By Pinky Shah, Sonalee Godbole Chartered Accountants
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60. Non-applicability of MAT provisions to FIIs/FIPs who do not have PE / place of business in India prior to 01.04.2015
Instructions no. 18/2015 dated 23rd December 2015 (full text available on www.bcasonline. org)
61. No TDS on Interest on FDRs made in the name of Registrar General of the Court or the depositor of the fund on the directions of the Court, till the matter is decided by the Court
Circular no 23/2015 dated 28th December 2015
62. Questionnaire detailing the requirements for each scrutiny to be accompanied with the Notice u/s. 143(2) of the Act to avoid any undue hardship to tax payers
Instruction no. 19/2015 dated 29th December 2015 (full text available on www.bcasonline. org)
63. Detailed clarifications issued on scope of scrutiny assessments selected under Computer Aided Scrutiny Selection – Instruction no. 20/2015 dated 29.12.15
64. CBDT has issued a Press Release making mandatory e-filing of appeals to CIT(A) for all assesses who are required to file their return electronically
65. Recording of satisfaction note in cases covered u/s. 153C/158BD of the Act
Circular no. 24/2015 dated 31.12.15
CBDT directs all the officers to follow the principles laid down by the Supreme Court in the case of CIT vs. Calcutta Knitwears 362 ITR 673 wherein it has been held that the satisfaction note needs to be in place either a) at the time of or along with the initiation of proceedings against the searched person u/s. 158BC of the Act; or (b) in the course of the assessment proceedings u/s. 158BC of the Act; or (c) immediately after the assessment proceedings are completed u/s. 158BC of the Act of the searched person.”
66. The CBDT has issued a Guidance Note dated 31.12.2015 for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Rules dealing with Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)
67. No penalty u/s. 271(1)( c) of the Act if additions made to normal income but tax determined as payable u/s. 115JB of the Act prior to 01.04.2016
Circular no. 25/2015 dated 31.12.2015
68. In light of huge default of short deduction, CBDT Issues Advisory To TDS Deductors For validating S. 197 Certification
