The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows
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CBDT Circular On Payment Of Dividend Distribution Tax By Mutual Funds
The CBDT has issued Circular No. 6 of 2014 dated 11.02.2014 in which the issue as to whether mutual funds/specified companies are required to pay additional income-tax under sub-section(2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors has been considered in great detail
CBDT Circular On Application Of Section 14A And Rule 8D
The CBDT has issued Circular No. 5 of 2014 dated 11.02.2014 in which the issue as to whether disallowance under section 14A and Rule 8D can be made in cases where the corresponding exempt income has not been earned during the financial year has been considered in great detail.
Eminent Tax Experts Designated As ‘Senior Advocates’ By The High Court
The Bombay High Court has vide Notification dated 12.02.2014 conferred the prestigious designation of “Senior Advocate” upon seven Advocates, two of whom are from the Tax Bar.
CBDT Circular On Extension Of Due Date For Filing Refund Claims
The CBDT has issued Circuar 04/2014 dated 10.02.2014 pointing out that a large number of returns have become non-est as ITR-V was not furnished within the due date. As a result the refund claims have not been processed. In order to mitigate the hardships of taxpayers pertaining to non-receipt of tax refunds, the CBDT has extended u/s 119(2)(a) the date for filing ITR-V for AYs 2009-10, 2010-11 and 2011-12 to 31.03.2014. The time-frame under the second proviso to s. 143(1) for issuing the Intimation has been extended to 6 months from the end of the month in which ITR-V is received
List Of Potential Promotees To Post of Commissioner Of Income-tax
The CBDT has vide letter dated 07.02.2014 released a list of 58 officers who are being considered for promotion to the grade of Commissioner of Income-tax against the anticipated vacancies for the year 2013-14 (Regular DPC) and 2012-13 (Supplementary DPC)
CBDT Order Appointing IRS Officers As Joint Commissioners Of I. T
Vide Order No. 18 of 2014 dated 03.02.2014 the CBDT has stated that the President has appointed IRS(IT) officers to the grade of Joint Commissioners of Income Tax in the pay scale of Rs.15,600-39.100 + Rs. 7,600 with immediate effect
Transfer Of Hon’ble ITAT Member (Jan 2014)
Vide Order dated 30.01.2014 passed in pursuance of the consultation of the collegium of the Income tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, Shri R. C. Sharma, Accountant Member, Indore has been transferred, in public interest, in the same capacity to the Mumbai Bench of the Income tax Appellate Tribunal with immediate effect. Vide the same order Smt. Diva Singh, Judicial Member, Delhi, has been allowed to continue in Delhi till 31.08.2014
A Treatise On International Taxation That Must Grace Your Library
In the second edition, Nilesh Modi, now listed as the sole author of the book, has wisely not changed the success formula of the book though he has significantly improved it
CBDT Notification Appointing IRS Officers As Assistant Commissioners Of I. T
Vide Notification dated 16.01.2014 the CBDT has stated that the President has appointed 123 IRS(IT) officers in the grode of Assistant Commissioners of Income Tax (Junior Scale) in the pay scale of Rs.15,600-39.100/- (Plus the grade pay of Rs.5,400 in P8-3) in a substantive capacity in that grade with effect from the dotes(s) indicated against their names
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