In view of the repeated strictures passed by judicial bodies on the gross inefficiencies of the income-tax department relating to litigation, the CBDT has issued Instruction No. 06 dated 03.07.2015 setting out clear-cut responsibilities of the CIT (Judicial)
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CBDT’s Explanatory Circular On The Provisions Of The Black Money Act, 2015
The CBDT has issued Circular No. 12 of 2015 dated 02.07.2015 setting out the Explanatory Notes on Provisions Relating to Tax Compliance For Undisclosed Foreign Income and Assets as Provided In Chapter VI of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015
The Ministry of Finance has vide Notification No. 58/2015 dated 2nd July 2015 notified the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015
CBDT’s Order Notifying 01.07.2015 As The Date Of Commencement Of The Black Money Act
The CBDT has issued an Order dated 01.07.2015 stating that a difficulty has arisen in interpreting the expression ‘date of commencement of the Act’ in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The CBDT has stated that the said ‘date of commencement of the Act’ shall be 1st July 2015
Finance Ministry Press Release Regarding Compliance Window Under Black Money Act
The Ministry of Finance has issued a Press Release dated 01.07.2015 stating that 30th September, 2015 is the date on or before which a Person may make a Declaration in respect of an Undisclosed Asset Located Outside India Under the Compliance Provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; It is also stated that the last date by which a person must pay the tax and penalty in respect of the undisclosed foreign assets so declared shall be the 31st day of December, 2015
CBDT Orders For Promotion Of CCsIT & DGsIT To Pr. CCIT & Posting Orders
The CBDT has vide Order No. 90 of 2015 dated 30.06.2015 ordered the promotion of several officers in the grade of Chief Commissioner / Director General of Income Tax to the post of Principal Chief Commissioner of Income Tax (Pr. COT) in the Pay Scale of Rs. 80,000/- (Fixed) with effect from the date indicated against their names or assumption of charge of the post, whichever is later, and until further orders
CBDT Notifies “Nature Of Business Relationship” That CA Can Have To Be Eligible To Act As “Authorized Representative”
Section 288 regulates the appearance by “authorized representatives” before any income-tax authority or the Appellate Tribunal. Sub-clause (viii) of the Explanation below s. 288(2), as amended by the Finance Act 2015, provides that a chartered accountant is eligible to be an “authorized representative” provided he is not “a person who, whether directly or indirectly, has business relationship with the assessee of such nature as may be prescribed”. The CBDT has now issued a Notification dated 24.06.2015 to insert Rule 51A and to define the nature of “business relationship” which is covered by sub-clause (viii) of Explanation below sub-section (2) of section 288 of the Act.
Transfer Order Of Hon’ble ITAT Member (June 2015 – II)
Vide order dated 24th June 2015 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal, Hon’ble Shri Pramod Kumar, Accountant Member, ITAT, Agra Benche, is transferred to ITAT, Ahmedabad Benches, in the same capacity, in public interest, with immediate effect
Transfer Orders Of Hon’ble ITAT Members (June 2015)
Vide orders dated 22nd June 2015 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal, the following transfers have been taken
CIT(A) Must Pass Appellate Order Within 15 Days Of Hearing: CBDT
The CBDT has issued an Instruction dated 19th June 2015 directing that all Commissioner of Income Tax (Appeals) should issue appellate orders within 15 days of the last hearing. It is stated that this directive shall also be applicable to orders passed by the CIT (Administration)/ CCIT as regards matters within their purview under varied Sections of Income Tax Act such as Sections 80G, 264, 263 or Orders under Rule 86 of Second Schedule and under other allied direct taxes. The CBDT has directed all officers to ensure strict compliance of the directive and has warned that any lapse on this account shall be viewed adversely
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