CBDT Office Memorandum On Decentralization Of Cases Under Insolvency & Bankruptcy Code 2016

The CBDT has issued an Office Memorandum with regard to cases under Insolvency & Bankruptcy Code 2016. The OM harmonizes the guidelines under the OM dated. 16.01.2018 with Circular No. 5/2009 dated 02.07.2009 of CBDT Read More …

CBDT Obligation To Disclose RTI Information Explained

The latest judgement of the Delhi High Court in CENTRAL BOARD OF DIRECT TAXES versus SATYA NARAIN SHUKLA explains the law on the obligation of the CBDT to disclose information relating to verification of the affidavits filed by the Members of Parliament (MPs) and Members of Legislative Assembly (MLAs) disclosing their assets to the Election Commission Read More …

CBDT Detects TDS scam Of Rs. 3,200 Crore | Launches Prosecution For TDS Deaults

The CBDT has unearthed a TDS scam worth Rs 3,200 crore. The modus operandi of the scam was that 447 companies deducted TDS from its employees but did not deposit the tax with the government. Instead, the TDS was diverted to further business interests. The CBDT has initiated prosecution against the TDS deductors for violation Read More …

CBDT For Stern Action Against Fake CA In Tax Refund Fraud

The CBDT has initiated action against the fake CA and officials of Infosys for fraudulent processing of tax refunds. According to the Times of India, the CBI is investigating a “revised tax returns” fraud involving several unknown employees of Infosys Technologies, officials from the I-T department and a fake CA from Bengaluru. The CBDT has Read More …

CBDT Instruction On Conduct of Assessment Proceedings in scrutiny cases electronically

In accordance with the procedure outlined in revised 143(2) notice(s) for conduct of assessment proceedings electronically, it is hereby directed that except for search related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the ‘E-Proceeding’ functionality Read More …

Remove long-term capital gains tax exemption: BSE

Unscrupulous entities have also been using this tax benefit to launder money by dealing in shell company shares. In early August, the markets regulator had suspended trading in 331 suspected shell companies identified by the ministry of corporate affairs. BSE says the LTCG leeway opens the door for tax arbitrage and manipulation Read More …