Direct Taxes

31.
Notification No.86/2013 has been rescinded with effect from the date of issue
of the said notification, thereby, removing Cyprus as a notified jurisdictional
area with retrospective effect from 1^st November 2013. 

Circular
No.15 of 2017 dated 21^st April, 2017

32.
If due tax, surcharge and penalty under PMGKY, has been received on or before
the 31^st March, 2017, and deposit in the Bond Ledger Account under
the Deposit Scheme has been received on or before the 30^th April,
2017, the declaration in Form No.1 under PMGKY can be filed by 10^th May,
2017. 

Circular
No.14 of 2017 dated 21^st April, 2017

Income
earned by an undertaking which develops, develops and operates or maintains and
operates an Industrial park/SEZ notified in accordance with the scheme framed
and notified by the Government, from letting out of premises/developed space
along with other facilities in an industrial park/SEZ is to be charged to tax
under the head ‘Profits and Gains of Business.’

Circular No. 16 of 2017 dated 25^th April , 2017

33. Amendment to Rule 19AB and Form no. 10DA 

( Rule and form of report for claiming deduction u/s. 80JJAA)

Income-tax (6^th Amendment), Rules, 2017 dated 3^rd
April, 2017 Notification No. 26 dated 3^rd April 2017.

34. Amendment to Rule 114B extending the time-limit to
provide PAN details to the Bank to 30^th 
June, 2017. 

Income-tax (7^th Amendment) Rules, 2017 -Notification No. 27 dated 5^th
April 2017

35. Provisions of section 269ST will not apply to receipt of
cash by any person from any bank and post office.

Notification No. 28 dated 5^th April 2017

36. Mandatory quoting of Aadhaar shall apply only to a person
who is eligible to obtain Aadhaar number. As per the Aadhaar Act, 2016, only a
resident individual is entitled to obtain Aadhaar. Resident as per the said Act
means an individual who has resided in India for a period or periods amounting
in all to one hundred and eighty-two days or more in the twelve months immediately
preceding the date of application for enrolment. Accordingly, the requirement
to quote Aadhaar as per section 139AA of the Income-tax Act shall not apply to
an individual who is not a resident as per the Aadhaar Act, 2016.

Press Release dated 5^th April 2017

37. Insertion of Rule 17CB – Method of valuation for the
purposes of sub-section (2) of section 115TD – Income-tax (8^th
Amendment) Rules, 2017

Notification No. 32 dated 21^st April 2017

38. Insertion of Rule 21AD and Form 10-IB for companies
claiming  benefit u/s. 115BA- Income-tax
(9^th Amendment) Rules, 2017.

Notification No. 36 dated 2^nd May 2017

39. Draft rules relating to valuation of unquoted equity
share for the purposes of section 56 and section 50CA released for stakeholders
comments.

Press Release dated 5^th May 2017

40. Draft Income Computation and Disclosure Standards on Real
Estate Transactions released for stakeholders comments. 

Press Release dated 12^th May 2017

41. Exemption provided for certain persons from Quoting
Aadhaar/Enrolment ID

Notification No. S.O. 1513 (E) dated 11^th May
2017