The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing Agreement (APA). The APA Scheme shall come into effect from the date of its publication in the Official Gazette, i.e. from 30.08.2012
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CBDT Releases Transfer Pricing “Advance Pricing Agreement Scheme” (“APA”)
Vide Notification No. 36 of 2012 dated 30.08.2012, the CBDT has inserted Rules 10F to 10T to introduce the “Advance Pricing Agreement Scheme”.
CBDT Sets Up Committee To Form “Departmental View on Contentious Legal Issues”
Vide Office Memorandum dated 28.08.2012, the CBDT has set up an elaborate “Institutional Mechanism for Forming Departmental View on Contentious Legal Issues”
CCIT Will Be Held Personally Responsible For Transfer Order Violation: CBDT
The CBDT has issued a letter dated 27.08.2012 stating that there has been non-compliance and violation of the CBDT’s order in respect of posting of officers on promotion to the grade to JCIT. The CBDT has taken a stern view and threatened that the concerned officer who issued the order and the CCIT (CCA) concerned would be held personally liable
CBDT Spells Out Responsibilities Of Chief & Members
Vide Order No. 170 of 2012 dated 27.08.2012 the CBDT has ordered the distribution of work amongst the Chairman and the Members of the CBDT
CPC To Conduct Workshop To Reconcile/ Rectify Arrear Demands
The CIT, CPC, has informed vide letter dated 21.08.2012 that an amount of Rs. 4800 crores has been collected in respect of disputed demands by way of adjustment of refunds and that there is a need to rectify/ reconcile the …
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Promotion Of Commissioners To Chief Commissioners Of Income-tax + Transfers
Vide Order No. 167 dated 22.08.2012, the CBDT has promoted several officers in the grade of Commissioners of income-tax to the grade of Chief Commissioners of Income-tax in the pay scale of Rs. 67,000 to Rs. 79,000 with effect from the date of assumption of charge of the post and until further orders
Appointment Of Chairperson of the Central Board of Direct Taxes (CBDT)
Vide Office Order No. 347/2012 dated 21.8.2012, the Ministry of Finance has intimated that the President of India has appointed Dr. Poonam Kishore Saxena, presently member, Central Board of Direct Taxes (“CBDT”), as Chairperson of the CBDT in the Department of Revenue, Minstry of Finance, in the pay scale of Rs. 80,000 (fixed) with the status of Special Secretary to the Government of India
Transfer Pricing: Notification Of Specified Percentage for S. 92C(2) Second Proviso
Notification No. 31/2012 [F.No. 500/185/2011-FTD I], dated 17-8-2012 In exercise of the powers conferred by the second proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where the …
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Drafting Of Laws Today Is Not Satisfactory: Chief Justice Of India S. H. Kapadia
On the occasion of the Independence day, Hon’ble Chief Justice of India Shri. S. H. Kapadia spoke his mind on a variety of issues. In particular, he cautioned the Government that the drafting of laws today was not satisfactory and suggested that they keep this in mind before making any changes in the constitutional scheme of things
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