The CBDT has vide Order No. 143 of 2016 dated 10th August 2016 directed the postings and transfers of several officers in the grade of Commissioner of Income-tax with immediate effect and until further orders

Three eminent bodies of tax professionals have addressed a letter dated 30th July 2016 to Shri. Hasmukh Adhia, the Revenue Secretary of the Government of India, in which they have made representation with regard to several important aspects of the The Income Declaration Scheme 2016. Some of the issues relate to the eligibility of the applicants, the appointment of valuers, set-off of losses, period of holding of asset etc. It is pointed out that clarity on these issues is vital for the success of the Scheme. The professionals have requested the Hon’ble Revenue Secretary to issue an early clarification on all the issues raised in the representation

The CBDT has issued a letter dated 2nd August 2016 in which it has stated that the Income-tax department is committed to promote voluntary compliance with the direct tax laws through quality tax payer service. To achieve that objective, the CBDT has issued a Standard Operating Procedure (SOP) with regard to several aspects such as the redressal of grievances, resource management, etc. The functions of various directorates in the department are clearly spelt out so as to avoid shirking of responsibility by the field staff

The Income-tax Department (see embedded order at bottom of post) has made an addition of Rs. 642 crore on New Delhi Television Ltd (NDTV) in respect of AY 2009-10. It is claimed that a sum of Rs. 624 crore (US$ 150M) was received by a subsidiary of NDTV for allotting shares to NBC Universal Inc and Universal Studios International BV. It is claimed that the shares were allotted at Rs. 7,015 each even though the allotting companies had no business activities. It is also claimed that there was no independent valuation conducted of the shares. It is also claimed that in the immediately succeeding AY 2010-11, NDTV BV bought the shares at Rs. 634 per share, creating a loss of Rs. 584 crore for USBV

The National Academy of Direct Taxes (NADT) has issued a Notification dated 1st August 2016 stating that at the request of Justice (Retd) Dev Darshan Sud, the President of the ITAT, a six days training program/ seminar will be organized for the Hon’ble Judicial and Accountant Members of the ITAT from 29th August 2016 till 3rd September 2016 at NADT, Nagpur

The CBDT has addressed a letter dated 2nd August 2016 in which it has stated that it is examining the desirability and expediency of prescribing the situation and circumstances under which the fee levied under section 234E of the Act may cause genuine hardship to the taxpayers so as to prescribe guidelines for waiver of such fees under section 119(2)(a) of the Act. The CBDT has directed the Principal Commissioners of Income-tax to forward suggestions and recommendations in this behalf

The Income Declaration Scheme, 2016 and the Direct Tax Dispute Resolution Scheme, 2016 are very important initiatives of the Government. These have created unprecedented interest amongst the taxpayers and tax professionals. However, several stake holders have complained that the numerous clarifications and press releases issued by the CBDT as well as the expert opinions and other resources are scattered at various places and that this is hindering effective compliance of both schemes. To aid our fellow professionals and tax payers, AIFTP has prepared a Guide in which all the resources are arranged in a systematic manner

Vide an order dated 29.07.2016 issued u/s 119 of the Income-tax Act, the CBDT has extended the due date for furnishing returns of income from 31st July 2016 to 5th August 2016. Vide another another order dated 29th July 2016, the CBDT has extended the due date for income-tax assessees in the State of Jammu & Kashmir to 31st August 2016

The CBDT has vide directive dated 22nd July 2016 prescribed the Standard Operating Procedure (SOP) to be followed by the field staff for handling AIR transactions without valid PAN. The CBDT has also vide letter dated 25th July 2016 revised the template of the letter to be addressed by the field officers while handling reported cases of AIR transactions