1. CBDT clarifies that printing or printing and publishing be considered as manufacturing for eligibility of additional depreciation u/s. 32(1)(iia) of the Act.
Circular No. 15 of 2016 dated 19.5.16
2. Finance Ministry issues clarifications and notifications for the Income Declaration Scheme effective 1.6.16 as proposed in the Budget 2016
3. CBDT issues a Directive for consistency in taxability of income/loss arising from transfer of unlisted shares under the Act 1961 –
File no. 225/12/2016/ITA .II dated 2.5.16
4. Interest u/s 244A of the Act to be paid to Resident deductors on excess tax paid u/s 195 of the Act from date of payment of tax
– Circular No 11/2016 dated 26.4.16
5. Commencement of limitation for penalty proceedings u/s. 271D and 271E of Act –
Circular No. 09/DV/2016 dated 26.4.16
It has been clarified by the CBDT that the Range Authority being the Joint Commissioner / Additional Commissioner of Income tax will issue the notice for penalty and dispose / complete the proceedings u/s 275(1)(c ) of the Act. Accordingly AOs below the rank need to refer the matters to their Range Heads.
Finance Bill 2016 received President Assent and hence enacted on 14.5.2016