By Pinky Shah, Sonalee Godbole Chartered Accountants
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Applications for condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Act : Circular No. 9 dated 9 June , 2015
Clarifications on Roll back provisions of Advance Pricing Agreement scheme : Circular No. 10/2015 dated 10 June, 2015
Revision Application under section 25 of the Wealth tax Act – Circular No. 11 dated 11 June, 2015
Due to the amendment made by Finance Act, 2013 to sub clause (b) of Explanation 1 to Section 2(ea), the term “urban land” does not include land classified as agricultural land in the records of the Government and used for agricultural purposes, with retrospective effect from 1.4.1993. Wealth tax paid on such land needs to be refunded. CBDT has authorised Principal Commissioner/Commissioner of Wealth tax to admit application for revision under section 25 of the Act from assessee seeking refund arising due to the amendment, after the expiry of period specified under section 25.
Draft rules for computation of Arm’s Length Price of an International Transaction or Specified Domestic Transaction undertaken on or after 1.4.2014 released for comments and suggestion of general public– F.No. 134/11/2015-TPL dated 21 May, 2015
Protocol amending the DTAA between India and Denmark signed on the 10 October, 2013 shall enter into force on 1 February, 2015- Notification No. 45 dated 22 May, 2015.
