The CBDT has issued a letter dated 15.02.2015 in which it has pointed out that taxpayers are facing problems due to mismatch of TDS/other taxes. These problems may be due to the non-reporting of TDS and uploading the TDS details improperly by their deductors. As a result, demand notices are being sent to the taxpayers due to non-availability of the tax credits for claim. The CBDT has drawn attention to Circular No. 8/2015 in which AOs were directed to give credit for taxes paid on the basis of evidence furnished by the taxpayer. The CBDT has directed that the SOP as per the said Circular should be strictly followed and immediate steps should be taken to reduce the grievances of the taxpayers
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CBDT’s Circular Of Clarification Regarding Nature Of Share Buy-Back Transactions Under Income-tax Act, 1961
The CBDT has issued Circular No 03/2016 dated 26.02.2016 to clarify the law relating to the taxability of share Buy-back transactions under income-tax Act, 1961. The CBDT has made it clear that the consideration received on buyback of shares between the period 01.04.2000 till 31.05.2013 would be taxed as capital gains in the hands of the recipient in accordance with section 46A of the Act and no such amount shall be treated as dividend in view of provisions of section 2(22)(iv)
Chief Justice D. H. Waghela, Newly Appointed To The Bombay High Court, Takes A Stern Stand Against Injustice
Hon’ble Shri Justice Dhirendra Hiralal Waghela was sworn in to the office of Chief Justice of the Bombay High Court on 15th February 2016. The learned judge was earlier the Chief Justice of the Orissa High Court and before that he was the Chief Justice of the Karnataka High Court. According to biographical information contained in the website of the Orissa High Court, Chief Justice Wahgela was a “precocious child”. His teachers encouraged him twice to jump two standards in one academic year and that is how he cleared his eleventh standard matriculation at the age of 14 years. The learned Judge completed his LLB even before he completed the age of 21 years with the result that he had to wait a few months to be enrolled with the Bar
NAMO Continuing “Tax Terrorism” Despite Solemn Promise To The Contrary: Vodafone
The controversy relating to the taxability of the capital gains arising to Hutchison Whampoa out of the $11 billion acquisition by Vodafone has returned to haunt Vodafone. It may be recalled that the Supreme Court decided the issue in favour of Vodafone (341 ITR 1). However, a controversial retrospective amendment to section 9 of the Income-tax Act, 1961 sought to torpedo the judgement of the Supreme Court. Thereafter, the new Government led by Prime Minister Narendra Modi and Finance Minister Arun Jaitley declared that they are opposed to the concept of retrospective legislation and vowed to resolve the controversy. The amount owed by Vodafone on the basis of the retrospective legislation is Rs. 14,200 crore
CBDT Clarifies Meaning Of Term “Initial Assessment Year” In S. 80-IA(5) Of The Income-tax Act
The CBDT has issued Circular No. 1/ 2016 dated 15.02.2016 in which it has clarified the meaning of the term “initial assessment year” in section 80-IA(5) of the Income-tax Act, 1961
CBDT Directs AOs To Strictly Follow S. 154 Rectification Time Limits
The CBDT has issued Instruction No. 01/2016 dated 15.02.2016 in which it has directed Assessing Officers to strictly follow the time limit of six months prescribed under section 154(8) of the Income-tax Act, 1961 to pass rectification orders. The CBDT has also directed the supervisory officers to monitor the adherence to the prescribed time limit and initiate suitable administrative action where failure to adhere to the prescribed time limit is noticed
CBDT Directs AOs To Pass S. 154 Rectification Orders In Writing
The CBDT has issued Instruction No. 02/2016 dated 15.02.2016 in which it has directed Assessing Officers to pass rectification orders in writing and serve a copy on the assesseee and not just make an entry on the AST system
Achche Din Are Here For Income-Tax Litigation: Dinesh Vyas & Arvind Datar
Eminent jurists Dinesh Vyas and Arvind Datar have analyzed the recent decision of the CBDT to withdraw frivolous appeals filed by the department before the judicial authorities and explained its implications
Eminent Jurists Laud ITAT For Stellar Contribution Towards Justice But Also Call For Introspection Into Its Deficiencies
During the Platinum Jubilee Celebrations of the ITAT which were recently held, eminent legal luminaries expressed their appreciation at the stellar contribution rendered by the ITAT towards the cause of justice to taxpayers. However, they also expressed concern that the ITAT cannot afford to rest on its laurels and emphasized that there are several challenges which it has to overcome
Give Utmost Priority To, And Focus On, Collection Of Tax Demand Now: CBDT Chief To Dept
Shri. Atulesh Jindal, the Chairperson of the CBDT, has addressed a letter dated 05.02.2016 to the Principal Chief Commissioners of Income-tax in which he has stated that the growth in collection of direct tax collections is not encouraging. He has pointed out that main cause for concern is that regular tax collection has shown a decline of 10.44% as compared to a growth of 17.25% last year. He has stated that this suggests inter alia that adequate efforts are not being made to collect the arrear demand. The CBDT Chief has directed that “outmost focus for the next two months should be on collection of the collectible demand, both out if current and arrear demand”. The Chairperson has also directed the Principal Commissioners to give the highest priority to the work of collection of demand and to monitor it personally
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