The CBDT has issued a letter dated 26.10.2016 in which it has drawn attention to its Circular No 3/2015 dated 12.2.2015. In the said Circular it was clarified that for the purpose of making disallowance of “other sums chargeable” under Section 40(a)(i) of the Income-tax Act, 1961, in the case of non-residents, the appropriate portion of the sum chargeable to tax under the Act, i.e. income component therein shall form the basis of such disallowance. The CBDT has noted that this Circular is not being kept in view by administrative Commissioners & Commissioners (Appeal) while filing further appeals and while deciding cases. Further, the Circular is not kept in view by departmental representatives in ongoing litigation cases, who still take a position that the disallowance should be based on the gross amount of offshore payments such as purchases. The CBDT has directed the departmental officers including representatives of the department in litigation before ITAT/Courts etc. to be sensitized to the content of this circular
Eminent Tax Counsel Appointed Judge Of High Court
We are pleased to report that a leading and highly respected tax counsel has been appointed Judge of a High Court. The learned Judge will certainly deliver justice to taxpayers
CBDT Circular On Applicability of S. 195-I TDS To Payment Of Lump Sum Lease Premium
The CBDT has issued Circular No. 35 /2016 dated 13.10.2016 in which it has clarified that lump sum lease premium or one-time upfront lease charges, which are not adjustable against periodic rent, paid or payable for acquisition of long-term leasehold rights over land or any other property are not payments in the nature of rent within the meaning of section 194-1 of the Therefore, such payments are not liable for TDS under section 194-I of the Act
Transfers Of Hon’ble Members Of The ITAT (September 2016)
Vide order dated 16.09.2016 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, in public interest, with effect from 26th September 2016
CBDT Instruction Reg S. 143(2) Notices In Limited CASS Scrutiny Assessments
The CBDT has issued Instruction No. 3 dated 16.09.2016 in which it has set out the procedure to adopted by Assessing Officers for generation of notices under section 143(2) of the Income-tax Act, 1961 in cases which are selected for limited and full scrutiny under the Computer Assisted Scrutiny Selection (CASS)
CBDT Instruction Clarifies Imp Law On The Income Declaration Scheme, 2016
The CBDT has issued Instruction No. 8 of 2016 dated 15th September 2016 in which it has clarified as to whether a declaration under The Income Declaration Scheme, 2016 can be filed for an assessment year for which the proceedings under section142(1)/143(2)/148/153A/153C were pending as on 31.05.2016 but the said proceedings have been completed
Eminent Jurist Fali Nariman Warns That Boycott Of Collegium By Senior Judge Will Weaken The Supreme Court
Justice Jasti Chelameswar, a senior judge of the Supreme Court, has announced that he is boycotting the proceedings of the Collegium, an august body which has been set up by the Supreme Court to appoint new judges to the High Courts. This unprecedented step by a senior judge has sent shock waves across the Country
CBDT Reacts To High Court Strictures And Revises Guidelines For Appointment Of, And Fees Payable To, Standing Counsel
The CBDT has issued Instruction Nos.6 and 7 of 2016, both dated 7th September 2016, by which it has revised the guidelines for engagement of standing counsels to represent the income-tax department before the High Courts and other judicial forums. The CBDT has also revised the schedule of fees payable to the Counsel
CJI Designate JS Khehar Fumes At “Tareekh Pe Tareekh” Fiasco As Lawyers Play Truant In Court
Now it is the turn of the lawyers practicing in the Supreme Court to face the heat of the stern attitude of the learned Judge. The learned judge has sent a strong message that he will brook no requests from lawyers for adjournments on frivolous grounds.
CBDT Circular Reg Streamlining Process Of No Objection Certificate (NOC) To Foreign Shipping Companies
The CBDT has issued Circular No. 30/2016 dated 26th August 2016 by which it has streamlined the process of issue of No Objection Certificate (NOC), voyage return and voyage assessment in the case of foreign shipping companies
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