The CBDT has issued a Notification dated 30th January, 2019 by which it has formulated a scheme called the Centralised Verification Scheme, 2019. The scheme provides for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer in the context of E-Assessment
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ITAT Members Deserve To Be Appointed High Court Judges: Tax Professionals At Foundation Day Celebration
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Posted in All Information, ITAT related, Supreme Court/High Court related, Transfers/apptts
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There is no institutionalized process of elevation of the Members of the ITAT to the High Court. There are a good number of Judicial Members who deserve to be elevated to the High Court. AIFTP has made representation to Honourable Chief Justice of India and also to the Honorable law Minister. Hon’ble President, being from the judiciary, would be able to help in this regard and when the foundation day is celebrated the next year, some positive development could be expected
Tax Professionals Should Do Yoga To Stay Healthy: ITAT Vice-President On Retirement
A full court farewell function was held to mark the retirement on superannuation of a Vice-President of the ITAT. The Hon’ble VP offered valuable advice including how professionals can stay healthy and wise with Yoga and the use of herbal medicine
CBDT Press Release On ‘Angel Tax Terrorism’ Of Start-Ups
The CBDT has been criticized over alleged ‘tax terrorism’ of two award-winning start-ups named ‘Travel Khana’ and ‘Baby Go Go’. It is alleged that the AOs attached the bank account and withdrew funds, leaving the start-ups high and dry. It is claimed that nearly 2500 start-ups are in similar dire state over tax demands. The CBDT has issued a press release to clear the air and has claimed that all procedures were diligently followed by the AO and the start-ups are to blame for non-compliance
IRS Officers Appointed Joint Commissioners Of Income-tax
The CBDT has vide Office Order No. 22 of 2019 dated 6th February 2019 stated that the President has appointed several officers of the Indian Revenue Service (IRS) on regular basis in the grade of Joint Commissioner of Income-tax in the pay matrix of Rs. 78,800 -2,09,200 against the vacancy year 2018
Finance Bill 2019: CA Piyush Goyal Wins Accolades For Thanking Taxpayers & Stating That 99.54% Returns Accepted Without Scrutiny
The gesture of Hon’ble Piyush Goyal of thanking taxpayers after presenting the Finance Bill 2019 has been well received by the public. People are pointing out that he has greater empathy towards taxpayers owing to his background as a distinguished CA. He has assured that almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials
Senior Advocates: Bombay High Court Invites Views From Public Reg Applicants Seeking Designation Of Senior Advocate
The Bombay High Court has issued a Notification dated 29th January 2019 stating that it has received applications/ proposals from 57 Advocates seeking to be designated as ‘Senior Advocates’. The Court has invited suggestions and views from the members of the Bar and other stakeholders with regard to the said applications/ proposals
CBDT Clarification Circular Reg Liability And Status Of Official Assignees Under Income-tax Act
The CBDT has issued Circular No. 04/2019 dated 28th January, 2019 in which it has clarified the entire law relating to the liability and status of Official Assignees under section 160(1)(iii) of the Income-tax Act, 1961
CBDT Circular Reg Implications U/s 56(2)(viia) For Issue Of Shares
The CBDT has issued Circular No. 03/2019 dated 11th January, 2019 on the applicability of section 56(2)(viia) of the Income-tax Act, 1961 or similar provisions under section 56(2) of the Income-tax Act, 1961 for issue of shares by a company
Download CBDT’s Order U/s 120 Specifying Jurisdiction Of Joint Commissioners Of Income-Tax
The CBDT has issued an Order dated 18th January 2019 u/s 120(1) of the Income-tax Act, 1961 by which it has stipulated the names of the Joint Commissioners of Income-tax who are empowered to exercise the powers and functions of the Income-tax authority
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