67. Due date for filing E-appeals extended till 15 June 2016 –.
– Circular No. 20 dated 26th May 2016 E-appeals which were due to be filed by 15.05.2016 can be filed up to 15.06.2016. All e-appeals filed within this extended period would be treated as appeals filed in time
68. Due date for making declarations under the Direct Tax Dispute Resolution Scheme, 2016 notified as 31 December 2016
– Notification No. 34 dated 26th May 2016
A person may make a declaration to the designated authority in respect of tax arrear or specified tax under the Direct Tax Dispute Resolution Scheme, 2016 on or before 31 December 2016
69.Direct Tax Dispute Resolution Scheme Rules, 2016 notified –
Notification No. 35 dated 26th May 2016
70. Clarification regarding cancellation of registration u/s. 12AA of the Income-tax Act, 1961 in certain circumstances –
Circular No. 21 dated 27th May 2016
CBDT has clarified that the registration of a charitable institution granted u/s. 12AA shall not be cancelled only because the proviso to section 2(15) is applicable in one year without there being any change in the activities of the charitable insitution. The process for cancellation of registration will be initiated strictly in accordance with sections 12AA(3) and 12AA(4| after carefully examining the applicability of these provisions.
71. Equalisation levy Rules, 2016 notified –
Notification No. 38 dated 27th May 2016
As introduced in the Finance Act, 2016, rules for Equalisation levy have been notified which outline provisions for rounding off, payment of levy, statement of specified services to be submitted, notice of demand, forms of appeal etc.
72. Admissibility of claim of deduction of Bad Debt –
Circular No. 12 dated 30th May 2016
CBDT has clarified that any debt or part thereof , shall be allowed as a deduction u/s. 36(l)(vii) of the Act, if it is written off as irrecoverable in the books of accounts for that previous year and it fulfills the conditions stipulated in sub section (2) of sub-section 36(2) of the Act. CBDT has directed , no appeals may henceforth be filed on this ground and appeals already filed, on this issue before various Courts/Tribunals may be withdrawn or not pressed upon.
73. Amendment to Rule 31A –
Notification No. 39 dated 31st May 2016- Income-tax (13th Amendment) Rules, 2016 applicable w.e.f. 1st June 2016 –
Time period for filing Form 26QB increased from 7 days to 30 days from the end of the month in which the tax is deducted.
74. Amendment to Rule 8D
–Notification No. 43 dated 2nd June 2016- Income-tax (14th Amendment) Rules, 2016
Sub rule 3 to rule 8D dealing with apportionment of indirect expenditure to be disallowed vis-a-vis exempt income has been deleted. Further the limit of 0.5% has been enhanced to 1% and a total cap of disallowance not exceeding the exempt income has been brought in.
75.Cost Inflation Index for F.Y. 2016-17 is 1125
– Notification No. 42 dated 2nd June 2016
76. Clarification on issues relating to TCS as amended u/s 206C(1D) and newly inserted 206(1F) –
Circular no. 22/2016 dated 8th June 2016 and Circular no. 23 dated 24th June 2016
77. CBDT issues clarification to the payers regarding due date of uploading the simplified Form 15G/15H and manner of dealing with the Forms received between transition period of 1.10.15 to 31.3.16 –
Notification no.9 dated 9th June 2016
78. Prospective applicability of GAAR provisions – Income tax (16th Amendment) Rules, 2016
– Notification no. 49 dated 22nd June 2016
Rule 10(U)(1) has been amended to extend the cut off date to 1 April 2017 for application of GAAR rules to income earned/received by any person from transfer of investments made from erstwhile 30 August 2010. Further Rule 10U(2) also has been amended to provide that GAAR will apply to any arrangement, irrespective of the date it has been entered into, if tax benefit is obtained on or after 1st April 2017 instead of 1st April 2015.
