« Top Headlines » Open DEMAT Account in 24 hrs  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing «  There is an urgent need to converge accounting standards... Company deposits, PO savings may require flashing PAN... » FinMin move to curb tribunal`s powers flayed March, 24th 2008 The finance ministrys move to curtail the powers of the Income Tax Appellate Tribunal on the matter of granting stay orders on appeals beyond 365 days, has drawn flak from the Institute of Chartered Accountants of India (ICAI).    To override the interpretation of courts, the Finance Bill, 2008, proposes to amend Section 254 of the Income Tax Act, 1961, to clearly say that the total stay order by a Tribunal cannot exceed 365 days even if the delay in disposing of the appeal is not attributable to the assessee.    The move follows a ruling of the Bombay High Court in the case of Narang Overseas (P) Ltd versus ITAT, where it ruled that the Tribunal has the power to extend the 365-day period on good cause being shown and on it being satisfied that the matter could not be heard for reasons not attributable to the taxpayer.    Once the duration of 365 days is over, the assessee will have to make the tax payment. This is a move to recover the demand and is unfair to the taxpayer, ICAI President Ved Jain said. The proposed amendment will come into effect from October 1, 2008.    As experts who represent tax payers in these Tribunals, we feel that this provision is inequitable. There are cases where stay has been granted, but the hearing has not taken place not because of assessees but due to some other reasons, Jain added.    The Tribunal is an authority created under law and grants stay not because the assessee is favorable to him, but because there are facts that deserve consideration for a stay order. Therefore, Tribunals should be allowed to grant stay for a period according to the need of the case, Jain said.