The CBDT has issued two letters, both dated 20th March 2015, in which it has referred to an incident in the Delhi High Court where the Court had sought information relating to a case. Though the Standing Counsel communicated the directions of the Court to the concerned CIT, this was done in a “routine manner” and without any “follow up”. The result is that the Court issued directions and possibly strictures against the department.
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Download The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new Bill in the current Session of the Parliament. In order to fulfil the commitment made by the Government to the people of India through the Parliament, the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 has been introduced in the Parliament on 20.03.2015. The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such income will henceforth not be taxed under the Income-tax Act but under the stringent provisions of the proposed new legislation.
Change In Bombay High Court’s Tax Bench Constitution w.e.f 16.03.2015
The Hon’ble the CHIEF JUSTICE AND The Hon’ble Shri Justice G.S. KULKARNI Court Room No. 52) MONDAY TO FRIDAY EXCEPT THURSDAY For admission, final hearing and Interlocutory applications therein: A) Appeals under Arbitration and Conciliation Act, B) Original Side Civil …
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Eminent Tax Expert Judge Appointed President Of The ITAT
We are pleased to report that Hon’ble Justice Dev Darshan Sud (Retd) has been appointed President of the ITAT
Budget 2015: Download Finance Bill 2015
The Finance Bill 2015, as introduced in the Lok Sabha today, 28.02.2015, is available for download
Transfers Of Hon’ble Members Of The ITAT (Feb 2015)
Vide order dated 23.02.2015 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, mentioned below with effect from 23rd March 2015
New Benches For Authority For Advance Rulings At Mumbai And Delhi
The creation of two additional benches of the Authority would dispose of increased number of cases and pendency of cases would be reduced benefitting the tax payer and the Government. Besides, this will operationalise the facility of advance ruling for resident tax payers. The proposed additional Benches of Authority for Advance Rulings (Income Tax) will facilitate the cause of the resident tax payers in obtaining tax clarity in certain situations
CBDT Clarification Circular On Scope Of S. 40(a)(i) TDS Disallowance
The CBDT has issued Circular No. 3/2015 dated 12.02.2015 in which it has issued a clarification regarding the expression “amounts not deductible” under section 40(a)(i) of the Income-tax Act, 1961. The CBDT has referred to its earlier Instruction No. 02/2014 dated 26.02.2014 and clarified that for the purpose of making disallowance of “other sum chargeable” under section 40(a)(i) of the Act, the appropriate portion of the sum which is chargeable to tax under the Act shall form the basis of such disallowance and shall be the same as determined by the AO having jurisdiction for the purpose of section 195(1) of the Act
CBDT Circular On Non-Chargeability Of Interest U/s 234A On S. A. Tax
The CBDT has issued Circular No. 2/2015 dated 10.02.2015 on the issue of chargeability of interest u/s 234A of the Income-tax Act, 1961 on self-assessment tax paid before the due date of filing the return of income. The CBDT has …
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Transfers Of Hon’ble Vice Presidents Of The ITAT
Vide Order dated 02.02.2015 passed by the Hon’ble President of the ITAT, Hon’ble Shri. G. D. Agrawal, Vice President of the Delhi Bench has been transferred in the same capacity to the Ahmedabad Bench. He will also hold additional charge of the Lucknow and Bangalore Zones until further orders. Vide the same order, Hon’ble Shri. G. C. Gupta, Vice President of the Ahmedabad Bench has been transferred in the same capacity to the Delhi Bench with immediate effect
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