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1.    Representation for extension of due date of making the e-payments mandatory

The Central Board of Direct Taxes has by notification no. 34/2008 dated 13.03.2008 made payment of taxes through electronic mode mandatory for corporate assessees and assessees subject to tax audit from 1st April 2008. As the same was notified on 13.03.2008, the banks and the assessees could not gear up to adapt the system of e-payments. On the basis of requests received from members all over the country, a representation to extend the time was made to the Ministry of Finance.

2.    Examination of “Authority for Advance Rulings on Central Taxes Bill, 2007”

The Standing Committee on Finance (Lok Sabha) invited suggestions from the Institute on Authority for Advance Rulings on Central Taxes Bill, 2007. A memorandum containing the views of the ICAI was submitted to the Standing Committee on Finance.

In furtherance to the same the Parliamentary Standing Committee desired oral evidence of the representatives of the Institute. Accordingly, CA. Ved Jain, President (2008-09), CA. Mahesh Sarda, Chairman Direct Taxes Committee and Dr. Ashok Haldia, Secretary, ICAI appeared before the Committee on 19th June, 2008 and presented their views. It was suggested that the scope of the matters which can be considered by Advance Ruling Authority should be expanded by allowing resident assessees also to make reference. With a view to regulate total number of references certain limits can be specified as regards type of issues which can be referred, monetary ceiling, process fees for reference etc. It was also suggested that professionals such as Chartered Accountants & Advocates with experience of certain number of years should also be considered as eligible to be appointed as member of the authority.

3.   Representation to the CBDT requesting for engagement of Chartered Accountants also as Standing Counsel to represent Income-tax Department before ITAT

A representation has been made to the Ministry of Finance requesting them to engage Chartered Accountants also as Standing Counsel to represent Income-tax Department before ITAT.

4.    Inputs on the “Prevention of Money Laundering (Amendment) Bill, 2008

The Committee gave its inputs on the ““Prevention of Money Laundering (Amendment) Bill, 2008”

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