Agreement between India and USA for implementation of Foreign Account tax Compliance Act of USA (FATCA) – Notification no. 77/2015 dated 30th September 2015
Due date for e-filing returns of income and audit reports extended from 30th September, 2015, to 31st October, 2015 – Circular No. F.No. 225-207- 2015-ITA.II dated 1st October 2015
CBDT simplifies procedure for furnishing NIL withholding declarations
Notification No. 76/2015/F. No.133/ 50/ 2015 -TPL dated 29th September 2015.
Under the new procedure effective from 1st October 2015, payees have the option to furnish declarations in Form 15G/H in paper format or electronic format. The payer will assign a Unique Identification Number (UIN) to each declaration and include the said information of UIN in quarterly withholding tax return. Under the new procedure, physical furnishing of copies of declarations to the Tax Authority on a monthly basis is not required. It will now form part of reporting in the quarterly withholding statements. The payers are required to preserve the declarations for a period of seven years from the end of the financial year in which declarations are received and make them available to the Tax Authority on requisition.
Validation of tax-returns through Electronic Verification Code – Circular No. F.No. 225-141- 2015-ITA.II dated 6th October 2015
Returns of income which are filed on or after 01.04.2015 electronically (without digital signature certificate) for Assessment Year 2014-2015 or returns filed in response to various statutory notices as prescribed under the Act or returns filed as a consequence of condonation of delay u/s. 119 of the Act can also be validated through EVC.
Claim for Medical expenses under section 80DDB of the Act
Notification No. – S.O. No.2791 (E) on 12th October 2015 – Income tax (Fifteenth amendment) Rules, 2015
The amended Rule 11DD relaxes the condition of obtaining the certificate for claiming expenditure under section 80DDB in respect of specified ailments. As per amended Rule 11DD, the prescription can be issued by any specialist mentioned in the amended Rule and not necessarily from a specialist working in a Government hospital.
Revised and Updated Guidance for Implementation of Transfer Pricing Provisions
Direct Tax Instruction No. 15 dated 16th October 2015 and Notification No. 83/2015 dated 19th October 2015
Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the Income
PIB Press Release dated 16th October 2015
