Transfer Pricing & The Law Of Selecting Comparables
Shri. K. C. Singhal, former Vice President of the ITAT, has carefully analyzed the judgement of the Delhi High Court in Chryscapital Investment Advisors (India) (P) Ltd vs. CIT [2015] 56 taxmann.com 417 (Delhi) and explained the law relating to the selection of comparables in the context of section 92C and Rule 10B
CBDT Order For Transfer And Posting Of Addl/ Joint CsIT
The CBDT has vide Order No. 82 of 2015 dated 12th June 2015 ordered the transfer and posting of several officers in the grade of Additional/ Joint Commissioner of Income Tax with immediate effect and until further orders.
CBDT's Clarifications On Rollback Provisions Of Advance Pricing Agreement Scheme
The CBDT has issued Circular No. 10/2015 dated 10.02.2015 to provide important clarifications on several controversial issues relating to the Rollback Provisions of Advance Pricing Agreement Scheme which were introduced in 2012 through insertion of sections 92CC and 92CD in the Income-tax Act, 1961 by the Finance Act, 2012
CBDT Order U/s 119 Extending Due Date For Filing ROI For AY 2015-16
The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of income tax assessees concerned.
CBDT Circular For Extension Of Time Limit For Filing Refund Applications
The CBDT has issued Circular No. 11/2015 to point out that assessees who had paid wealth-tax on agricultural land as per the provisions of the Act as they existed prior to Finance Act 2013 are entitled to a refund in view of the amendment brought by the Finance Act 2013 w.r.e.f. 1.4.1993. However, as the time-limit for filing revised return or application for rectification for the purpose of claiming refund has expired in several cases, the CBDT has authorized Principal Commissioners/Commissioners of Wealth-tax to admit application for revision under section 25 of the Act from assessees seeking refund arising due to the aforesaid amendment, after the expiry of the period specified under the said section and to deal with it on merits as per law.
Regards,
Editor,
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Latest:No Coercive Tax Recovery From Payer For TDS Default By Payee: CBDT
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