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September 2016

Direct Taxes

By Pinky Shah, Sonalee Godbole; Chartered Accountants
Reading Time 1 mins
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105. CBDT issues Standard Operating Procedures (SOP) to improve the quality of services to taxpayers and also identify the responsibilities of various departments in the Tax office for effective implementation – Letter dated 2 August 2016

106. CBDT issues Standard Operating Procedures (SOP) for handling AIR transactions which do not have valid PAN –

CBDT Directive File no: F No. 225/193/2016/ ITA.II dated 22 July 2016

107. Due date for furnishing returns due on 31 July 2016 extended till 5August 2016 –

F.No. 225/195/2016/ITA.II dated 29 July 2016

108. Income Declaration Scheme (Third Amendment) Rules, 2016 –

Notification No. 74/2016 dated 17 August 2016

IDS Scheme rules has been amended to provide an option to the tax payer to take the stamp duty value as increased by the same proportion as Cost Inflation Index for the year 2016-17 bears to the Cost Inflation Index for the year in which the property was registered or fair market value as on 1.4.1981 whichever is applicable, provided the property declared is evidenced by a registered deed with a competent authority as prescribed.

109. Additional clarifications issued on IDS Scheme –
Circular no. 29/2016 dated 18 August 2016

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