Income Tax Cadre Review : Announcement on 15th February ?

It is learnt from reliable sources that cadre review of Income Tax employees are at the final stage and going to be implemented in near future. 
Meanwhile the promotee officers of the department is on a nationwide agitation which may adversely affect the tax collection in the fag end of the financial year and certainly going to adversely affect the direct tax collection target.
"We have been told that the CBDT board, on the finance minister's instructions, will announce a cadrerestructuring exercise on February 15. However, we do not have any details of this and the contents are deliberately kept under wraps," said another Mumbai-based senior income-tax official.
Source : Economic Times

Tax collection may take a hit as I-T officials announce stir

Even as government has stepped up efforts to mop up tax collection before the fiscal ends, a section of Income Tax officials has decided to shun work and stop issuing assessment orders crucial for recovery of taxes to press their demands, including time-bound promotions. The Income Tax Gazetted  Officers Association (ITGOA), in its latest resolution has said that none of the members will "participate in any search and survey action including TDS survey, inspection, verification, study or whatever name called and recovery surveys from February 20, 2013."

The tax collection work ends by the finish of the current financial year on March 31. The ITGOA includes the second rung of I-T department officials, after the Indian Revenue Service (IRS) cadre which supervises the overall work of revenue collection across the country.

The association, which comprises a substantial chunk of the I-T department workforce, has also decided that they would not cooperate in tax recovery drives and will abstain from submission of statistical reports, dossier reports, demi-official letters from February 11, 2013.

The I-T department is tasked with the collection of revenue under the direct taxes category which includes income tax, corporate tax and wealth tax. The association has demanded implementation of the cadre restructuring proposal, promotions of Income Tax Officers (ITO) to Assistant Commissioners, upgrade in pay scales of a certain rank of officials among other organisation and career progression related issues.

As per latest data, net direct tax collections grew by 12.49 per cent to over Rs. 3.90 lakh crore in the April-January period, less than the budgeted annual target of 15 per cent. The direct tax collection target is 5.70 lakh crore for this fiscal. The tax collection drive could further be hit as yet another association of thedepartment.Income Tax Employees Federation (ITEF)-- is also mulling to join the stir after its all-India meeting on February 11.

Source : PTI / Hindustan Times

Govt to come out with modified DTC Bill

New Delhi, Jan 31 (PTI) The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh.

"Will come out with modified DTC (Bill) in response to Standing Committee suggestions," said Advisor to the Finance Minister Parthasarathi Shome at a FICCI event here.

Short Term Capital Gain on equity share may be abolished

The finance ministry is planning to scrap the tax on short-term capital gains arising from the sale of shares and the units of equity-oriented mutual funds. Top finance ministry officials said a decision on the issue is likely to be taken before next month’s budget.

CBDT issued increment order for promotion in same grade pay

The long pending demand of the employees was agreed by Govt. at last. One increment @3% has been ordered by DOPT on 7th Januaty. Most surprisingly, CBDT acted fast and issued it's own order yesterday.
View the CBDT Order