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A Case Of Tax Exemption vs Avoidance – Analysis Of The Special Bench Decision In Doshi Accounting Services
In Doshi Accounting Services vs. DCIT, the Special Bench of the ITAT has held that the transfer pricing provisions are applicable even to a case in which the income of the assessee is eligible for 100% tax exemption and is not chargeable to tax in India. Advocate Shashi Bekal has conducted an in-depth analysis of the judgement and explained its nuances. He has also argued that the judgement may require reconsiderationFinance Bill 2020 – Suggestions Of Tax Consultants – Reform In Tax Law And Tax Administration – Ease Of Doing Business
Dr. K. Shivaram, Senior Advocate, has offered several valuable suggestions on what reforms in tax laws and tax administration have to be implemented so as to achieve the noble objective of improving the ease of doing business. He has opined that if these suggestions are followed, there will be a proper recovery of taxes as well as a drastic reduction in litigation, which will benefit the Government as well as the citizensComputer Aided Selection Of Cases For Scrutiny (CASS): CBDT Reconstitutes Committee
The CBDT has vide Office Memorandum dated 03.01.2020 reconstituted the CASS Committee under the Chairmanship of Director General of Income Tax (Risk Assessment). The terms of reference for the CASS Committee are also stated and include analysis of suggestions received from field authorities, recommendation of modification or removal of existing rules, recommending changes in Income Tax Returns, Income Tax Forms, third Party information etc., to enable effective scrutiny selectionCompounding Of Offenses: CBDT Circular Extends Time For Filing Applications
The CBDT has vide Circular No. 1/2020 dated 03.01.2020 extended the time limit for filing of applications for compounding of offenses under the Income-tax Act, 1961. The extension has been granted with a view to give a final opportunity to taxpayers and to reduce the pendency of existing prosecution cases before the courtsS. 195 TDS Amendment: CBDT Invites Suggestions From Public
The CBDT has vide letter dated 31.12.2019 invited public consultation on the proposal for amendment of Income-tax Rules 1962, to insert new rule 29BA and Form 15E, to give effect to the amendment in section 195 of the Income-tax Act , 1961 (the Act) vide Finance (No.2) Act 2019CBDT Directs Expeditious Liquidation Of Pendency Of CPGRAMS Grievances
The CBDT has issued a directive to the Principal Chief Commissioners and Director Generals of Income Tax that all measures should be taken to get pending CPGRAMS grievances expeditiously disposed of and to ensure that there are no grievances pending for more than 90 days in their Region/ ChargeCBDT Orders Reg Appt Of IRS Officers To Post Of JCsIT + Promotion Of CsIT To PCsIT
The CBDT has vide OFFICE ORDERS NO. 05 OF 2020 dated 02.01.2020 and 274 of 2019 dated 31.12.2019 stated that several IRS officers have been appointed to the grade of Joint Commissioner of Income Tax (JCIT) and several Commissioners of Income-tax have been promoted to the post of Pr. Commissioner of Income-tax See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
An Analysis of Section 68 of the Income Tax Act, 1961 vis-à-vis Penny Stocks
Advocate Arjun Gupta has examined the taxability of gains arising from penny stocks in the light of the recent amendment to section 68 of the Income-tax Act and judgements of various Courts. He has argued that the amendment imposes an impossible burden upon taxpayers and is unworkable. He has also argued that certain judgements of the High Courts require reconsideration__._,_.___
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