Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Learn about the amendment to Clause 22 of Form 3CD under Section 43B(h) and its impact on reporting requirements for payments to M...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Explore Section 119(2)(b) of the Income Tax Act, allowing CBDT to condone delays in ITR filing due to genuine hardships. Learn pro...
Income Tax : Understand the process of condonation under Section 119(2)(b) for filing returns with genuine hardship. Learn about the time limit...
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : Explore the Lok Sabha query on technical glitches in the IT portal and TRACES. Learn about processing delays, PAN-Aadhaar issues, ...
Income Tax : The CBDT awards the Taxnet 2.0 project to Bharti-Airtel Ltd, enhancing the IT Department’s digital infrastructure with secure, r...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
Income Tax : Read CAASs recommendations for fair tax audit allocation, ensuring auditor independence and quality. They suggested automated allo...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Ahmedabad held the Discounted Cash Flow Method [DCF method] adopted by the assessee for valuing the CCPS is legitimate and in...
Income Tax : Delhi High Court held that once the Tribunal had called upon the AO to examine the issue afresh, the said direction could not have...
Income Tax : Rajasthan High Court held that section 119(2)(b) of Income Tax Act read with CBDT Circular No.09/2015 dated 09.06.2015 clearly ref...
Income Tax : Read the full judgment of Umang Mahendra Shah Vs Union of India by Bombay High Court, ruling that an order under Section 148A(d) w...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
Income Tax : Ministry of Finance amends tax exemption notification, extending the eligible investment deadline to 31st March 2025 under section...
Income Tax : CBDT Notification 91/2024 extends the deadline for Section 10(23FE) tax exemptions to March 31, 2025. Discover the key changes and...
Vide Order No. 177 of 2012 dated 04.09.2012, the CBDT has ordered the transfers and postings of several officers in the grade of Commissioner/ Director of Income-tax with immediate effect. Vide Order No. 176 of 2012 dated 04.09.2012, the CBDT has promoted several officers in the grade of Commissioner/ Director of Income-tax to the grade of Chief Commissioner of Income-tax (CCIT) in the pay scale of Rs. 67,000 to 79,000 with immediate effect. By the same order, postings and transfers have also been ordered.
The issue of demand management continues to remain an area of grave concern. It has been found that in most of the cases demand uploaded is incorrect and incomplete. Such demands have been uploaded by AOs without due diligence and verification. Adjustment of such demands against refunds is leading to public grievances. It is therefore imperative to correct the demand data base and quickly rectify cases, where wrong adjustments have taken place.
It has been observed that a large part of litigation in the Direct Taxes matters involves interpretation of legal provisions. Lack of desired clarity on a contentious legal issue, amongst the officers of the department, sometimes leads to inconsistent approach on the same issue giving rise to further litigation. With a view to provide clarity on contentious legal issues, promote consistency of approach on a given issue and reduce litigation, it has been decided to set up the following institutional mechanism to formulate ‘Departmental View’ on contentious legal issues:
ORDER No. 8/FT&TR/2012 In partial modification of order No. 6/FT&TR/2012, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) at the area of jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel
Order [f.no. 500/15/2011-ft&tr-i], dated 28-8-2012 Section 144C of the Income-tax Act, 1961 – Dispute Resolution Panel – Reference to – corrigendum to Order No. 6/FT&TR/2012, dated 10-7-2012 and Order No. 7/FT&TR/2012, dated 31-7-2012 constituting DRPs and alternate DRP at various places
The CBDT in its letter dated 27.08.2012 stated that there has been non-compliance and violation of the CBDT’s order in respect of posting of officers on promotion to the grade to JCIT. The CBDT has taken a stern view and threatened that the concerned officer who issued the order and the CCIT (CCA) concerned would be held personally liable.
The Income Tax department will aim to issue faster and accurate refunds this financial year and introduce new taxpayer friendly services. In her maiden interaction with the top IT brass, newly-appointed CBDT Chairperson Poonam Kishore Saxena has asked officials to ensure timely refunds and hassle-free services for taxpayers which are the major areas of grievance for a common man.
Vide Order No. 170 of 2012 dated 27.08.2012 the CBDT has ordered the distribution of work amongst the Chairman and the Members of the CBDT.
Dr. Poonam Kishore Saxena has taken over as Chairperson, Central Board of Direct Taxes on 21st August, 2012 . She is an IRS Officer of 1975 batch. She holds a Masters Degree in Economics from Rajasthan University and is also a PhD in Economics on the topic Widening the Direct Tax – Efforts of the Central Government for economic growth in India .
A Central Board of Direct Taxes (CBDT) panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace.
