Vide Order No. 5/FT&TR/2012 dated 20.06.2012, the CBDT has reconstituted the Dispute Resolution Panel at Mumbai & Delhi with immediate effect

The OECD has issued a report pointing out that corporate vehicles continue to play a part in a wide range of illicit activities, including tax fraud and evasion, money laundering, bribery, corruption and terrorist financing. Their misuse primarily lies in the way they are exploited, particularly in secrecy jurisdictions, to hide the identity of the beneficial owners and controllers of assets and the parties to illicit transactions

The CBDT has issued a Notification dated 13.06.2012 notifying that no deduction of tax shall be made u/s 194J on certain specified payments by a person for acquisition of software from another person. A pdf copy of the Notification is available for download

Vide letter dated 14.06.2012, the CBDT has intimated the names of IRS officers of the rank of Commissioners of Income-tax who have been selected for a 5 week advanced mid-career training on “Corporate Taxation and Advocacy Skills” which includes 2 weeks of international training in the USA

Vide letter dated 13.06.2012, the CBDT has intimated the names of IRS officers of the rank of Addl. CIT and Joint CIT who have been selected for a 5 week advanced mid-career training on “investigation & IT” which includes 2 weeks of international training in the USA

Vide Circular No. 3 of 2012 dated 12.06.2012 a supplementary Memorandum explaining the official amendments moved in the Finance Bill 2012 as reflected in the Finance Act, 2012 has been issued

Vide Order No. 118 of 2012 dated 21.06.2012, the CBDT has transferred and posted several officers in the grade pf Deputy & Assistant Commissioners of Income-tax

The UK Government has stated that it is strongly committed to tackling tax avoidance. For this purpose, it has today (12.06.2012) launched a formal consultation on a new general anti-abuse rule (GAAR) to tackle artificial and abusive tax avoidance schemes. This follows the Budget 2012 announcement that such a rule will be introduced in 2013. GAAR is expected to deter artificial tax avoidance schemes and contribute to providing a more level playing field for business. The Discussion paper is very relevant from the Indian context because the Indian law on GAAR is also broadly based on the UK law

Vide Order No. 113 of 2012 dated 7.6.2012 the CBDT has transferred and posted officers in the grade of Chief Commissioners of Income-tax & Director Generals of Income-tax with immediate effect

Vide Orders dated 107 and 108 dated 6.6.2012 the CBDT has transferred and posted officers in the grade of Additional & Joint Commissioners of Income-tax in the Directorate of International Taxation & Transfer Pricing