The CBDT has issued a directive dated 24.05.2016 stating that from FY 2016-17 onwards, the names of defaulters where the undisputed outstanding demand/ tax exceeds Rs. 1 crore shall be published by 31st July
The CBDT has issued a directive dated 24.05.2016 stating that from FY 2016-17 onwards, the names of defaulters where the undisputed outstanding demand/ tax exceeds Rs. 1 crore shall be published by 31st July
The CBDT has issued Circular No. 15/2016 dated 19.05.2016 in which it has dealt with the issue of allowability of additional depreciation u/s 32(1)(iia) of the Income-tax Act, 1961 in the context of the judgements of the Kerala and Delhi High Courts in Mathrubhoomi Printing & Publishing Co. and Delhi Press Patra Prakashan Ltd
The Ministry of Finance has issued a Notification dated 19th May 2016 enacting “The Income Declaration Scheme Rules, 2016” which are to come into force on 1st June 2016. The Ministry of Finance has issued another notification dated 19th May 2016 specifying the relevant dates for making the declaration and making payment of the tax etc. The CBDT has issued Circular No. 16 dated 20.05.2015 setting out the “Explanatory Notes On provisions Of The Income Declaration Scheme, 2016 As Provided In Chapter IX Of The Finance Act 2016“. The CBDT has also issued Circular No. 17 of 2016 by which it has provided “Clarifications on the Income Declaration Scheme, 2016”.
The CBDT has issued a directive dated 17th May 2016 in which it is noted that in certain cases orders passed by the CIC are not being complied with by the Income Tax Department. The CBDT has stated that in view of the fact that the orders of CIC are binding under the RTI Act, 2005 unless stayed or reversed by higher courts, all the concerned authorities / officers/ CPIOs should ensure that the orders passed by CIC in appeals and complaints under the RTI Act, 2005 are invariably complied with within the time fixed by the Commission, unless they are stayed or reversed by higher courts. It is warned that any deviation will be viewed adversely
The CBDT has issued the following orders of transfers and postings: (i) Order No. 90 of 2016 dated 16.05.2016 for postings and transfers of officers in the grade of Additional and Joint Commissioners of Income-tax; (ii) Order No. 91 of 2016 dated 16.05.2016 for postings and transfers of officers in the grade of Additional and Joint Commissioners of Income-tax; (iii) Order No. 92 of 2016 dated 16.05.2016 for postings and transfers of officers in the grade of Additional and Joint Commissioners of Income-tax; (iv) Order No. 93 of 2016 dated 16.05.2016 for postings and transfers of officers in the grade of Joint Commissioners of Income-tax (on promotion); (v) Order No. 94 of 2016 dated 16.05.2016 for postings and transfers of officers in the grade of Assistant Commissioners of Income-tax; (vi) Order No. 95 of 2016 dated 16.05.2016 for postings and transfers of officers in the grade of Assistant Commissioners of Income-tax;
The Narendra Modi Government has sent a bone-chilling warning to all income-tax officers that they will have to pay a steep price if they continue with their nefarious activities of harassing taxpayers with the illicit objective of extorting money from them
Taxmann has systematically analyzed the several amendments made to the Finance Bill 2016 at the stage of its being passed by the Lok Sabha. Several of the changes are of critical importance to taxpayers
The CBDT has issued a directive dated 2nd May 2016 in which it has been directed that the income arising from transfer of unlisted shares would be considered under the head ‘Capital Gain’, irrespective of period of holding, with a view to avoid disputes/litigation and to maintain uniform approach
The Central Board of Direct Taxes (CBDT) vide order dated 8th June 2015 constituted a Committee to inter alia suggest the framework for computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 (‘ the Act’) for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter. After a detailed discussion of the provisions of section 115JB of the Act, Ind AS and relevant sections of the Companies Act, 2013, the Committee has suggested a framework for computation of books profit of Ind AS compliant companies
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