaty benefits, the obligation to deduct TDS, set-off of losses, rate of tax etc. The FAQs are very important for all tax practitioners

Vide Order No. 229 dated 20.12.2012 & 230 dated 21.12.2012, the CBDT has transferred officers in the grade of Additional/ Joint/ Deputy & Assistant Commissioner. Vide Order No. 234 of 2012 dated 21.12.2012, the CBDT has promoted Additional CIT/ Additional DITs to the grade of Commissioner of Income-tax