Direct Taxes

CBDT has revised the monetary limits for Dossier
Cases requiring periodic review and reporting by various tax
authorities to have focused monitoring and rationalising the work load –
Instruction no. 10/2015 dated 16.9.2015

Additional
clarifications have been issued regarding tax compliance for undisclosed
foreign income and assets under The Black Money (Undisclosed Foreign
Income and Assets) and Imposition of Tax Rules, 2015 – Circular no. 15
dated 3 September 2015.

Guidance note issued by CBDT dated
31.08.2015 on implementation of reporting requirements for the US law
called “Foreign Account Tax Compliance Act” (FATCA).

Non-applicability of MAT on FIIs/ FPIs for period prior to 1.4.15 – Instruction No. 9/2015 dated 2.9.15 (reproduced alongside)

A
Committee on Direct Tax Matters chaired by Justice A. P. Shah, was
constituted to examine the issue of applicability of Minimum Alternate
Tax (‘MAT ’) on Flis/FPls for the period prior to 01.04.2015. The
Committee has submitted its final report to the Government on
25.08.2015. The Committee has recommended that section 115JB of the
Income-tax Act, 1961 (‘Act’) may be amended to clarify the
inapplicability of the provisions of section 115JB to FlIs/FPls having
no permanent establishment (PE)/place of business in India. The
Government has accepted the said recommendation and it has been decided
to carry out appropriate amendment in the Act so as to prescribe that
MAT provisions will not be applicable to Flls/FPls not having a place of
business/permanent establishment In India, for the period prior to
01.04.2015.

The field authorities are accordingly advised to
take into consideration the above position and keep in abeyance, for the
time-being, the pending assessment proceedings in cases of Flls/FPls
involving the above issue. They are further advised not to pursue the
recovery of outstanding demands, if any, in such cases.

(Rohit Garg)
Deputy Secretary to the Government of India
F. No. 225/237/2015-ITA -II