The Department of Industrial Policy and Promotion (DIPP) has issued a Notification dated 16th January 2019 to deal with the controversial issue of tax exemption u/s 56(2)(viib) to angel financiers

The CBDT has issued a directive dated 15th January 2018 on the issue of withdrawal of low tax effect appeals as stipulated in Circular No.3 of 2018

The CBDT issued Circular No. 10/2018 dated 31.12.2018 in which it clarified that section 56(2)(viia) is an anti-abuse provision which applies only to the transfer of shares for no or inadequate consideration and not to a fresh issuance of shares. However, by Circular No. 02/2019 dated 4th January 2019, the CBDT has withdrawn the aforesaid Circular on the ground inter alia that the issue is “sub judice”

Hon’ble Sushil Chandra, the Chairman of the CBDT, has addressed a communique dated 4th January 2019 to the Principal CsIT in which he has pointed that the growth in collection of taxes is “extremely low” and that this is a matter of serious concern. The learned Chairman has formulated eight clear-cut strategies and directed that concerted efforts have to be made to drive up recovery from arrear and current demand.

The CBDT has vide Order Nos. 225 dated 31.12.2018 and 03 dated 02.01.2019 and Notification dated 31.12.2018 ordered the promotion of officers to the grade of Chief Commissioners of Income-tax, appointed Assistant Commissioners to the post of Deputy Commissioners and transfer & posting of Joint & Additional Commissioners of Income-tax

The CBDT has vide Notifications Nos 07 of 2018 dated 27th December 2018 and 08 of 2018 dated 31st December 2018 specified the procedure, format and standards for filing an application for grant of certificate of TDS at lower rate and also for issue of PAN

The CBDT has vide Order No. 219 of 2018 dated 27.12.2018 ordered the transfer and posting of Commissioners of Income-tax

Pursuant to vehement protests from eminent citizens that Assessing Officers are running amok and terrorizing start-ups and angel funds, the CBDT has issued a directive instructing AOs not to take coercive measures to recover outstanding demand until further notice

The CBDT has issued Circular No. 9 of 2018 dated 26th December 2018 on the subject of extending the due date for furnishing of report under section 286 (4) of the Income-tax Act 1961

The CBDT has issued an Order u/s 119(1) of the Act on the issue of exception from online filing of application under section 197 and 206C (9) in the cases of NRIs and resident applicants