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February 2015

Direct Taxes

By Pinky Shah, Sonalee Godbole Chartered Accountants
Reading Time 1 mins
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Guidelines for notification of Semi conductor Wafer Fabrication manufacturing unit u/s. 35AD of the Act – Notification No. 80/2014 dated 12th December 2014.

CBDT has issued Income-tax (14th Amendment) Rules, 2014 inserting Rule 11 – OB which prescribes broad guidelines. The assessee can apply for notification of the Unit in Form no. 3CS (notified). The Rule also prescribes the conditions under which the notification of the unit can be withdrawn.

CBDT has created a Standard Operating Procedure for TDS credit Mechanism – copy of the same is available on www.bcasonline.org

CBDT has issued a letter prescribing guidelines for Compounding of offences under Direct tax laws 2014 – F.No. 285/35/2013/IT/(Inv.V)/dated 23rd December 2014 – copy of the same is available on www.bcasonline.org

With effect from 01-01-2015, all applications received for compounding of offences would be governed by these guidelines. The offences have been classified into two categories and criteria for compounding of offences for each category, procedure for making application and how they would be dealt with have been prescribed in detail.

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