88 Clarifications on Income Declaration Scheme 2016 –
Circular no. 24/2016 dated 27.6.16, Circular no. 25/2016 dated 30.6.16 and Circular no 27 dated 14 July 2016
89 Procedure for determination of fair market value of assets in prescribed cases as per Section 9(1) of the Act – Income tax (19th Amendment) Rules 2016 –
Notification no 55 dated 28.6.16
CBDT has notified detailed methods under different scenarios for determining the fair market value of the assets and income attributable to assets situated in India in case of indirect transfers referred to in Section 9(1) of the Act. The rate at which foreign currency needs to be converted, various definitions, information and documentation to be maintained as well as submitted under Section 285A of the Act and two new forms Form No. 3CT being the report to be given by the Accountant for income attributable to assets located in India and Form 49D – being information and documentation under Section 285A have been prescribed.
90 CBDT has issued a Press Release dated 6 July 2016 stating the applicability of Income Computation and Disclosure Standards from 1 April 2016.i.e. AY 2017-18 onwards.
The Ministry of Finance has issued an order dated 6 July 2016(reproduced hereunder)
S. O. 2322(E).— In exercise of the powers conferred by sub-section (2) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government having regard to all the relevant factors, hereby directs that no public servant shall produce before any person or authority any such document or record or any information or computerised data or part thereof as comes into his possession during the discharge of official duties in respect of a valid declaration made under ‘the Income Declaration Scheme, 2016’, contained in Chapter IX of the Finance Act, 2016 (28 of 2016.
91 [Notification No. 56/2016, F. No. 142/8/2016-TPL]
92 Scrutiny notices under Section 143(2) modified to have separate formats for Limited Scrutiny Complete Scrutiny and Manual Scrutiny – CBDT Directive dated 11 July 2016
93 CBDT Instruction for compulsory manual selection of cases for scrutiny during FY 2016- 2017 – Instruction No. 4/2016 dated 13th July 2016 (full text available on www.bcasonline.org)
94 CBDT Instructions for converting limited scrutiny to complete scrutiny case – Instruction No. 5/2016 dated 14th July 2016 (full text available on www. bcasonline.org)
95 Press Release amending the payment schedule of taxes under Income Declaration Scheme 2016 dated 14 July 2016
CBDT has revised the schedule for payment of taxes, interest and penalty as under:
(i) a minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016; (ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.2017; and (iii) the balance amount to be paid on or before 30.9.2017.
