Eminent Jurist Ram Jethmalani has launched a blistering no-holds-barred attack to challenge the appointment of K. V. Chowdary, the former CBDT Chairman, as the new Central Vigilance Commissioner (“CVC”)

The CBDT has issued a press release stating that the news in the media that the CBDT has told its officers to go beyond raids and searches to target tax evaders is not correct. It has been clarified that effective …

CBDT Clarification Regarding Prosecution of Tax Evaders With Stringent Action Read More »

The CBDT has addressed a letter dated 5th June 2015 expressing concern that the rectification applications u/s 154 filed by the taxpayers before the field officers are not being dealt with promptly. It is pointed out that the Citizen’s Charter of the Department requires that applications for rectification are to be disposed of within two months from the end of the month in which application is received. The CBDT has directed that all rectification applications that were received up to 31″ March 2015 should be disposed of on or before 20th June 2015. It I stated that the Income-tax Department is committed to prompt redressal of taxpayer grievances and all the officers of the Department are expected to take lead in fulfilling this commitment.

The Ministry of Finance has issued a press release dated 31.05.2015 stating that Income Tax Return Forms ITR 1, 2 and 4S have been simplified for convenience of the tax payers. It is also stated that as the software for these forms is under preparation and are likely to be available for e-filing by 3rd week of June 2015, the time limit for filing these returns is also proposed to be extended up to 31st August, 2015 (31.08.2015). A separate notification will be issued in this regard.

At the 31st Annual Conference of Principal Chief Commissioners etc, Hon’ble Shri Arun Jaitley, Union Finance Minister, sent the clear-cut message to the senior officers of the Income-tax Department that they have to be prompt in redressing the grievances of the tax payers and not harass honest tax payers. He emphasized that this is the “policy” of the Government. He added that while black money hoarders have to be “squeezed”, even that has to be done in a “free and transparent” manner

The CBDT has issued a press release dated 21.05.2015 stating that the Finance (No. 2) Act, 2014 had amended the provision of Income-tax Act relating to transfer pricing regime. The purpose of amendment of section 92C (2) of the Act …

CBDT’s Draft Outline Of New Transfer Pricing Regime For Computation of Arm’s Length Price Read More »

The CBDT has issued Circular No. 07 dated 23.04.2015 stating that the CBDT has decided that since corporations covered under Section 10(26888) satisfy the two conditions of Circular No. 4/2002 i.e. unconditional exemption of income under Section 10 and no statutory liability to file return of income under Section 139, any corporation whose income is exempted under Section 10(26BBB) of the Act will also be entitled to the benefit of the said Circular. Hence there would be no requirement for tax deduction at source from the payments made to such corporations since their income is anyway exempted under the Act