Income computation and Disclosure Standards notified: Notification No. 33/2015 F.No. 134/48/2010 – TPl, dated 31 March 2015
CBDT has notified income computation and disclosure standards applicable to all assessees following the mercantile system of accounting, for computing income chargeable to income-tax under the following heads:
(i) “Profit and gains of business or profession”
(ii) “Income from other sources”.
The Notification is effective from April 1, 2015 and will apply to Assessment Year 2016-17 and subsequent Assessment Years.
17. Roll back of Advance Pricing Agreements (APA): Notification no. 23/2015 dated 14.3.15 and Notification no. 33/2015 dated 1.4.2015
The Board vide Income tax (Third Amendment) Rules, 2015 had issued rules for roll back of application of APA as well as APA vide Rule 10 MA. These Rules allow retrospective application for roll back up to four years.
The dates prescribed in the said rules has been amended vide Income tax (Fourth Amendment) Rules, 2015. Currently, an application filed before 31 March 2015 can be rolled back by filing prescribed Form 3CEDA along with additional fee before 30 June 2015 or the date of entering the APA whichever is earlier. Similar provisions apply for APAs’ entered before 31 March 2015.
18. No capital gain arises on roll over of Mutual Funds under Fixed Maturity Plans as per SEBI norms – Circular No. 6 dated 9 April 2015
19. Amendment in Rule 114 to provide procedure for application of PAN/Tax deduction Account No./Tax collection Account No. for company not registered under the Companies Act, 2013, Certain additional documents (like Aadhar card, election card etc.) permitted as proof of date of birth in case of individuals – Income tax (Fifth Amendment) Rules 2015 – Notification no. 38/2015 dated 10 April 2015
20. Rule 2BB amended to increase amount of Transport allowance for blind or handicap employee from Rs. 1600/- to Rs. 3200/- and for other employees from Rs. 800/- to Rs. 1600/- per month – Income tax (Sixth Amendment) Rules 2015 – Notification no. 39/2015 dated 13 April 2015
21. New tax returns forms notified – Notification no- 41/2015 [S.O. 1014(E) dated 15 April , 2015 – Income tax (Seventh amendment) Rules, 2015
New forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” have been notified. Further Rule 12 has been amended with effect from 1 April, 2015
22. Chargeability of Interest on Self-Assessment tax under the Wealth tax Act, 1957 – Circular no. 5 dated 9 April 2015
As notified for income tax purposes, the Board now clarifies that no interest u/s. 17B will be charged on self assessment tax paid before the due date of filing the return, while computing the tax liability under the Wealth tax Act for delay in filing the return of net wealth.
23. CBDT Instructions on claim of treaty benefits by FIIs – File :F.No.500/36/2015-FTD-1 dated 24 April 2015 (reproduced hereunder)
It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in secrutities claim such income as exempt from tax under the Income-tax Act, 1961 (‘the Act)’, by availing benefit provided in the Double Taxation Avoidance Agreements (‘DTAAs’) signed between India and their respective countries of residence.
Since the issue involved in such cases is limited, such claims should be decided expeditiously. Accordingly it has been decided that in all cases of Foreigh Institutional Investors seeking treaty benefits under the provisions of respective DTAAs, the decision may be taken within one month from the date such claim is filed.
This may be brought to the notice of all concerned with strict compliance.
