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May 2017

Direct Taxes

By Pinky Shah, Sonalee Godbole, Chartered Accountants
Reading Time 2 mins

14.  Salary income
accrued by a seafarer for services rendered outside India is not taxable in
India merely because it is received in a NRE account maintained with a bank in
India

Circular No. 13/2017 dated 11. 04. 2017

15. Finance Bill 2017 received Presidential Assent on
31.3.2017

16.  Guidelines for
waiver of interest u/s. 201(1A) of the Act 

Circular No. 11/2017 dated 24. 03. 2017

CBDT has prescribed certain guidelines to be followed by
CCITs and DGITs while considering the applications for waiver of interest u/s.
201 (1A) of the Act in following cases:

–   Search and seizure cases where the assessee
was unable to ascertain the TDS liability to deduct and pay it.

–   As on date of deduction of TDS, the law
prevailing was favouring the assessee and the demand has arisen due to change
of law retrospectively or due to larger bench of jurisdictional Court’s /
Supreme Court’s order against the case of the assessee.

–   Default on account of non-deduction or lower
deduction of tax payment to non resident under prescribed circumstances.

It has been clarified that the waiver application would be
considered even if the assessee has paid the interest.

17.  CBDT issues FAQs
to clarify issues relating to ICDS 

Circular No. 10/2017 dated 23. 03. 2017

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