References have been received in the Board alleging lackadaisical approach of Customs officers in rummaging and examination of vessels which come to berth at various Indian ports. The references also allege illegal gratification in the form of gifts and cash.
The Direct Tax Dispute Resolution Scheme 2016 was introduced with effect from 01.06.2016 to address in part the issue of pending litigation before CsIT(A).In order to monitor the progress of the Scheme, reporting in the prescribed proforma was requested within the timelines mentioned therein
In para 5 of Head Office circular dated 05.2015 cited at (1) above, it was instructed that in the cases of provident, fund withdrawal (Form-19) wherever TDS has to be deducted @10%, the same may be approved on Form-19 by the APFC (Accounts) and wherever TDS @34.608%, it shall be approved on Form-19 by RPFC level officer.
The Union Finance Minister Shri Arun Jaitley reviews the Implementation of Insolvency and Bankruptcy Code (IBC) 2016; Calls for quick action to implement the IBC in a time bound manner
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n the past, suggestions for legislative changes were invited from field formation during the budget exercise. In this connection I am directed to intimate you that it has been decided to create an exclusive Email Id (i.e suggestion.tpl@gov.in) for receiving suggestions thought the year for legislative changes relating to direct taxes from officers/officials of the department.
Recently Government of India has notified the revised tax treaty with Mauritius which was signed by both countries on 10 May 2016 under which India will impose capital gains tax on investments routed through the island nation from 1 April 2017 to curb tax evasion.
In compliance to the decision taken by the Cabinet in its meeting held on 24.2.2016, a Committee is constituted to review the payments system in the country and to recommend appropriate measures for encouraging digital payments.
President hereby makes the following rules to amend the Settlement Commission (Income Tax and Wealth Tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairman and Members) Rules, 2015 namely :-
The Bill has since been ratified by the Legislative Assemblies of Assam (12.08.2016), Bihar (16.08.2016), Jharkhand (18.08.2016), Himachal Pradesh ( 22.08.2016) and Chhattisgarh (22.08.2016) and as likely to be taken up for ratification by Delhi, Madhya Pradesh and Gujarat.
