I.T. offices remain open on 31.03.2011

Order under Section 119(1) of the IT Act, 1961 (Reg. Income Tax Offices shall remain open on 31.3.201 through out India)
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ITO to ACIT Promotion Order released

Flash News : Promotion Order to the post of ACIT has been released today. 
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Congratulation to all the newly promoted ACITs !!

CBDT asks for posting option for ITOs to be promoted as ACIT

CBDT asks for option for posting as ACIT for the ITOs who are in consideration zone of promotion. The DPC has been completed for this posts in the first week of March but promotion order is still awaited. They are asked to exercise option within 30th March.
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Extension of time for completion of assessments and reassessments

The existing provisions of section 153 and 153B, inter alia, provides the time limit for completion of  assessment and reassessment  of  income  by  the  Assessing  Officer.  Time  limits  have  been  provided  for  completion  of  assessment  or reassessment under section 143(3), 147, 153A, 153C, etc. Further, these time limits get extended if a reference is made under section 92CA to the Transfer Pricing Officer during the course of assessment/reassessment proceedings.  These time limits are either from the end of the financial year in which the notice for initiation of the proceedings was served or from the end of the assessment year to which the proceedings relate.

New Income Tax Rate for F.Y. 2012-13 as per budget proposal

No change in corporate tax rate.

No tax on saving bank interest up to 10,000 for those having income up to Rs 5 lakh.

Tax rate for income above 10 lakh to be 30 per cent

Tax rate for income from 5 to 10 lakh to be 20 per cent

Tax rate for income from 2 lakh to 5 lakh to be 10 per cent

Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.

ITGOA withdraws agitation partially, no bar in search and survey

Agitation partially withdrawn.

Non-submission of all statistical reports including CAP-I, II, Dossiers & DO, etc., continues.

Members can participate in search & surveys.

No demonstration during Chairman/Member visits.

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ITGOA meeting inconclusive, no decision arrived

It is learnt that the Secretarial meeting of ITGOA held yesterday at Delhi remained inconclusive. No decision regarding continuity of agitation has been arrived at in the marathon meeting. They are likely to meet today again.

Direct Tax Code for individual : Salient Features

The New Direct Tax Code (DTC) is said to replace the existing Income Tax Act of 1961 in India. DTC bill was tabled in parliament on 3oth August, 2010. There are big changes now in monsoon session and There are now much less benefits as compared to what were in the original proposal. During the budget 2010 presentation, the finance minister Mr. Pranab Mukherjee reiterated his commitment to bringing into fore the new direct tax code (DTC) into force from 1st of April, 2011, but same could not be fulfilled and now it will be applicable from 1st April, 2012.The following factors of DTC which will impact on salaried people.

CBDT issues clarification on grant of Grade Pay of Rs. 5400 to A. O. Grade II and Sr. Private Secretary

Clarification on grant of Grade Pay of Rs. 5400 in PB-2 on non-functional basisi to AO Grade II and Sr. Private Secretary in the Income Tax Deparement.


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DPC for ACIT promotion started

DPC for 204 posts held yesterday  (05/03/12) and continuing today (06/03/2012). Though not confirmed, but we learnt from sources that there will be regular promotion for 103 Gen category and 101 for SC/ST

I.T. returns may be accessed by mobile soon

Soon you will be able to access details about your income tax returns (ITR) and its processing on your cellphone. As the income tax (I-T) department is all set to enhance host of taxpayer-related services and shift to a new e-return filing platform in the coming months.

The new platform will come with various services, including one which will allow tax payers to check details such as refunds, deductions and tax demands on their cellphone.

Cadre Review : Note finalized, Cabinet nod soon.

It is learnt that CBDT has finalized the Cabinet Note for cadre review and restructure in Income Tax Dept. Within a week or two it will be presented to the PMO for including in the agenda for Cabinet meeting and the cabinet is expected to give it's consent in no time. Though ITGOA has objection in this proposal for reduction in entry level Group A posts with regard to the original proposal, ITEF has demanded early implementation. So the possibility of any unanimous move against the cadre review stands remote.