Vide Order No. 152 dated 01.09.2015 the CBDT has directed that several officers promoted in the grade of Principal Commissioner of Income Tax on ad-hoc basis vide Order No 15 of 2015 dated 30.01.2015 and Order No. 55 of 2015 dated 27.04.2015 are hereby promoted on regular basis taking into consideration regular vacancies that have arisen subsequently due to retirement/ VRS / death of officers/ long term deputations in the grade of Principal CIT, with effect from the date indicated against each of them. Vide Order No. 153 of 2015 dated 01.09.2015, the CBDT has stated that the President is pleased to grant Proforma Promotion to several Commissioners of Income Tax, who are on deputation to ex-cadre posts mentioned against each of them, to the grade of Principal Commissioner of Income Tax (in HAG scale of Pay of Rs. 67,000/ – 79,000/-) w.e f. date on which their junior was promoted in the cadre as indicated against each of them.
Download Justice A.P. Shah Committee Report On Inapplicability Of MAT To FIIs/FPIs
The Government has accepted the recommendation of the Committee to clarify the inapplicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income-tax Act will be carried out. Through the amendment the Government proposes to clarify that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/ permanent establishment in India, for the period prior to 01.04.2015. Pending such amendment, CBDT will convey to the field formations the decision of the Government to accept the recommendation.
CBDT Instruction No. 08/2015 Dt 31.08.2015 Reg Compulsory Manual Selection Of Cases For Scrutiny During FY 2015-2016
The CBDT has issued Instruction No. 08/ 2015 dated 31.08.2015 to lay down the parameters for compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016
CBDT’s Directive On Revival Of Appeals Dismissed Due To Low Tax Effect Circular
The CBDT has issued a directive dated 27.08.2015 stating that in view of the judgement of the Supreme Court in CIT-VIII, Delhi Vs. Suman Dhamija holding that the monetary limits specified in Instruction No. 3/2011 dated 09.02.2011 shall apply only to appeals filed after that date and not to pending appeals, the department should file Miscellaneous/ Review Petitions to seek revival of the department’s appeals which have been dismissed on the interpretation that the said Instruction No. 3/2011 applies to pending appeals.
Order u/s 119 Extending Due Date For Filing ROI For Assessees in Gujarat
The CBDT has issued an order dated 31.08.2015 u/s 119 of the Income-tax Act to extend the due date for filing the return of income from 31.08.2015 to 07.09.2015, in cases of Income-tax assessees in the State of Gujarat
CBDT’s Guidance Notes On Implementation Of FATCA Reporting Requirements Under Rules 114F to 114H Of Income-tax Rules
The Central Board of Direct Taxes (CBDT) has issued guidance notes dated 31.08.2015 on implementation of reporting requirements for the US law called “Foreign Account Tax Compliance Act” (FATCA). Under FATCA, foreign financial institutions that fail to give information about their American clients to US authorities would face 30 per cent withholding tax. FATCA provides for 30 per cent withholding tax on US source payments made to foreign financial institutions (FIs) unless they enter into agreement with Internal Revenue Service (IRS) to provide information about accounts held with them by USA persons or entities controlled by USA persons
Book Release (30% Discount) – Commentary + FAQ + Case Studies On Black Money Law By Eminent Legal Luminaries
The Chamber of Tax Consultants (CTC) has released a publication titled “The Black Money – Answers to 295 FAQs, Case Studies by Senior & Eminent Professionals”. The contributors to the publication are eminent legal experts such as Sr. Adv Ram Jethmalani, CA Yogesh Thar, Adv K. C. Singhal (Ex VP, ITAT), Adv R. P. Garg (Ex VP, ITAT), CA Nihar Jambusaria, CA Rashmin Sanghavi etc. The experts have meticulously analyzed the provisions of the law and explained all of its nuances and intricacies in an easy-to-understand format. A steep discount of 30% is being offered for all orders placed till 10.09.2015. Limited copies of the publication are available.
Supreme Court Stays Bar Council’s Directive On Advocates’ Verification
A Writ Petition No. 17361 of 2015 was filed by A. P. Ranganathan in the Karnataka High Court to challenge the Certificate and place of Practice (Verification) Rules, 2015. (copy of Writ Petition is available here). The High Court passed an order dated 24.04.2015 grating interim relief as prayed for “only in so far as the petitioner is concerned“. A similar Writ Petition in the case of MOHANAN L Vs. BAR COUNCIL OF INDIA (Writ Petition Civil 17467 of 2015) was filed in the Kerala High Court. The Kerala High Court’s interim order is not available. The Bar Council of India moved a Transfer Petition Nos. 1233-1243 of 2015 in the Supreme Court. In the said Transfer Petition, the Supreme Court has passed the following order dated 26.08.2015
Imp Directive Of Bar Council For Practicing Advocates To Verify Themselves Before 15.09.2015 Or Face Suspension
Bar Council of India has framed the “Bar Council of India Certificate and Place of Practice (Verification) Rules 2015”. A copy of the rules is available with the Bar Association. The necessary forms for the application for verification are also available. The members are requested to comply with the said Rules and to make the necessary applications after getting the same certified from the Bar Association. The last date for compliance is 15th September, 2015.
CBDT Notification On Computation Of Period Of Stay In India U/s 6(1)
The CBDT has issued a Notification dated 17.08.2015 in which it has laid down rules on the computation of period of stay in India in certain cases. The rules come into effect with retrospective effect from 01.04.2015
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