The CBDT has issued Instruction No. 9/2017 dated 11th October, 2017 in which it has explained the scope of clause (vi) of sub-section (a) of section 143(1) of the Income-tax Act, 1961 (`Act’) as introduced vide Finance Act, 2016, w.e.f. 01.04.2017. The said provision prescribes that while processing the return of income the total income or loss shall be computed after making adjustment of addition of income appearing in Form 26AS or Form 16A or Form 16 (the three Forms) which has not been included in computing the total income in the return
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CBDT Directs CIT(A)’s To Dispose All High Tax Effect Cases By 31.12.2017
The CBDT has issued a directive dated 12th October 2017 by which it has referred to the Central Action Plan for FY 2017-18 and directed that all pending appeals having tax effect of more than Rs. 50 crore have to be disposed of by the CsIT(A) by 31st December 2017
CBDT Orders Reg Appt Of ITOs As ACsIT And IRS Officers As JCsIT
The CBDT has issued order no. 177 of 2017 dated 10th October 2017 relating to the appointment of Income Tax Officers as Assistant Commissioners of Income-tax. Vide another order no. 178 of 2017 dated 12th October 2017, the CBDT has dealt with the promotion of IRS officers to the grade of Joint Commissioner of Income-tax
Video Guide On The Law On Reopening Of Assessments U/s 147 & 148
Advocate Sashank Dundu has explained the measures to be taken when an assessee receives a notice u/s 148 from the Assessing Officer seeking to reopen the assessment. He has cited all the relevant and important case laws on the subject. The guide will prove invaluable to all taxpayers and tax professionals
CBDT Prescribes Format For Consent Of Taxpayer To E-Mail Based Electronic Assessment Proceedings
Further to the directive regarding conduct of assessment proceedings electronically in time-barring scrutiny cases, the CBDT has prescribed the format in MS Word of letter for consent of taxpayers and letter for migration of email based E-Assessment in E-Proceedings
Bombay High Court’s Tax Bench Constitution w.e.f 03.10.2017
The Tax Bench of the Hon’ble Bombay High Court with effect from 3rd October 2017 is as follows
CBDT Directive Reg Conduct Of Assessment Proceedings Electronically In Time-Barring Scrutiny Cases
The CBDT has issued Instruction No. 8/2017 dated 29th September 2017 in which it has set out the procedure covering various aspects of conducting scrutiny assessments electronically in cases which are getting barred by limitation during the financial year 2017-2018
First National Tax Conference On GST At Mangalore On 4th and 5th November, 2017
For the first time, All India Federation of Tax Practitioners, in association with Karnataka State Tax Practitioners Association and the Institute of tax Practitioners of India is holding a two day national conference at Managalore. The theme of the conference is “GST & Tax professionals- Partners in Nation building” at Gate Hotel Mangalore. The conference, will be inaugurated by Honourable Justice Mr S. Abdul Naseer, Supreme Court of India and Padma Vibhusahn awardee Dr D . Veerendra Heggade, Dharmasthala.
Finance Ministry Clarifies Law On Levy Of GST On Legal Services
The Ministry of Finance has issued a Corrigendum Notification dated 25th September 2017 in which it has provided clarification with regard to the applicability of GST by way of reverse charge on legal services by advocates including senior advocates and firms of advocates. The corrigendum is presumably issued to correct the ambiguity in the language of the principal Notification which was pointed out by the Delhi High Court in JK Mittal & Co vs. UOI
CBDT Clarifies Law Reg TDS On Interest On Deposits Made Under Capital Gains Accounts Scheme, 1988 Where The Depositor Is Deceased
The CBDT has issued Notification No. 08/2017 dated 13th, September, 2017 in which it has explained the law relating to TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased
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