By Pinky Shah, Sonalee Godbole, Chartered Accountants
31. No TDS on one time lumpsum rental /lease
payment
Circular No. 35 /2016 dated 13.10.2016
CBDT has clarified that TDS provisions will not apply in case
of lump sum lease premium or one-time
upfront lease charges. Since these
charges are not adjustable against periodic rent for acquisition of long-term
leasehold rights over land or any other property, they are capital in nature
and therefore cannot be connoted as rent within the meaning of section 194-1.
32. Extension of time limit till 31.3.2017 for
the returns for AY 2012-13, 2013-14 and 2014-15 having a claim of refund and
not processed under section 143(1) i.e. non scrutiny cases
CBDT Order u/s 119 dated 25.10.16
33. Deduction under Chapter VIA would be eligible
on enhanced income post assessment and hence appeals should not be filed / be
withdrawn / not pressed upon
Circular No. 37/2016 dated 2.11. 2016
34. Revised DTAA between India
and Korea has entered into force from 12th September 2016 notified
Press Release dated 26th October 2016
35. Prohibition of Benami
Property Transactions Rules, 2016 notified w.e.f. 1st November
2016
Notification no. 98/2016
and 99/2016 dated 25.10.16
36. Revised DTAA between India
and Japan
Notification No.102/2016 dated 28.10.16
37. Instruction relating to
The Income Declaration Scheme, 2016
dated 11th November 2016 (available on www.bcasonline.org)
38. Rules
114B and 114E amended to give effect to Demonetisation as announced by the
Government-
Income–tax (30th Amendment) Rules, 2016 dated 15th
November 2016
CBDT has amended the above Rules to include specific criteria for
specified authorities for obtaining PAN in light of the withdrawl of Rs. 500
and Rs 1000 notes from the country.
39. Premium paid for Keyman
Insurance of a Partner of a firm is an eligible business expenditure u/s. 37 of
the Act
Circular no. 38/2016 dated 22.11.16
