A dozen IRS Officers resign for Packages of Rs. 1 Crore

Refined or white sugar, imported upto 31st December 2010 exempted from Customs duty-Customs Tariff Notification No.8 excise exemption notification for Jammu & Kashmir modified-Central Excise Tariff Notification No.1 Air India may lower retirement age to 55 to cut cost Board of Approval to decide fate of denotification of Essar's Hazira SEZ on 11th February Revenue's comments on 1st Discussion Paper on GST-click on the link below for details SC rules service of notice on the assessee under Section 143(2) within the prescribed period of time is a pre-requisite for framing the block assessment under Chapter XIV-B of the Income Tax Act, 1961-AIT-2010-43-SC HC rules assessee is entitled to benefit under Income Tax on delayed payment of PF if the payment is made before the return is filed-AIT-2010-42-HC Authority for Advance Ruling rules the amount received by the foreign company from the Government of Tamil Nadu under the contract is essentially in the nature of “fees for technical services” within the meaning of Explanation 2 to Section 9(1)(vii) of the Income-tax Act, 1961 read with Article 12.4 of DTAA and cannot be regarded as consideration for the sale of designs and drawings-AIT-2010-38-AAR Authority for Advance Ruling rules payment received by the applicant from VARs (“third party re-sellers”) on account of supplies of software products to the end-customers (from whom the licence fee is collected and appropriated by VAR) does not result in income in the nature of royalty to the applicant and moreover payments received by the applicant cannot be taxed as business profits in India in the absence of permanent establishment as envisaged by Article 7 of the India-Japan Tax Treaty-AIT-2010- 36-AAR lending or borrowing money between two associated enterprises comes within the ambit of international transaction and whether the same is at arms length price has to be considered-The question of rate of interest on the borrowing loan is an integral part of arms length price redetermination in this context-AIT-2010-37-ITAT Export and Import of Currency-RBI Circular No.30 HC rules a petition under Article 226 of the Constitution would be maintainable for questioning reopening of the assessment in a case such as this where the preconditions for the exercise of the power have not been fulfilled-recourse to the power under Section 147 cannot be sustained on a mere change of opinion, there being no failure of the assessee to disclose fully and truly, all material facts necessary for assessment-AIT-2010-35-HC Definitive Anti dumping duty imposed on import of Carbon Black used in rubber applications falling under sub heading 2803 00 10, originating in, or exported from, Australia, China PR, Russia and Thailand-Customs Tariff Notification No.6 Tariff Value for import of Brass scrap is 3597 and for poppy seeds 4392-Customs Non-Tariff Notification No. 10 Adjustment of “Advance Tax in respect of Fringe Benefits” for Assessment Year 2010-11 against “Advance Tax”-Income Tax Circular No.2 CBDT clarifies it is the choice of the assessee whether to file an objection before the Dispute Resolution panel against the draft assessment order or not to exercise this option and file an appeal later before CIT (Appeals) against the assessment order passed by the AO

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A dozen IRS Officers resign for Packages of Rs. 1 Crore

AIT News Network

New Delhi. Poor Packages of IRS Officers in Revenue Department has taken its toll with a dozen IRS Officers from Customs & Excise and Income Tax Department resigning from the Government for greener pastures having offers from the Corporate World.

A Commissioner of Customs posted in New Delhi has already resigned. He is said to be having an offer of Rs. 1 Crore per annum from a big company having stake in Financial and Infrastructure Sector.
A Commissioner of Central Excise posted in Karnataka has also resigned. Further, an Additional Commissioner of Central Excise posted in NCR has also resigned.
Several more IRS Officers have got their resignation letters typed and are waiting for advice of their astrologers for putting auspicious date and signature. Those opting for voluntary retirement will also get the benefit of Pay Commission’s recommendation which will be effective from 1^st January 2006 as far as Pension and other benefits are concerned.
There has been a wide gap in the packages offered by the Government and the packages being offered by MNCs and Indian Corporates. Even a CA with one year of experience is offered a package of Rs. 10 lakh which is much more than the salary package of the Chairman of Central Board of Direct Taxes or Central Board of Excise & Customs.
An ex-IRS Officer who is now with a Big Consulting company is already getting a package of Rs. 1.5 Crore per annum. Even an Inspector of Central Excise Department has been hired by a Big Consulting Company as Manager on an annual package of Rs. 24 lakh.
CAs with 8 to 10 years experience are hired by Consulting Companies as Director for their Tax Advisory Practice on Packages ranging from Rs 50 Lakh to Rs 80 Lakh Per Annum. Those having over 10 years experience are hired as Partners on Packages ranging from Rs 1 Crore to Rs 2 Crore.
When some candidates without any Professional Degree are anointed as Country Head with package of Rs 2 Crore per annum by some Companies; IRS Officers having wide exposure and expertise deserve and can expect much better Positions and Packages. Several SEZs are already looking for CEOs on Packages of Rs 1 to Rs 1.5 Crore and an IRS Officer is their first choice considering his rich experience in Export-Import regulations and procedures.
Those joining Consulting Companies are gainers in short term but are losers in long term. An IRS Officer who resigned in Eighties and floated his firm is said to be having annual billing of over Rs 100 Crore. An Inspector of Central Excise who resigned couple of years ago now has a billing of Rs 5 Crore. Those joining the Companies have also to retire on turning 60 ; but in your own once you create your name in the market; the name sells and the sky is the limit even if the work is handled by the juniors. An employee gets a hike of 15 to 20 per cent per annum ; while an Independent Professional can grow by 50 to 100 per cent per annum if he can market himself.
It is always a better option to make Rs 10 Lakh of your own as an entrepreneur rather than getting Rs 50 Lakh as an employee. If you set up a Company; the fruits go to generations and with PE money flowing and floating in India; you can also sell a small stake of your Company for few Crores after running it for few years.

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