We are pleased to report that four members of the Tax Bar of Mumbai have been selected for appointment to the prestigious post of Hon’ble Members of the Income Tax Appellate Tribunal. While the members of the Bombay Tax Bar have always been forthcoming in answering the call of duty to the nation by joining judicial service, this is the first time that so many members have been selected together.
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CBDT Order On Transfers & Postings Of Pr. CCIT, CCIT And DGIT
Vide Order No. 60 of 2015 dated 08.05.2015 the CBDT has ordered the transfers and postings of several officers in the grade of Principal Chief Commissioner of Income-tax, Chief Commissioner of Income-tax and Director General of Income-tax with immediate effect and until further orders
Important Amendments To The Finance Bill 2015 Passed By The Lok Sabha
Taxmann has made available the amendments made to the Finance Bill 2015 as passed by the Lok Sabha on 30th April 2015. Taxmann has also summarized all the important changes made in the Finance Bill 2015
CBDT Instruction On Claim Of DTAA Benefits By FIIs
It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in securities claim such income as exempt from tax under the Income-tax Act, 1961(‘the Act’) by availing benefit provided in the Double Taxation Avoidance Agreements (‘DTAAs’) signed between India and their respective countries of residence
Transfers And Posting Orders Of Asst. CsIT and Deputy CsIT By CDBT
Transfers And Posting Orders Of Assistant Commissioners of Income-tax and Deputy Commissioners of Income-tax By CDBT
Circular On Taxation Of Capital Gains On Redemption Of Mutual Fund FMP Units
The CBDT has issued a Circular bearing No. 6 of 2015 and dated 9th April 2015 explaining the implication of capital gains in respect of units of Mutual Funds under the Fixed Maturity Plans on extension of their term
CBDT Circular On Chargeability Of Interest On Self-Assessment Tax
The CBDT has issued Circular No. 05 of 2015 dated 9th April 2015 explaining the chargeability of interest under section 17B of the Wealth-tax Act, 1957 on self-assessment tax paid before the due date of filing of return of net welath
Deeply Distressed! NAMO Cracks Whip On Tribunals For Slow Disposal Of Cases
Prime Minister Narendra Modi a.k.a NAMO has expressed great anguish at the gross delay in disposal of appeals by the Tribunals. At the recently concluded conference of Chief Justices, NAMO came down hard on the fact that the numerous Tribunals set up across the Country have failed to fulfill the object for which they were set up i.e. to deliver quick and efficient justice to the citizens
CBDT Notification of Income Computation and Disclosure Standards (ICDS)
The CBDT has issued a Notification dated 31st March 2015 notifying the Income Computation and Disclosure Standards (ICDS) to be followed by all income-tax assessees following the mercantile system of accounting for the purposes of computation of income chargeable to tax under the heads “Profit and gains of business or profession” or “Income from other sources”
CBDT’s Press Release regarding Advance Pricing Agreement (APA)
It has been decided to amend the sub-rule (5) of rule 10MA to provide that in a case where an application has been filed prior to the 31st day of March, 2015, application for roll back in Form No. 3CEDA along with proof of payment of additional fee may be filed at any time on or before the 30th day of June, 2015 or the date of entering into the agreement whichever is earlier. Similarly, in a case where an agreement has been entered into before the 31st day of March, 2015, application for roll back in Form No. 3CEDA along with proof of payment of additional fee may be filed at any time on or before the 30th day of June, 2015
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