The Director General of Income Tax (System) as per powers assigned to it under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 2011’, issued as per C B D T Notification No. SO 16(E) dated 4.1.2012, has decided to extend the time limit for filing ITR-V
SEBI has, today, placed a consultative paper on the SEBI website on ‘Review of Corporate Governance Norms in India’. Comments on the discussion paper have been solicited on or before January 31, 2013.
Are QFIs required to obtain PAN Card to comply with tax norms in India? What are the benefits to QFIs of having a PAN Card? How QFIs can apply for a PAN Card? Can QFIs make an On-line application for PAN Card? What are the attestation requirements for a QFI for obtaining PAN card? What are the tax related responsibilities of Qualified Depository Participants (QDPs)?
The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on indirect tax at National Academy for Customs, Excise and Narcotics, Faridabad and its nine Regional Training Institutes located at Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Vadodara, Patna and Kanpur. They also undergo various refresher courses conducted by NADT and DTRTIs from time to time.
i) Promoting e-filing of the returns for speedy processing ii) Issuance of refunds through Refund Banker iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns. iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.
General Anti-Avoidance Rules The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold. The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards.
Information received from the Government of France has been analysed and investigations into the information have been undertaken by the different jurisdictional authorities under the Income-tax Act, 1961. Investigations in the matter are under progress including with the foreign tax authorities to obtain more information with regard to the reported account holders.
India and UK signed a Protocol amending the Convention between the Government of the Republic of India and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect of Taxes on Income and Capital Gains (DTAC)
The Kelkar Committee has cautioned us that a business-as-usual scenario for the current year may lead to the fiscal deficit rising to 6.1 per cent of GDP. This would have grave consequences for the economy is, therefore, totally unacceptable. The Committee has recommended a number of reform measures in taxation, disinvestment and expenditure.
Committee recommended that the AS notified under the Act should be made applicable only to the computation of taxable income and a taxpayer would not be required to maintain books of account on the basis of AS notified under the Act. The Committee examined all the 31 AS issued by the ICAI and recommended notification of AS on 14 issues under the Act and formulated drafts of AS on these issues.
