The CBDT has issued Instruction No. 1/2014 dated 15.01.2014 to the Chief Commissioners stating that though the Citizens Charter prescribes a time limit of one month for a decision u/s 197 on application for no deduction of tax or deduction of tax at lower rate, there is considerable delay in issuing the lower/non deduction certificate. The CBDT has directed that the commitment to tax payers as per the Citizens Charter must be scrupulously adhered to by the Assessing Officers and all applications for lower or no deduction of tax at source filed u/s 197 of the Income-tax Act, 1961 must be disposed of within the stipulated time frame
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CBDT Accepts High Court Verdict Of No TDS On Service-Tax Component
The CBDT has issued Circular No. 1/2014 dated 13.01.2014 pointing out that the Rajasthan High Court has taken the view in CIT(TDS) vs. Rajashthan Urban Infrastructure (copy attached) that if as per the terms of the agreement between the payer …
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Why Kanga And Palkhivala On Income-tax Law Is A Must-Have For Your Library
Kanga and Palkhivala’s – The Law and Practice of Income Tax (in 2 vols) has just been released. The book is a must-have for all tax professionals
Important Transfer Pricing Controversy Referred To Special Bench
Vide Order dated 06.01.2014 the Special Bench in the case of Maersk Global Service Centres (India) Pvt. Ltd has directed that the questions referred to it, relating to whether back office support services are comparable to KPO functions and whether companies earning abnormally high profit margin can be treated as comparable be reframed. The Special Bench has stated that the matter will be heard on 08.01.2014 and that assessees desiring to intervene in the matter should contact the Registry
Finance Ministry Invites Suggestions For Tax Reforms From Tax Payers
The Finance Ministry has written a letter dated 24.12.2013 pointing out that the Tax Administration Reform Commission (“TARC”) has been set up to recommended measures to enhance the effectiveness and efficiency of the tax administration system
National Company Law Tribunal Invites Applications For Members
The Ministry of Company Affairs has issued letters dated 10.12.2013 inviting applications for the post of Judicial Member and Technical Member in the National Company Law Tribunal. There are 19 vacancies for the post of Judicial Member and 14 for the post of Technical Member
CBDT Promotes Assistant Commissioners To Post of Deputy Commissioners
Vide Notification No. 11 of 2013 dated 31.12.2013 the CBDT has appointed 81 Assistant Commissioners of Income-tax (Junior Scale) to officiate as Deputy Commissioners of Income-tax (Senior Time Scale) In the Pay Scale of Rs. 15,600-39,000/- (Plus Grade Pay of Rs. 6,600/- In Pay Band-3) with effect from the date(s) indicated against their name
Transfer Pricing: CBDT Issues Important Directives On Safe Harbour Rules
Pursuant to the Safe Harbour Rules in Rules 10TA to 10TG, the CBDT has issued a letter dated 20.12.2013 in which it has laid down important directives and clarifications on the manner in which the Safe Harbour Rules are meant to be implemented
Law Ministry Takes Stern View Of Defective Filings By Professionals
The Ministry has asked professionals to ensure that the filing of all forms is defect free and in accordance with the provisions of the Companies Act, 1956 and Rules/ Regulations/ guidelines/ Circulars, as applicable
List Of Closed And Restricted Holidays For The ITAT In 2014
The Assistant Registrar of the Tribunal has released a list of closed and restricted holidays for the Tribunal
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