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Category: Spotlight: Part A

Direct Taxes

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84. Due date for filing the Returns of Income for A.Y. 13-14, extended from 31st July, 2013 to August 5th, 2013. – F.No 225-117-2013-ITA. II dated 31st July, 2013

85. Central Government notifies differential rate of interest in respect of rupee denominated bond of an Indian company for the purpose of section 194LD of the Act – Notification no. 56/2013 dated 29th July, 2013

86. Income-tax (11th Amendment) Rules, 2013 – Amendment in Rule 21AB and introduction of Form 10F

 – Notification no. 57/2013 dated 1st August, 2013 –

A non-resident proposing to claim benefit under Double Tax Avoidance Agreement entered into between India and his country of residence is required to furnish an undertaking in Form 10F along with the Tax Residency certificate. The amendment is effective from 1stApril, 2013.

87. INSTRUCTION NO.10/2013[F.NO.225/107/2013/ ITA.II], DATED 5th August, 2013 relating to the procedure and criteria for selection of scrutiny cases under compulsory manual during the financial year 2013-14.

88. Income-tax (12th amendment) Rules, 2013 – amendment in Rule 37BB and amendment to Form 15CA and 15CB- Notification no. 58/2013 dated 5th August, 2013

Rule 37BB is amended with effect from 1st October, 2013, which prescribes the procedure to be followed by a person responsible for making a payment to a non-resident. Form 15CA i.e., the form to be filled by the person making remittance and Form 15CB, a certificate to be issued by the Chartered Accountant are amended.

89. Income tax (13th amendment) Rules, 2013 – amendment in Rule 12C and amendment to Form 64- Notification no. 59/2013 dated 5th August, 2013 –

Income paid or credited to by the Venture Capital company or venture capital fund is required to be furnished in Form 64. Form 64 is to now to be furnished electronically under digital signature.

90. Central Government authorises 14 entities to issue during the financial year 2013-14, tax free, secured, redeemable, non-convertible bonds-Notification no. 61/2013 dated 8th August, 2013

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Direct Taxes

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Income tax (third amendment) Rules, 2013 – amendment in Rule 12 and substitution of forms SAHAJ (ITR 1), ITR 2, ITR 3, SUGAM (ITR 4S), ITR 4 and ITR V – Notification no- 34/2013 [S.O.1111(E)] dated May 1, 2013 –

The important amendments are as under :

(a) Form SAHAJ (ITR 1) cannot be used if the assessee has incurred a loss under the head ‘Income from other sources’ or if the assessee wants to claim tax relief u/s. 90/90A or has any income exceeding Rs. 5,000 exempt from tax.

(b) Form SUGAM (ITR 4S) cannot be used if the assessee wants to claim tax relief u/s. 90/90A or has any income exceeding Rs. 5,000 exempt from tax.

(c) Mandatory e-filing of audit reports issued u/s. 44AB, 92E and 115JB

(d) Mandatory e-filing of return of income, if income exceeds Rs. 5,00,000 or if the assessee wants to claim tax relief u/s. 90/90A.

Procedure for deduction and payment of tax u/s 194 IA, issue of certificate of tax deducted etc.– Notification No. 39/2013 dated May 31, 2013

• Any sum deducted u/s. 194IA of the Act shall be paid electronically to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made.

• TDS payment u/s. 194IA shall be accompanied by a challan-cum-statement in Form No. 26QB.

• Since tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QB, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically into the Reserve Bank of India or the State Bank of India or any authorised bank.

• Every person responsible for deduction of tax u/s. 194IA of the Act shall furnish the certificate of deduction of tax at source in Form No. 16B to the payee within 15 days from the due date for furnishing the challan-cum-statement in Form No. 26QB.

• Form 16B is to be generated online from the web portal within 15 days from the due date of deposit and must be downloaded from the TDSCPC website. Once the certificate is downloaded, it must be signed and stamped and then sent to the payee.

Cost Inflation Index for the financial year 2013-14 is 939 – Notification No. 40/2013 dated June 6, 2013

Income tax (Sixth amendment) Rules, 2013 – amendment in Rules 10A to 10E and substitution of Form 3CEB. Notification no- 41/2013 [S.O.1491(E) ] dated June 10, 2013

Income tax (Seventh amendment) Rules, 2013 – amendment in Rule 12 and substitution of forms ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 – Notification no- 42/2013 [S.O.1513(E)] dated June 11, 2013 – The important amendments are as under :

(a) No attachments to be filed alongwith the return filed in ITR 7.

(b) Mandatory e-filing of audit reports issued u/s 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 80IA, 80IB, 80IC, 80ID, 80JJAA and 80LA.

(c) Mandatory e-filing of return of income, if the applicable audit report are to be mandatorily e-filed

The Finance Bill 2013, received the Presidential Assent on May 10, 2013

Agreement for Exchange of information relating to tax matters between India and Monaco enters into force – Notification No. 43 /2013 dated June 12, 2013

Commodities Transaction Tax Rules, 2013 – Notification No. 46/2013 [SO 1769(E)] dated June 19, 2013 – These rules to come in force from July 1, 2013

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Direct Taxes

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1. Protocol amending DTAA between India and
Sweden effective from 16th August, 2013 – Notification No. 63/2013 dated
14th August, 2013

2. NEW DRPs constituted – Order No. 2/FT & TR/2013 dated 27-08-2013

The
CBDT has issued this order for Constitution of the Dispute Resolution
Panel in Delhi, Mumbai, Ahmedabad, Pune, Kolkata, Bangalore, Hyderabad
and Chennai with effect from 19-08-2013

3. CBDT Instruction
on unmatched TDS challans in Form 26AS–Instruction No. 11/2013 dated
27-08-2013 ( available on www.bcasonline. org)

4. Income-tax
(14th amendment) Rules, 2013– amendment in Rule 37BB and amendment to
Form 15CA and 15CB-Notification No. 67/2013 dated 2nd September, 2013.

In
terms of Notification No. 58/2013 dated 5th August, 2013, Income-tax
(12th amendment) Rules, 2013 were issued to amend Rule 37BB with effect
from 1st October, 2013. Rule 37BB is further amended vide Notification
No. 67/2013 which prescribes the procedure to be followed by a person
responsible for making a payment to a non-resident. Form 15CA i.e., the
form to be filled by the person making remittance and Form 15CB, a
certificate to be issued by the Chartered Accountant are amended.

CBDT
Instruction on procedure for adjustment of refund against
demand—Instruction No. 12/2013 dated 09-09-2013 ( available on
www.bcasonline.org)

Safe Harbour rules notified vide
Income-tax (16th Amendment) Rules, 2013–Notification No. 73/2013 dated
18th September, 2013 Transfer Pricing: Finance Ministry Press Release
Reg Safe Harbour Rules

The Ministry of Finance has issued a
press release stating that the Safe Harbour Rules have been finalized
after considering the comments of various stake holders. The significant
aspect is that in case of transactions in the nature of routine ITES
and ITS activities the earlier ceiling of Rs. 100 crore has been
removed. Transactions upto Rs. 500 crore have been provided safe harbour
margin of 20% and transaction above Rs. 500 crore have been provided
safe harbour margin of 22%. Similarly, the ceiling of Rs. 100 crore
provided for transactions in the nature of corporate guarantee has been
removed. Also, the rules provide for a time bound procedure for
determination of the eligibility of the assessee and the international
transactions. Any rejection of the option exercised by the assessee
shall be by way of a reasoned order passed after hearing the assessee.
The assessee shall have a right to file an objection with the
Commissioner against adverse finding regarding the eligibility. The
Commissioner shall thereafter decide about the validity of the option
exercised by the assessee.

7. Compulsory manual scrutiny
norms for scrutiny during F.Y. 2013-14 have been modified— Instruction
No. 13/2013 dated 20-09-13 ( available on www.bcasonline.org)

8.
Clarification received on 20-09-2013 from the ADIT (Systems), New Delhi
in respect of mandatory requirement of mentioning of Bank Account No.
& IFSC Code in case of Foreign Companies in ITR-6

On
representation, the ADIT (Systems), New Delhi, has clarified vide an
email to the Society that in ITR 6 in case of Foreign Companies not
having a bank account in India, in the space meant for Bank Account No.
put ‘999999999’ i.e. 9 times 9 and in IFSC Code put ‘NNNN0NNNNNN’ [the
fifth digit being ‘Zero’ and NOT alphabet ‘O’], in all cases where there
is no bank account available in India.

9. Board issues instructions regarding non-filers

Instruction No.14/2013
F.No. 225/153/2013/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

North Block,ITA-II,Division New Delhi the 23rd of September, 2013

To

All Chief-Commissioners of Income-tax All Directors-General of Income-tax

Sir/Madam

Subject: Standard Operating Procedure for cases under Non-filers Monitoring System (‘NMS’)-regarding-

The
existing procedure for monitoring cases of ‘Non-Filers of IT Returns’
as identified by Director General of Income Tax (System) has been
examined by the board. It is felt that at present, cases of Non-Filers
are not being uniformly monitored by the Assessing Officers due to lack
of consistency in approach in dealing with such cases. Therefore, in
order to streamline processing of such cases and to ensure consistency
in monitoring NMS cases by the Assessing officers, the Board, hereby
lays down the following Standard Operating Procedure:

1. The
Assessing Officer should issue letter to the assessee with 15 days of
the case being assigned in NMS, seeking information about the return of
income flagged in NMS. Facility to generate letter has been provided in
the NMS module in i-taxnet.

2. If the letter is delivered, the Assessing Officer to capture the delivery date in the NMS module.

3.
If the letter is not delivered, the Assessing Officer should issue
letter to the alternate address of the assessee available in the Online
Monitoring System or any other address available with the Assessing
Officer through field enquiries or otherwise. All addresses used in IT
Return, AIR, CIB databases have been made available to the Assessing
Officer in the Online Monitoring System to assist the field formations
in identification of current address of the taxpayer.

4. If the
return is received, the assessing officer should capture the details in
AST within 15 days of filing of return, if the assessee informs that
paper return has already been filed which was not captured in AST, the
details of return should be entered in the AST within 15 days of
receiving such information. E-files returns will be automatically pushed
to NMS.

5. If no return is required to be filed in the case, (
non-resident etc.), the Assessing Officer should mark “No return is
required” and mention reason for the same in NMS which needs to be
confirmed by Range head.

6. If the Assessing Officer is not able
to serve the letter and identify the taxpayer, assessing officer should
mark the assessee “Assessee not traceable” in NMS which needs to be
confirmed by Range head.

7. In cases where the assessee has been
identified and no return has been filed within 30 days of the time
given in the letter, the Assessing Officer should consider initiation of
proceedings u/s 142(1)148 in AST.

8. The cases will be
processed every week by the Directorate of Systems and will be marked as
closed in NMS. If one of the following actions are taken for A.Yr.’s
2010-11, 2011-12, and 2012-13:

a) Details of return are available in AST

b) Notice u/s 142(1) or 148 has been issued in AST

c) “ No return is required” is marked by the Assessing Officer and confirmed by Range head.

I
am further directed to state that the above be brought to the notice of
all officers working under your jurisdiction for necessary and strict
compliance.

(Rohit Garg)
Deputy Secretary Government of India

Copy to:
1. Chairperson, CBDT.
2. All Members, CBDT.
3. DIT(PR,PP & OL),Mayur Bhawan,New Delhi.
4. The Comptroller and Auditor-General of India.
5. The DGIT(Vigilance),New Delhi.
6. The Joint Secretary and Legal Advisor, Ministry of Law and Justice, New Delhi
7. All Directors of Income Tax, New Delhi.
8. The DGIT(NADT) Nagpur.
9. ITCC Division of CBDT(3 copies).
10. The DGIT (Systems), New Delhi.
11. NIC, N/o Fin –for uploading on the Department’s website.
12. Data Base Cell-for uploading on irs officers website.

(Rohit Garg)

Deputy Secretary Government of India

Direct Taxes

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Reverse Mortgage (Amendment) Scheme, 2013 notified to amend the Reverse Mortgage Scheme 2008–Notification No.79 /2013 dated 7th October, 2013

Extension of time to furnish Audit Report electronically

The CBDT has issued an order dated 26th September, 2013, extending time limit from 30th September, 2013 to 31st October, 2013 for electronically furnishing of various Audit Reports.

CBDT extends due date for furnishing of Tax Audit Report for A.Y. 2013-14

The CBDT has issued an order dated 24th October, 2013 u/s. 119 of the Act in continuation of the order dated 26th September, 2013 directing that in cases where the ‘due date’ of furnishing reports of audit and corresponding income-tax returns was 30th September 2013 and where the same are furnished electronically on or before 31st October 2013, such reports of audit and returns of income shall be deemed to have been furnished within the ‘due date’ prescribed u/s. 139(1) of the Income-tax Act, 1961

The Directorate of Income-tax (Systems) has issued a letter dated 22nd October, 2013 stating that pursuant to the decision of the Board the process has been initiated to issue refunds without adjustment of demand as an interim measure in certain cases. The AOs have been requested to carry out necessary verification following the procedure prescribed in section 245 of the Act.

Protocol amending the DTAA between India and Australia signed on the 16th day of December, 2011 shall enter into force on the 2nd day of April, 2013-Notification No .74 dated 20th September, 2013.

Income tax (17th amendment) Rules, 2013 – Introduction of General Anti Avoidance Rules, which will come into force from 1st April, 2016- Notification no-75/2013 dated 23rd September, 2013

 Income-Tax Deduction from Salaries during the Financial Year 2013-14 u/s. 192 of the Income-Tax Act, 1961.-Circular No. 8 dated 10th October, 2013

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Direct Taxes

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Government notifies Cyprus as a “notified jurisdictional area under Section 94A – Notification No. 86/2013 dated 1st November, 2013

The CBDT has issued Order No. 5/FT&TR/2013 dated 04-11-2013 specifying the jurisdiction of the Dispute Resolution Panel at Delhi and Mumbai and the cases or classes of cases that they are assigned. The CBDT has also issued Order No. 6/FT&TR/2013 dated 04-11- 2013 specifying the reserve members of the DRP at Delhi and Mumbai. Both these orders are available at www.bcasonline.org

Procedure for dealing with Revenue objections – CBDT Instruction No. 16/ 2013 dated 31-10-2013

E-returns filed with payment of self-assessment tax to be treated as deemed defective and standard operating procedure notified by CBDT. – F.No. DIT(S)/II/CPC/2013-14/Unpaid self assessment tax/13798 dated 13th November 2013 – available on www.bcasonline.org

Circular clarifying DRP law under section 144C of the Act – Circular no. 9/2013 dated 19th November 2013

On analysis of the existing track record where there are unsatisfactory settlements, despite detailed procedure laid down by the CBDT, it has now fine tuned the procedure by awarding more powers to the supervisory authorities to fasten the process of settlement and prevent revenue loss for the Government as well as harassment to the tax payers.

CBDT has rectified its mistake made in Circular no. 5/2010 where it was inadvertently mentioned that Section 144C would apply from AY 2010-11 onwards. It is now clarified that section 144C is applicable to any order which proposes to make variation in income or loss returned by an eligible assessee, on or after 1st October, 2009 irrespective of the assessment year to which it pertains. Amendments to other sections of the Income-tax Act referred to in para 45.3 of the circular no. 5/2010 dated 3rd June, 2010 shall also apply from 1st October, 2009

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Direct Taxes

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DTAA between India and Estonia notified: Notification No. 27/2012 dated 25th July, 2012

The Double Tax Avoidance Agreement signed between Estonia and India on 19th September, 2011 has been notified to be entered into force on 20th June, 2012. The treaty shall apply from 1st April, 2013 in India.

DTAA between India and Lithuania notified : Notification No. 28/2012 dated 25th July, 2012

The Double Tax Avoidance Agreement signed between Lithuania and India on 26th July, 2011 has been notified to be entered into force on 10th July, 2012. The treaty shall apply from 1st April, 2013 in India.

Income tax (Eighth amendment) Rules, 2012 – Amendment in Rule 12 and substitution of ITR 7 – Notification no- 29/2012 [F.No. 142/31/2011-TPL] dated 26th July, 2012

Due date of filing returns for assessee required to file their return by 31st July extended till 31st August 2012 – Direct Tax Order F.No. 225-163-2012-ITA.II dated 31st July, 2012

Disallowance of expenses u/s 37(1) incurred in providing freebees to Medical Practitioner by pharmaceutical and allied health sector Industry – Circular No. 5/2012 dated 1st August, 2012

The Medical Council of India (Governing Body) has imposed a prohibition on the medical practitioner and their professional associations from taking any Gift, Travel facility, Hospitality, Cash or monetary grant from the pharmaceutical and allied health sector Industries. It has been clarified by the Board that in cases where such freebees are provided, such expenses would be disallowed as per the provisions of section 37(1) read with its Explanation. Since such expenses would be covered under “prohibited by any law”, and cannot be claimed as business expenses. Further, the AOs of such medical practitioners and their professional associations have been directed to look into and consider the value of such freebees as either business income or income from other sources as the case may be.

Mandatory E-filing of return of income by representative assessees of non-residents and in the case of private discretionary trusts relaxed for assessment year 2012-13 – Circular No. 6/2012 [F.No. 133/44/2012-SO (TPL)] , dated 3rd August, 2012

It would not be mandatory for agents of nonresidents, within the meaning of section 160(1) (i) of the Income-tax Act and for ‘private discretionary trusts’ to electronically furnish the return of income for assessment year 2012-13, though its total income exceeds Rs 10 lakh.

Tax Information Exchange Agreement (TIEA) entered with Guernsey – Notification No. 30 dated 9th August 2012 – India has entered into a TIEA with Guernsey for sharing of information with respect to taxes. The Agreement shall enter into force from 11th June, 2012.

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Direct Taxes

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Income tax (12th amendment) Rules, 2012 – Insertion of Rule 21AB and Forms 10FA and 10FB- Notification no- 39/2012 [F.No. 142/31/2011-TPL] dated 17th September, 2012

The Rule prescribes the particulars that must be included in a Tax Residency Certificate, which a nonresident would obtain, from the Government of the country or the specified territory of which he is a resident. The Rule also provides that a person being a resident in India, shall, for obtaining a certificate of residence for the purposes of an agreement referred to in section 90 and section 90A, make an application in Form No. 10FA to the Assessing Officer and the Assessing Officer shall issue a certificate of residence in Form No. 10FB. The Rule will come into force from 1st April, 2013.

Income tax (13th Amendment) Rules, 2012 – Debt securities issued by infrastructure finance companies which are registered with RBI are now included in the list of eligible investments u/s. 11(5) for Charitable trusts – Notification no 40 dated 20th September 2012 

Income tax (14th Amendment) Rules, 2012 – Notification no 42 dated 4th October, 2012

In case of search and requisition, specified categories of assessees have been notified wherein assessment/ reassessment notice would not be issued by AO for six assessment years immediately preceding the year for which assessment is in progress as prescribed in these rules.

Annual detailed Circular on Deduction of tax from Salaries during the Financial Year 2012-13 – Circular No. 8 of 2012 [F.No. 275-192-2012-IT(B)] dated 5th October, 2012

TDS on payment of gas transportation charges – Circular No 9/2012 dated 17th October, 2012

The Board has clarified that so long, as it can be established that the transportation of the gas is furtherance to the actual sale of natural gas by the seller, TDS provisions will not be triggered since essentially it is ‘contract of sale’ and not ‘works contract’. In case a third party transports gas, TDS would apply u/s. 194C of the Act.

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Direct Taxes

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Explanatory Notes to the Provisions of the Finance Act, 2013 – CIRCULAR No. 3/2014 [F.NO.142/24/2013-TPL], dated 24-01-2014

The CBDT has issued a press release dated 30-01-2014 to keep in abeyance the change in the procedure for PAN allotment, which was introduced vide Circular No. 11 dated 16-01-2014. In the meantime, the old procedure of PAN application and allotment shall continue.

Relaxation of time limit for filing ITR-V – CIRCULAR No. 4/2014 [F.NO.225/198/2013-ITA. II], dated 10-02-2014

The due date for filing ITR-V form for Assessment years 2009-10, 2010-11 and 2011-12 for returns e-filed within the time allowed u/s. 139 and having refund claims is extended upto 31-03-2014

Clarification regarding disallowance of expenses u/s. 14A of the Act – CIRCULAR No. 5/2014 [F.NO.225/182/2013-ITA. II], dated 11-02-2014

CBDT has clarified that disallowance u/s. 14A shall be attracted in even if the assessee has not earned any exempt income in that particular year.

Clarification regarding scope of additional income tax on distributed income u/s. 115R of the Act – CIRCULAR No. 6/2014 [F.NO.225/182/2013-ITA. II], dated 11-02-2014

CBDT has clarified that receipts by way of redemption/ repurchase of mutual fund units of allotment of bonus units are not subject to levy of additional income tax u/s. 115R (2) of the Act.

Finance Bill 2014, introduced in the Lok Sabha on 17-02-2014

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Direct Taxes

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DTAA between India and Singapore amended — Notification No. 47/2011, dated 1-9-2011.

DTAA between India and Taipei notified — Notification No. 48/2011, dated 2-9-2011.

Procedure for regulating refund of excess amount of TDS deducted and/or paid — Circular No. 6/2011, dated 24-8-2011.

The CBDT vide Circular No. 2/2011, dated 27-4-2011 had notified the procedure to claim excess amount of TDS deducted/paid from the Assessing Officer (TDS) wherein a time limit of two years from the end of the financial year in which such tax was deducted was laid down. This condition is relaxed for the refund claims pertaining to the period up to 31-3-2009 which may now be submitted to the Assessing Officer (TDS) up to 31-12-2012.

Long-Term Infrastructure Bonds notified — Notification No. 50/2011, dated 9-9-2011.

For the purpose of section 80CCF, CBDT has notified conditions to qualify as Long-Term Infrastructure Bonds, namely:

They shall be issued by IFCI, LIC, IDFC, IIFC and NBFC as classified by RBI as Infrastructure Finance Company during financial year 2011- 2012.
The volume of issuance would be limited to 25% of the additional infrastructure investment (as specified) made by the issuer company during financial year 2011-2012.
Tenure of the Bonds would be ten years with a lock-in period of 5 years. Post that the investor would have the option to sell in the secondary market or opt for buyback scheme as mentioned in the offer document at the time of issue by the issuer. Loan, lien, etc. available post lock-in period.

PAN submission during investment is mandatory.

The yields and the end use of the proceeds have been specified.

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Direct Taxes

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44.Extension of time limit for filing ITR V for AY 2010-11 and AY 2011-12 – Notification No 1/2012 under CPR Scheme 2011 dated 23-10-2012

The time limit for filing ITR V forms relating to returns filed electronically for AY 2010-11 (filed during financial year 2011-12) and AY 2011-12 (filed on or after 1 April 11) is extended. These ITR V forms can now be filed upto 31 December 2012 or 120 days from the date of e-filing the return whichever is later.

45.The Capital Gains Account (First Amendment) Scheme, 2012 – Notification no. 44/2012 dated 25-10-2012

Capital Gains Account Scheme, 1988 is amended to extend the benefit to Individuals and HUF, who have earned capital gains on transfer of a residential property and who intend to claim exemption u/s. 54GB of the Act.

46.Specified companies authorised to issue taxfree, secured, redeemable, Non-convertible Bonds during F.Y. 2012-13 – Notification no. 46/2012 dated 06-11-2012

CBDT has notified the companies eligible to issue bonds as prescribed u/s. 10(15) of the Act. Copy of the notification available on www.bcasonline.org.

47.India and United Kingdom have signed a protocol on 30th October, 2012 to amend the India – UK Treaty.

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Direct Taxes

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The CBDT has prescribed a new procedure for the above as under:

For deductions made during the current financial year viz. 2011-12, by companies including banking companies, banks, financial institutions including co-operative societies engaged in banking business, the deductors shall issue TDS certificates generated from the central system of the TIN website which can be downloaded and authenticated using either the digital signature or manual one. For other deductors for the current fiscal this facility is optional viz. they can issue a manual TDS certificate else follow the above procedure.

For deductions made in last year viz. 2010-11, all the deductors have the option of either downloading the Form 16A from the website or issuing a manual one.

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Direct Taxes

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Central Government notifies the National Commodity and Derivatives Exchange Limited, Mumbai as a recognised association for the purposes of clause (e) of the proviso to section 43(5) of the Act with effect from the date of publication of this notification in the Official Gazette – Notification No. 90 dated November 27, 2013.

Last date of payment of the December Quarter Instalment of Advance Tax for the Financial year 2013-14, extended from 15th December 2013 to 17th December 2013 for all the assesses – Order F.No 385 – 8 – 2013-IT(B) dated 13th December 2013.

Central Government has introduced Rajiv Gandhi Equity Savings Scheme, 2013 encourage investment of savings of small investors in the domestic capital market. Investment made in this scheme on or after April 1, 2013, shall be eligible for deduction under section 80CCG of the Act – Notification No. 94 dated 18th December 2013385-8-2013-IT

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Direct Taxes

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Wealth tax (1st Amendment) Rules, 2014 – Notification No. 32/2014 dated 23rd June, 2014

Return of Wealth for AY 2014-15 and onwards, is required to be filed in Form BB. No enclosures are required to be filed along with this form. Form BB is to be filed electronically with digital signature. Individuals and HUFs, to whom provisions of section 44AB are not applicable, have an option for AY 2014-15, to file the return in Form BB in paper form. A separate set of Instructions have been issued to guide the assessees file the return of net wealth in the new Form

A Press Release dated 4th July 2014 is issued to provide that all taxpayers are required to update and validate their taxpayer Email ID and Mobile Number on the Income tax website for their e-filing account

Revision of monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Court and Supreme Court – measures for reducing litigation – Instruction No. 5/2014 dated 10th July 2014 available on www. bcasonline.org

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Direct Taxes

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Procedure for response to arrears of demand by assessees and verification and correction of demand by assessing officers – Circular No. 8/2015 dated 14.05.2015

CBDT has laid down detailed procedure to be followed by the assessee on the CPC demand portal when they receive a notice for arrears of demand. It has been provided that the assessee can either

accept the demand and pay it or refund due, if any would be adjusted.

Can partially accept the demand and mention the correct amount and payment thereof.

Can claim that the demand is incorrect and then choose the reasons for the same. Based on the option selected, the assessee needs to furnish additional information like challan details, etc to support its claim.

Option is also available for sorting the matter offline with the assessing officer with the requisite paper trail.

There are guidelines for the Assessing Officer for processing the cases for verification and correction of arrears of demand. A format for the Indemnity bond has also been notified.

No TDS on Corporations established for the welfare and upliftment of ex-service men served for armed forces under Section 10(26BBB) of the Act – Circular No. 7/2015 dated 23rd April 2015

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Direct Taxes

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84. New tax returns forms notified – Notification No.- 61/2015
[F.No.142/1/2015-TPL dated 29 July, 2015 – Income tax (Tenth amendment)
Rules, 2015

New forms FORM ITR-3, FORM ITR-4, FORM ITR-5, FORM ITR-6 and FORM ITR-7 have been notified.

85. Due date for filing Return of wealth extended – Circular No. 328 dated 27 July 2015

86.
CBDT has extended the ‘due date’ for filing Return of Income for
assessment year 2015-16 in respect of assesses falling under clause (c)
of explanation 2 of sub-section (1) of section 139 of the Income-tax Act
from 31.7.2015 to 31.8.2015. In view of the same, the ‘due date’ for
filing Return of wealth by such assesses for assessment year 2015-16
also stands extended from 31st July 2015 to 31st August 2015.

87.
Rules 114F, 114G and 114H inserted and Form 61B introduced in respect
of registration of persons, due diligence and maintenance of
information, for matters relating to statement of reportable accounts
-Notification No. 62 [S.O. 2155(E)] dated 7 August 2015 – Income-tax
(11th Amendment) Rules, 2015

88. Rule 126 inserted for providing
method for Computation of period of stay in India in case of seafarers –
Notification No. 70 dated 17 August 2015 – Income-tax (Twelfth
Amendment) Rules, 2015

89. Clarification on grant of
approval and exemption claim for income of universities and educational
institutions u/s. 10(23C)(iv) of the Act- Circular no 14/2015 dated 17
August 2015

CBDT has clarified on issues like scope of
inquiry while granting approval, necessity for registration u/s. 12AA
while seeking approval /claiming exemption u/s. 10(23C) (iv) of the Act,
generation of surplus out of gross receipts, collection of amounts
under different heads of fees from students and impact of extraordinary
powers of the Managing Trustees to appoint, remove or nominate other
trustees in this Circular.

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Direct Taxes

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Due date for filing income tax returns extended from 31 August 2015
to 7 September 2015 – Notification no. F No. 225/154/2015/ITA. II dated 2
September 2015

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

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Direct Taxes

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Due date for obtaining and filing tax audit report for the assessment year 2014-15 is extended to 30th November, 2014 – Notification No. F.No.133/24/2014-TPL dated 20th August, 2014

CBDT extends the due date for obtaining and filing the tax audit report u/s. 44AB of the Act for non-transfer pricing assessees to 30th November, 2014 since new formats have been issued for tax audit report. It has been clarified, that the tax audit report filed till 24th July, 2014 in the old format will be treated as valid reports.

Committee constituted for deciding on cases covered under the retrospective amendments relation to transfer of assets – Notification No. F.No. 149/141/2014-TPL dated 28th August, 2014

CBDT has passed an order u/s. 119 of the Act constituting a Committee consisting of three members of the CBDT viz. i) Joint Secretary (FT&TR-I), (ii) Joint Secretary (TPLI) and (iii) Commissioner of Income-tax (ITA ).

Any case pertaining to period before 1st April, 2014 wherein the AO feels that income deems to accrue or arise in India through transfer of capital assets in India as covered under the Amendments made u/s. 2 (14), 2(47), 9(1)(i) and section 195, such case would be referred to this Committee subject to conditions prescribed. The AO needs to seek approval from the Committee for any action in this matter. The Committee after giving an opportunity to the assessee, shall endeavor to decide the reference within 60 days of the receipt of the reference in writing, a copy of which would be given to the assessee. The decision of the Committee would be binding on the AO. The AO would proceed in the matter following the directions of the Committee.

CBDT has issued an office memorandum to all the officers instructing them to maintain the schedule of appointment given to the tax payers and not wasting their time by making them wait. – F.N.: DIR(Hqrs)./Ch.DT/20/2013 dated 22nd August, 2014

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Direct Taxes

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Clarification regarding transfer of technical manpower in case of units eligible for deduction u/s. 10A/10AA of the Act applicable to the software industry – Circular No. 14 dated 8th October, 2014

As per the provisions of Section 10A/10AA of the Act read along with Circular no. 12/2014, if upto 20% of technical manpower is transferred from existing unit to new SEZ unit within the first year of commencement of business, it will not be construed as splitting up or reconstruction of an existing business. The upper limit of 20% has been enhanced to 50% of the total technical manpower actually engaged in software development or IT enabled products at the end of the financial year. Alternatively the assessee can also demonstrate that it employed new technical manpower in all its units put together which is at least equal to 50% of the technical manpower of the SEZ unit in the previous year. If either of the two conditions are fulfilled deduction u/s. 10A/10AA of the Act cannot be denied.

A – 12 Point Memorandum has been issued by the CBDT to the assessing officers to ensure a non-adversarial tax regime – F. No. 279/ Misc./52/2014-(ITJ) dated 7th November, 2014 (full text available on www.bcasonline.org)

Erstwhile Bank Term Deposit Scheme,2006 has been revived as Bank Term Deposit (Amendment) Scheme, 2014 effective 13th November, 2014 with the investment limit of Rs. 1,50,000/- u/s. 80C of the Act – Notification No. 63/2014 dated 13th November, 2014

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Direct Taxes

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Cost Inflation Index for Financial year 2015-15 notified as 1081 – Notification No. 60/2015 dated 24th July 2015

Business relationship with auditor clarified under Section 288 of the Act – Notification No. 50 dated 24th June 2015 – Income tax (Ninth Amendment) Rules, 2015

Definition of Accountant is provided in section 288 of the Act,. Rule 51A is inserted , which prescribes the nature of “Business Relationship” for the purposes of sub-clause (viii) of Explanation to section 288(2), which section deals with persons who can act as the Authorised representative of an assessee

i) Sub-clause (viii) provides that a Chartered accountant, holding a valid certificate of practice, may appear as an “authorised representative” before any income tax authority or appellate Tribunal , provided he is not “a person who has business relationship with the assessee of such nature as may be prescribed”.
ii) CBDT now provides that the term “business relationship” shall be construed as any transaction entered into for a commercial purpose.
iii) However, it has excluded commercial transactions in the nature of professional services permitted to be rendered by an auditor, from the ambit of “business relationship”.
iv) Further, it has also excluded commercial transactions entered in the ordinary course of company’s business at arm’s length price, like sale of products or services to the auditor, as customer, by companies engaged in the business of telecommunications, airlines, hospitals and such other similar businesses.

Following Circulars and notifications have been issued in respect of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and Rules thereunder

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act (Removal of Difficulties) Order, 2015- [Notification No. 56 dated 1st July 2015]

Dates for disclosure of Black Money (Undisclosed Foreign Income and Assets)and Imposition of Tax Act, 2015 (22 of 2015) – [Notification No. 57 dated 1st July 2015]

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 [Notification No. 58 dated 2nd July 2015]

Explanatory notes on provisions relating to tax compliance for undisclosed foreign income and assets as provided in chapter vi of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 [Circular No.12 dated 2nd July 2015]

Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets [Circular No.13 dated 6th July 2015]

Eligible Institutions with upper limits for issue of tax free secured redeemable non-convertible bonds during the financial year 2015-16 and conditions prescribed – Notification No. 59/2015 dated 6th July 2015

Due date of filing ITR V for AY 2013-14 and AY 2014-15 for returns filed electronically extended till 31st October 2015 or 120 days from filing the return whichever is later.

Procedure laid down for generating and using the Electronic Verification Code for returns to be E-filed verifying the assessee filing the return of income- Notification no. 2/2015 dated 13th July 2015

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Direct Taxes

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TDS under section 195 of the Act relating to payments to non-residents – Instruction no. 2/2014 dated 26 .02.2014 (available on bcasonline.org)

Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 for Government deductors -Circular No. 07/2014 dated 4th March, 2014

CBDT has extended the due date of filing of the TDS/TCS statement as prescribed under Section 200(3) /proviso to Section 206C(3) of the Act read with Rule 31A/31AA of the Income-tax Rules, 1962 to 31.03.2014 for a Government deductor and mapped to a valid AIN for –

(i) FY 2012-13 – 2nd to 4th Quarter
(ii) FY 2013-14 – 1st to 3rd Quarter

CBDT extends the due date of payment of final installment of advance tax to 18th March 2014 –F.No.385/8/2013-IT(B) dated 14 th March 2014

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Direct Taxes

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A resident can seek Advance ruling in relation to his tax liability arising out of one or more transactions undertaken or proposed to be undertaken by him , which has an aggregate value of rupees one hundred crore or more – Notification No. 73 dated 28th November 2014

Income-tax (12th Amendment) Rules, 2014 – Amendment in Rule 44E and introduction of Form 34DA – Notification Notification No. 74 dated 28th November 2014 [S.O.3015 (E)] –
Amendment in the procedure for making an application to the Advance Ruling Authority. A specified resident to make an application to the Advance Ruling Authority in Form 34DA .

Income-tax (13th Amendment) Rules, 2014 –- Rule 2BBA inserted Notification No. 79 dated 12th December 2014 [S.O. 3168 (E)] –

For the purposes of sub-Clauses (iiiab) and (iiiac) of Clause (23C)of section 10, any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such university or other educational institution, hospital or other institution exceeds fifty percent. of the total receipts including any voluntary contributions, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year.

TDS on Salaries for Financial year 2014-15: Circular no. 17/2014 dated 10th December 2014

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Direct Taxes

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Agreement between India and USA for implementation of Foreign Account tax Compliance Act of USA (FATCA) – Notification no. 77/2015 dated 30th September 2015

Due date for e-filing returns of income and audit reports extended from 30th September, 2015, to 31st October, 2015 – Circular No. F.No. 225-207- 2015-ITA.II dated 1st October 2015

CBDT simplifies procedure for furnishing NIL withholding declarations

Notification No. 76/2015/F. No.133/ 50/ 2015 -TPL dated 29th September 2015.

Under the new procedure effective from 1st October 2015, payees have the option to furnish declarations in Form 15G/H in paper format or electronic format. The payer will assign a Unique Identification Number (UIN) to each declaration and include the said information of UIN in quarterly withholding tax return. Under the new procedure, physical furnishing of copies of declarations to the Tax Authority on a monthly basis is not required. It will now form part of reporting in the quarterly withholding statements. The payers are required to preserve the declarations for a period of seven years from the end of the financial year in which declarations are received and make them available to the Tax Authority on requisition.

Validation of tax-returns through Electronic Verification Code – Circular No. F.No. 225-141- 2015-ITA.II dated 6th October 2015

Returns of income which are filed on or after 01.04.2015 electronically (without digital signature certificate) for Assessment Year 2014-2015 or returns filed in response to various statutory notices as prescribed under the Act or returns filed as a consequence of condonation of delay u/s. 119 of the Act can also be validated through EVC.

Claim for Medical expenses under section 80DDB of the Act

Notification No. – S.O. No.2791 (E) on 12th October 2015 – Income tax (Fifteenth amendment) Rules, 2015

The amended Rule 11DD relaxes the condition of obtaining the certificate for claiming expenditure under section 80DDB in respect of specified ailments. As per amended Rule 11DD, the prescription can be issued by any specialist mentioned in the amended Rule and not necessarily from a specialist working in a Government hospital.

Revised and Updated Guidance for Implementation of Transfer Pricing Provisions

Direct Tax Instruction No. 15 dated 16th October 2015 and Notification No. 83/2015 dated 19th October 2015

Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the Income

PIB Press Release dated 16th October 2015

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Direct Taxes

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New tax returns forms notified – Notification no- 28/2014 [S.O. 1418(E) dated 30th May, 2014 – Income tax (Sixth amendment) Rules, 2014

New forms ITR 3, ITR 4 , ITR 5, ITR 6 and ITR 7 have been notified.

Further Rule 12 has been amended with effect from 1st April, 2014 to provide mandatory electronic filing of audit report u/s.10AA, 44DA, 50B and 115VW from A.Y. 2014- 15.

Agreement for Exchange of information for collection of taxes between the Government of India and the Government of the Principality of Liechtenstein to have effect for all requests made in respect of taxable periods beginning on or after 1st April, 2013 – Notification No. 30 /2014 dated 6th June 2014

Cost inflation index for F.Y. 2014-15 is 1024 – Notification No. 31 /2014/ [F.No. 142/3/2014- TPL] dated 11th June, 2014

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Direct Taxes

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Guidelines for notification of Semi conductor Wafer Fabrication manufacturing unit u/s. 35AD of the Act – Notification No. 80/2014 dated 12th December 2014.

CBDT has issued Income-tax (14th Amendment) Rules, 2014 inserting Rule 11 – OB which prescribes broad guidelines. The assessee can apply for notification of the Unit in Form no. 3CS (notified). The Rule also prescribes the conditions under which the notification of the unit can be withdrawn.

CBDT has created a Standard Operating Procedure for TDS credit Mechanism – copy of the same is available on www.bcasonline.org

CBDT has issued a letter prescribing guidelines for Compounding of offences under Direct tax laws 2014 – F.No. 285/35/2013/IT/(Inv.V)/dated 23rd December 2014 – copy of the same is available on www.bcasonline.org

With effect from 01-01-2015, all applications received for compounding of offences would be governed by these guidelines. The offences have been classified into two categories and criteria for compounding of offences for each category, procedure for making application and how they would be dealt with have been prescribed in detail.

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Direct Taxes

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55. Explanatory notes to the provisions of Finance (No 2) Act, 2014 – Circular No. 1 dated 21 January 2015

56. CBDT has issued instruction regarding acceptance of the Order of the Hon’ble High Court of Bombay in the case of Vodafone India Services Pvt. Ltd.- Instruction No. 2 dated 29 January 2015

57. Interest under section 234A of the Act not to be charged on the self assessment tax paid before the due date of filing of the return – Circular no. 2/2015 dated 10 February 2015

58. TDS/TCS is deducted but not deposited within the due date – Circular dated 2 February 2015

All cases where TDS/TCS is deducted but not deposited within the due date, as prescribed, are punishable u/s 276B/276BB or 278A. The selection of cases and their processing is governed by Instruction F.No. 285/90/2008-IT(Inv-I)/05 dated 24th April 2008 which has been modified by the CBDT [vide F.No.285/90/2013- IT(Inv.)] dated 7th February 2013. Presently, the monetary limit specified for cases to be considered for prosecution is as under:-

(i) Cases, where amount of tax deducted is1,00,000 or more and the same is not deposited by the due date as prescribed shall mandatorily be processed for prosecution in addition to the recovery.

(ii) Cases, where the tax deducted is between Rs. 25,000 and Rs. 1,00,000 and the same is not deposited by the due date as prescribed may be processed for prosecution depending upon the facts and circumstances of the case, like where there are instances of repeated defaults and/or tax has not been deposited till detection.

The circular further prescribes the procedure for identification of cases of default, launching prosecution and standard operating procedure defining role of various TDS authorities in addressing the issue of prosecution and compounding of TDS cases.

59. Protocol amending the DTAA between India and of South Africa for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income shall come into force from 26th November, 2014-Notification No. 10-2015-FT and TR-II dated 2nd February 2015

60. Income-tax (2nd Amendment) Rules, 2015 – Amendment in Rule 44E and introduction of Form 3CEFB – Notification No. 11 dated 4th February 2015[S.O.350(E)]

CBDT prescribes Safe Harbour Rules for specified Domestic Transactions which areapplicable for a Government company engaged in generating and supply of electricity, transmission of electricity, wheeling of electricity and Form No. 3CEFB prescribed.

61. Commodities Transaction Tax (First Amendment) Rules, 2014 – Amendment in Rule 3 – Notification No. 13 dated 10th February 2015 [F.No. 142-09-2013-TPL]

62. Clarification regarding amounts not deductible under section 40(a)(i) of the Act – Circular No. 3 dated 12th February 2015

As per the Instruction No. 2/2014 dated 26-02-2014 of CBDT, it has been clarified that under the provisions of section 195 of the Act the AO will determine the appropriate portion chargeable to tax on which TDS should have been deducted in case of prescribed foreign remittance. Now CBDT clarifies that the disallowance u/s. 40(a)(ia) of the Act would be connected to such appropriate amount and not the entire sum remitted.

63. CBDT Lays down procedure for launching prosecution for TDS / TCS defaults – copy of the same is available on www.bcasonline.org

64. Clarification regarding aaplicability of Section 143(1D) of the Act – Instruction no. 1 of 2015 dated 13 January 2015

CBDT has clarified that in case notice has been issued u/s. 143(2) of the Act for scrutiny, then the return need not be processed u/s. 143(1D) of the Act. Also the scrutiny assessment would be completed expediously in such cases.

65. Statement of income to be furnished by business trusts to prescribed authorities and unit holders in prescribed Form 64A and Form 64B – respectively – Income tax (1st Amendment) Rules 2015 – Notification no. 3/2015 dated 19.1.15

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Direct Taxes

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Applications for condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Act : Circular No. 9 dated 9 June , 2015

Clarifications on Roll back provisions of Advance Pricing Agreement scheme : Circular No. 10/2015 dated 10 June, 2015

Revision Application under section 25 of the Wealth tax Act – Circular No. 11 dated 11 June, 2015

Due to the amendment made by Finance Act, 2013 to sub clause (b) of Explanation 1 to Section 2(ea), the term “urban land” does not include land classified as agricultural land in the records of the Government and used for agricultural purposes, with retrospective effect from 1.4.1993. Wealth tax paid on such land needs to be refunded. CBDT has authorised Principal Commissioner/Commissioner of Wealth tax to admit application for revision under section 25 of the Act from assessee seeking refund arising due to the amendment, after the expiry of period specified under section 25.

Draft rules for computation of Arm’s Length Price of an International Transaction or Specified Domestic Transaction undertaken on or after 1.4.2014 released for comments and suggestion of general public– F.No. 134/11/2015-TPL dated 21 May, 2015

Protocol amending the DTAA between India and Denmark signed on the 10 October, 2013 shall enter into force on 1 February, 2015- Notification No. 45 dated 22 May, 2015.

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Part A – Direct taxes

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1.    Direct Tax Press Release dated 29th August 2016 -The Protocol amending DTAA between India and Mauritius was signed by both countries on 10th May, 2016. The Protocol was entered into force in India on 19th July, 2016 and has been notified in the Official Gazette on 11th August, 2016.

2.    Search and Survey operations and Income Declaration Scheme – Circular No. 32 dated 1st September 2016

Wherever in the course of search under section 132 or survey operation under section 133A of the Act, any document is found as a proof for having already filed a declaration under the Income Declaration Scheme, including acknowledgement issued by the Income-tax Department for having filed a declaration, no enquiry would be made by the Income-tax Department in respect of sources of undisclosed income or investment in movable or immovable property declared in a valid declaration made in accordance with the provisions of the Scheme.

3.    Press Release dated 5th September 2016 – Income Declaration Scheme 2016

– Government issues Clarifications in the form of Sixth Set of Frequently Asked Questions

4.    RBI Circular DBR.No. Leg.BC. 13-09.07.005-2016-17 dated 8 September 2016

– RBI has instructed the banks to accept cash deposits from all the declarants under the Income declaration Scheme irrespective of amount, over the counters, for making payment under the Scheme through challan ITNS-286.

5.    Order F.No.225-195-2016-ITA-II dated 9th September 2016

– Due-date provided under section 139(1) for furnishing return of Income and obtaining Tax Audit Report extended from 30th September, 2016 to 17th October, 2016.

6.    Further Clarifications on the Direct Tax Dispute Resolution Scheme, 2016

– Circular No. 33 dated 12th September 2016 and Instruction no 8 dated 15 September 2016

7.    Circular No. 34 dated 21st September 2016 – where a declaration is made under the Income Declaration Scheme for years, which are not under assessment on an identical issue which is pending in assessment under section 143(3)/147 of the Act , no penalty or prosecution be initiated against such person if he offers to pay the tax and interest, on such issue for the year pending in assessment under section 143(3)/147

8.    Procedure for generation of scrutiny notices under Section 143(2) for limited and full scrutiny under CASS

– Instruction No. 3 dated 16.09.2016

9.    Revised guidelines for engagement of standing counsels and schedule of fees payable  to them
 
– Instruction no. 6 and 7 dated 7 September 2016

10.    Procedure for issue of NOC , voyage return and voyage assessment in case of foreign shipping companies

– Circular No. 30/2016 dated 26th August 2016

Direct Taxes

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1. CBDT clarifies that printing or printing and publishing be considered as manufacturing for eligibility of additional depreciation u/s. 32(1)(iia) of the Act. 
Circular No. 15 of 2016 dated 19.5.16

2. Finance Ministry issues clarifications and notifications for the Income Declaration Scheme effective 1.6.16 as proposed in the Budget 2016

  • The Income Declaration Scheme Rules, 2016 dated 19.5.16
  • Dates for declaration and tax and penalties payment and regularise benami transactions as provided – Notification No. 32/2016 dated 19.5.2016
  • Explanatory Notes on provisions of The Income Declaration Scheme, 2016 – Circular No. 16 dated 20.05.2015
  • Clarifications on the Income Declaration Scheme, 2016 – Circular No. 17 of 2016 dated 20.5.16

3. CBDT issues a Directive for consistency in taxability of income/loss arising from transfer of unlisted shares under the Act 1961 –

File no. 225/12/2016/ITA .II dated 2.5.16

4. Interest u/s 244A of the Act to be paid to Resident deductors on excess tax paid u/s 195 of the Act from date of payment of tax

 – Circular No 11/2016 dated 26.4.16

5. Commencement of limitation for penalty proceedings u/s. 271D and 271E of Act –

Circular No. 09/DV/2016 dated 26.4.16

It has been clarified by the CBDT that the Range Authority being the Joint Commissioner / Additional Commissioner of Income tax will issue the notice for penalty and dispose / complete the proceedings u/s 275(1)(c ) of the Act. Accordingly AOs below the rank need to refer the matters to their Range Heads.

Finance Bill 2016 received President Assent and hence enacted on 14.5.2016

Direct Taxes

1.    CBDT issues Guiding Principles for determination of Place of Effective Management of a Company

Circular No. 6 dated 24th January 2017

2.    Place of Effective Management guidelines shall not apply to a company having turnover or gross receipts of Rs. 50 crores or less in a financial year

Circular No. 8 dated 23rd February 2017

3.    Amendment to Rule 114(1) and Rule 114A(1) to provide for a common application form for allotment of PAN/TAN for certain classes of persons to be notified. Income -tax (2nd Amendment) Rules, 2017

Notification No. 9 dated 9th February 2017

4.    Newly incorporating company electronically can apply for PAN in form INC 32 using digital signature as specified by Ministry of Corporate affairs. After generation of Corporate Identity Number, MCA will forward data in prescribed Form 49A to Income tax Authorities using digital signature

Notification No. 2 dated 9th March 2017

5.    India and Belgium sign Protocol amending the India-Belgium Double Taxation Avoidance Agreement and Protocol

-Press Release dated 9th March 2017

6.    Protocol amending the DTAA between India and Israel to come into effect from 14th February 2017

Notification no. 10/2017 dated 14.2.2017

7.    Standard Operating Procedures prescribed by CBDT for verification of cash transactions vis-à-vis Demonetisation 

8.    Under revised India – Korea DTAA – CBDT has clarified that applications for bilateral APA involving international transactions with AE in Korea for the APA period beginning Fiscal Year 2017¬ 18 can be filed along with request for rollback provision in prescribed form – Press Information Bureau dated 17th March 2017

9.    CBDT issues clarification on taxation and investment regime under the Pradhan Mantri Garib Kalyan Yojana, 2016

Circular no. 8/201/ dated 14th March 2017

Direct Taxes

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67. Due date for filing E-appeals extended till 15 June 2016 –.

– Circular No. 20 dated 26th May 2016
E-appeals which were due to be filed by 15.05.2016 can be filed up to 15.06.2016. All e-appeals filed within this extended period would be treated as appeals filed in time

68. Due date for making declarations under the Direct Tax Dispute Resolution Scheme, 2016 notified as 31 December 2016

– Notification No. 34 dated 26th May 2016
A person may make a declaration to the designated authority in respect of tax arrear or specified tax under the Direct Tax Dispute Resolution Scheme, 2016 on or before 31 December 2016

69.Direct Tax Dispute Resolution Scheme Rules, 2016 notified –

Notification No. 35 dated 26th May 2016

70. Clarification regarding cancellation of registration u/s. 12AA of the Income-tax Act, 1961 in certain circumstances –

Circular No. 21 dated 27th May 2016
CBDT has clarified that the registration of a charitable institution granted u/s. 12AA shall not be cancelled only because the proviso to section 2(15) is applicable in one year without there being any change in the activities of the charitable insitution. The process for cancellation of registration will be initiated strictly in accordance with sections 12AA(3) and 12AA(4| after carefully examining the applicability of these provisions.

71. Equalisation levy Rules, 2016 notified –

Notification No. 38 dated 27th May 2016
As introduced in the Finance Act, 2016, rules for Equalisation levy have been notified which outline provisions for rounding off, payment of levy, statement of specified services to be submitted, notice of demand, forms of appeal etc.

72. Admissibility of claim of deduction of Bad Debt –

Circular No. 12 dated 30th May 2016
CBDT has clarified that any debt or part thereof , shall be allowed as a deduction u/s. 36(l)(vii) of the Act, if it is written off as irrecoverable in the books of accounts for that previous year and it fulfills the conditions stipulated in sub section (2) of sub-section 36(2) of the Act. CBDT has directed , no appeals may henceforth be filed on this ground and appeals already filed, on this issue before various Courts/Tribunals may be withdrawn or not pressed upon.

73. Amendment to Rule 31A –

Notification No. 39 dated 31st May 2016- Income-tax (13th Amendment) Rules, 2016 applicable w.e.f. 1st June 2016 –
Time period for filing Form 26QB increased from 7 days to 30 days from the end of the month in which the tax is deducted.

74. Amendment to Rule 8D

–Notification No. 43 dated 2nd June 2016- Income-tax (14th Amendment) Rules, 2016
Sub rule 3 to rule 8D dealing with apportionment of indirect expenditure to be disallowed vis-a-vis exempt income has been deleted. Further the limit of 0.5% has been enhanced to 1% and a total cap of disallowance not exceeding the exempt income has been brought in.

75.Cost Inflation Index for F.Y. 2016-17 is 1125
– Notification No. 42 dated 2nd June 2016

76. Clarification on issues relating to TCS as amended u/s 206C(1D) and newly inserted 206(1F) –
Circular no. 22/2016 dated 8th June 2016 and Circular no. 23 dated 24th June 2016

77. CBDT issues clarification to the payers regarding due date of uploading the simplified Form 15G/15H and manner of dealing with the Forms received between transition period of 1.10.15 to 31.3.16 –
Notification no.9 dated 9th June 2016

78. Prospective applicability of GAAR provisions – Income tax (16th Amendment) Rules, 2016

– Notification no. 49 dated 22nd June 2016
Rule 10(U)(1) has been amended to extend the cut off date to 1 April 2017 for application of GAAR rules to income earned/received by any person from transfer of investments made from erstwhile 30 August 2010. Further Rule 10U(2) also has been amended to provide that GAAR will apply to any arrangement, irrespective of the date it has been entered into, if tax benefit is obtained on or after 1st April 2017 instead of 1st April 2015.

Direct Taxes

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105. CBDT issues Standard Operating Procedures (SOP) to improve the quality of services to taxpayers and also identify the responsibilities of various departments in the Tax office for effective implementation – Letter dated 2 August 2016

106. CBDT issues Standard Operating Procedures (SOP) for handling AIR transactions which do not have valid PAN –

CBDT Directive File no: F No. 225/193/2016/ ITA.II dated 22 July 2016

107. Due date for furnishing returns due on 31 July 2016 extended till 5August 2016 –

F.No. 225/195/2016/ITA.II dated 29 July 2016

108. Income Declaration Scheme (Third Amendment) Rules, 2016 –

Notification No. 74/2016 dated 17 August 2016

IDS Scheme rules has been amended to provide an option to the tax payer to take the stamp duty value as increased by the same proportion as Cost Inflation Index for the year 2016-17 bears to the Cost Inflation Index for the year in which the property was registered or fair market value as on 1.4.1981 whichever is applicable, provided the property declared is evidenced by a registered deed with a competent authority as prescribed.

109. Additional clarifications issued on IDS Scheme –
Circular no. 29/2016 dated 18 August 2016

Direct Taxes

106. CBDT issues clarification on implementation of GAAR
provisions under the Income-tax Act

Circular No. 7/2017 dated 27th January 2017.

107. Circular No. 1/2017 on TDS on salaries contained mistake
in the table of due dates for furnishing of the e-TDS statements for the last
quarter of the year 

CBDT has issued a corrigendum on 24thJanuary 2017
to rectify the mistake.

108. Explanatory Notes to the Provisions of the Finance Act,
2016

Circular No. 3/2017, dated 20th January, 2017

109. Instructions laying down standard operating procedures
to investigate the cash deposits above prescribed limits post demonetization
period-

Instruction no. 03/2017 dated 21.02.2017

Direct Taxes

14.  Salary income
accrued by a seafarer for services rendered outside India is not taxable in
India merely because it is received in a NRE account maintained with a bank in
India

Circular No. 13/2017 dated 11. 04. 2017

15. Finance Bill 2017 received Presidential Assent on
31.3.2017

16.  Guidelines for
waiver of interest u/s. 201(1A) of the Act 

Circular No. 11/2017 dated 24. 03. 2017

CBDT has prescribed certain guidelines to be followed by
CCITs and DGITs while considering the applications for waiver of interest u/s.
201 (1A) of the Act in following cases:

–   Search and seizure cases where the assessee
was unable to ascertain the TDS liability to deduct and pay it.

–   As on date of deduction of TDS, the law
prevailing was favouring the assessee and the demand has arisen due to change
of law retrospectively or due to larger bench of jurisdictional Court’s /
Supreme Court’s order against the case of the assessee.

–   Default on account of non-deduction or lower
deduction of tax payment to non resident under prescribed circumstances.

It has been clarified that the waiver application would be
considered even if the assessee has paid the interest.

17.  CBDT issues FAQs
to clarify issues relating to ICDS 

Circular No. 10/2017 dated 23. 03. 2017

Direct Taxes

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19 CBDT provides clarification on classification of income from sale of shares as capital gains or business income –

Circular No. 6/2016 dated 29.02.16

In continuation to the earlier Instruction No. 1827, dated August 31, 1989 and Circular No. 4 of 2007 dated June 15, 2007 further clarification has been provided by CBDT for determining income from sale of shares as Capital gains or Business Income:

i) If the assesse has treated the securities in his books as stock in trade the same should be accepted.

ii) In case holding period of the securities is more than a year and the assessee wants to treat it as a Capital asset, then the AO needs to accept it provided the treatment is consistently followed by the assessee in the subsequent years.

iii) In all other cases, the earlier mentioned Instructions and Circular be considered for determination the nature of income.

iv) These guidelines would not apply to transactions where genuineness of transaction is questionable.

It is further clarified that these are broad guidelines and the determination needs to be based on the facts of each case.

20 Clarification by CBDT that the provisions of India-UK DTAA would be applicable to a partnership that is a resident of either India or UK, to the extent that the income derived by such partnership, estate or trust is subjected to tax in the State as the income of a resident, either in its own hands or in the hands of its partners or beneficiaries. –

Circular No. 02/2016 dated 25.02.2016

21 CBDT extends the benefit of higher monetary limits laid down in Circular 21 of 2015 dated 10.12.2015 for filing appeals to Cross Objections filed by Department before ITAT and references made to the High Court u/ss. 256(1) and 256(2) of the Act –

Letter No: F.No.279/Misc./M-142/2007-ITJ (Part) dated 8.03.2016

22 CBDT clarifies on the status of the EPC consortiums – when to be treated as AOP –

Circular no. 7/2016 dated 7.03. 2016

Certain broad parameters are laid down for NOT treating the EPC consortiums as AOP and thereby not taxing it as a separate entity:

i) Clear independence exists between each member in terms of responsibility, resources and risk for the scope of work defined for him.

ii) Each member earns profit/loss for his scope of work though all together can share contract price at the gross level for accounting convenience.

iii) Resources in terms of men and materials used by each member are under his risk and control parameters.

iv) There is no unified control and management of the consortium and common management is for administrative convenience and co-ordination.

v) Other facts and circumstances which point out that consortium is not an AOP.

It is further clarified that this Circular shall not be applicable in cases where all or some of the members of the consortium are Associated Enterprises within the meaning of section 92A of the Act. In such cases, the Assessing Officer will decide whether an AOP is formed or not keeping in view the relevant provisions of the Act and judicial jurisprudence on this issue.

23 Guidelines for Implementation of Transfer Pricing Provisions – Instruction No. 15/2015, dated 16th October, 2015 replaced by Instruction No. 3/2016 dated 10 March 2016 ( full text available on www.bcasonline.org

24 CBDT reaffirms its view point of not adopting coercive action against payees for TDS which is not deposited by the payer and directs the AO to follow the Directives issued in letter dated 01.06.2015. –Office memorandum – no:

F.No. 275/29/2014-IT (B) dated 11 March 2016.

25 Amendment to Rule 114E and Form No.61A – Annual Information Return Notification No. 19 dated 18.3.2016- Income-tax (7th Amendment) Rules, 2016

26 Form Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V notified for A.Y. 2016-17 – Notification No. 24 dated 30.04. 2016 vide Income-tax (9th Amendment) Rules, 2016

27 Procedure for registration and submission of statement as per clause (k) of sub section (1) of section 285BA read with Sub rule (7) of Rule 114G of Income-tax Rules, 1962 –

Notification No. 4 dated 6.4. 2016

Direct Taxes

89.  CBDT issues
clarification for Assessing Officers to keep the proceeedings of collection of
taxes under abeyance for Residents of Sweden who have invoked the Mutual
Agreement Procedure through the Competent Authority under the DTAA between
India – Sweden for up to two years subject to fulfillment of prescribed
conditions. – Instruction No. 01/2017 dated 04.01.2007.

90.  Circular on TDS on
salaries u/s. 192 for financial year 2016-17 – Circular No. 01/2017 dated
02.01.2017

91.  Circular providing
clarifications on taxation of indirect transfers (Circular no 41/2017) has been
kept in abeyance I in light of various representations received from various
entities including FIIs, FPIs, VCFs and other stake holders – Press release
dated 17th January 2017

92. 
Clarifications  on various
taxation and related issues for the Pradhan Mantri Garib Kalyan Yojana, 2016 –
Circular No.2 of 2017 dated 18.01.2017

Direct Taxes

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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.

Direct Taxes

67.  Sub-rule (3)
inserted in rule 8AA to determine the date of acquisition of capital asset
declared under the Income Declaration Scheme, 2016. – Income–tax (34th  Amendment) Rules, 2016 


Notification No. 108 dated 29th November 2016

68.  Revenue subsidies
received from the Government towards reimbursement of cost of
production/manufacture or for sale of the manufactured goods are part of
profits and gains of business derived from the Industrial Undertaking/eligible
business, and are thus, admissible for applicable deduction under Chapter VI-A
of the Act


 Circular No. 39 dated 29th
November 2016

69.  Clarifications
with respect to the permissible quantity of Gold Jewellery held by an
individual

Press Release dated 1st December 2016

70.  Procedure for the
purposes of furnishing and verification of Form 26A for removing of default of
Short Deduction and/or Non Deduction of Tax at Source

 Notification No. 11
dated 2nd December 2016

71.  Procedure for the
purposes of furnishing and verification of Form 27BA for removing of default of
Short Collection and/or Non Collection of Tax at Source

Notification No. 12 dated 8th December 2016

72.  Reopening u/s. 147
of the Act is feasible only when the Assessing Officer “has reason to
believe that any income chargeable to tax has escaped assessment” and not
merely on the basis of any reason to suspect. Mere increase in turnover,
because of use of digital means of payment or otherwise, in a particular year
cannot be a sole reason to believe that income has escaped assessment in
earlier years. Hence, Assessing Officers are advised not to reopen past assessments
merely on the ground that the current year’s turnover has increased

Circular No. 40 dated 9th December 2016

73.  Return of income
can be revised u/s. 139(5) of the Act for rectifying any omission or wrong
statement made in the original return of income and not for resorting to make
changes in the income initially declared so as to drastically alter the form,
substance and quantum of the earlier disclosed income. Any instance coming to
the notice of Income-tax Department which reflects manipulation in the amount
of income, cash-in-hand, profits etc. and fudging of accounts may necessitate
scrutiny of such cases so as to ascertain the correct income of the year and
may also attract penalty/prosecution in appropriate cases as per provision of
law. –

Press Release dated 14th December 2016

74.  Pradhan Mantri
Garib Kalyan Deposit Scheme, 2016 notified

Notification No. S.O.4061 (E) dated 16th December 2016

75.  Taxation and
Investment Regime for Pradhan Mantri Garib Kalyan Yojana Rules, 2016 notified

Notification No. 116 dated 16th December 2016

76.  Rate of deemed
profit provided u/s 44AD of 8% of Total turnover or gross reduced to  6% in respect of the amount of total turnover
or gross receipts received through banking channel/digital means for the
financial year 2016-17. Legislative amendment in this regard shall be carried
out through the Finance Bill, 2017

Announcement by the Government on 19th December,
2016

77.  Clarifications on
Indirect Transfer provisions under the 
Act-

Circular No. 41 dated 21st December 2016

78.  Up to 30 December
2016 payment towards tax, surcharge, penalty and deposit under the Pradhan
Mantri Garib Kalyan Yojana can be made in old Bank Notes of Rupees 500 and
Rupees 1000 denomination 

Press Release dated 22nd December 2016.

79.  Reporting of
transaction  for  serial no. 11 of Rule 114E(2) is required
only if  cash payment is received  for sale of goods or services in excess
of  Rupees two lakh per transaction

Press release dated 22nd December, 2016

80.  Certain
clarifications have been issued on Direct Tax Dispute Resolution Scheme, 2016-

Circular no. 42 dated 23rd December 2016

Direct Taxes

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1 CBDT clarifies on classification of income from sale of shares as capital gains or business income

– Circular No. 6/2016 dated 29.02.16

In continuation to the earlier Instruction No. 1827, dated 31st August, 1989 and Circular No. 4 of 2007 dated 15th June, 2007 further clarifications have been provided by CBDT for considering income from sale of shares as Capital gains or Business Income as under:

i) If the assessee has treated the securities in his books as stock in trade, the same should be accepted

ii) In case holding period of the securities is more than a year and the assessee wants to treat it as a Capital asset, then the AO needs to accept it provided the treatment is consistently followed by the assessee in the subsequent years.

iii) In all other cases, the earlier mentioned Instructions and Circular be considered for determination of the nature of income.

iv) These guidelines would not apply to transactions the genuineness of which are questionable.

It is further clarified that these are broad guidelines and the determination needs to be based on the facts of the case.

2 Clarification by CBDT that the provisions of DTAA between India and UK would be applicable in case of a partnership resident in either state and its income be taxed either in the hands of the entity or beneficiaries/partners

– Circular No. 02/2016 dated 25.02.2016

3 CBDT has issued an Office Memorandum for clearing the pending refunds wherein the timeline for clearance laid down in Office Memorandum dated 29.01.2016 be reduced to 15 days for notices u/s. 245 of the Act valid till 31.3.16

– Office Memorandum dated 07.03.2016

4 CBDT extends the benefit of higher monetary limits laid down in Circular 21 of 2015 dated 10.12.2015 for filing appeals to Cross Objections filed by Department before ITAT and references made to the High Court u/s. 256(1) and 256(2) of the Act

– Letter No: F.No.279/Misc./M-142/2007-ITJ (Part) dated 08.03.2016

5 CBDT clarifies on the status of the EPC consortiums when to be treated as AOP –

Circular no. 7/2016 dated 7th March 2016

Certain broad parameters are laid down for NOT treating the EPC consortiums as AOP and thereby not taxing it as a separate entity:

i) Clear independence exists between each member in terms of responsibility, resources and risk for the scope of work defined for him.
ii) Each member earns profit/loss for his scope of work though all together can share contract price at the gross level for accounting convenience.
iii) R esources in terms of men and materials used by each member are under his risk and control parameters.
iv) There is no unified control and management of the consortium and common management is for administrative convenience and co-ordination.
v) Other facts and circumstances which point out that consortium is not an AOP.

It is further clarified that this Circular shall not be applicable in cases where all or some of the members of the consortium are Associated Enterprises within the meaning of Section 92A of the Act. In such cases, the Assessing Officer will decide whether an AOP is formed or not keeping in view the relevant provisions of the Act and judicial jurisprudence on this issue.

Guidelines for Implementation of Transfer Pricing Provisions – Instruction No. 15/2015, dated 16th October, 2015 replaced by Instruction No. 3/2016 dated 10th March 2016 ( full text available on www.bcasonline.org

6 CBDT reaffirms its view point of not adopting coercive action against payees for TDS which is not deposited by the payer and directs the AO to follow the Directives issued in letter dated 01.06.2015.

–Office memorandum – no: F.No. 275/29/2014- IT (B) dated 11th March 2016

Direct Taxes

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76. Procedure, Formats and Standards for ensuring secured transmission of electronic communication for the purpose of Rule 127 r.w.s 282 notified –

Notification No. 2 dated 3rd February 2016

77. Clarification of the term ‘initial assessment year’ in section 80lA (5) of the Income-tax Act, 1961 –

Circular No. 1 dated 15th February 2016

It is clarified that the term ‘initial assessment year’ would mean the first year opted for by the assessee for claiming deduction u/s 80lA out of a slab of fifteen ( or twenty) years, as prescribed under the relevant sub-section.

78.Atal Pension Yojana (APY) notified as a Pension Scheme for the benefit of section 80CCD –

Notification No. 7 dated 19th February 2016

79. Time-limit of six months prescribed under section 154(8) of the Act is to be strictly followed by the Assessing Officer while disposing applications filed by the assessee/ deductor/collector under section 154 of the Act. –

Instruction No. 1 dated 15th February 2016

New form 9A prescribed and Rule 17 and Form 10 amended – Forms to be furnished by the charitable trust to the Income tax authorities before the due date of filing of the return of income-

Notification No. 3 dated 14th January 2016- Income-tax (1st Amendment) Rules, 2016

81. Certain technical glitches solved regarding online issuance of Certificates u/s. 195(2) and 195(3) of the Act –

TDS Instruction no. 51 dated 4.2.16

82. Procedure for adjustment of refunds in case where notice u/s. 245 of the Act has been issued–

Office Memorandum dated 29.01.2016

CBDT has stated that in cases where the tax payer has contested the demand raised by the department, the jurisdictional AO would be issued a reminder to either confirm or make appropriate changes in the demand based on the contention of the assessee. This needs to be responded by the AO within 30 days, post which CPC would issue the refund without adjustment of the demand in absence of any communication from the AO.

Direct Taxes

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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

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 1st November 2013. 

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

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

Circular
No.14 of 2017 dated 21st 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 25th April , 2017

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

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

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

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

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

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

Notification No. 32 dated 21st April 2017

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

Notification No. 36 dated 2nd 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 5th May 2017

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

Press Release dated 12th May 2017

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

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

Direct Taxes

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Rule 127 inserted to provide that service of notice, summons, requisition, order and other communication may be done by email. The Rule further provides the address at which the same can be served –

Notification No. 89 dated 2nd December 2015- Income-tax (18th Amendment) Rules, 2015

TDS on Salaries for Financial year 2015-16:

Circular No. 20 dated 2nd December 2015

CBDT increases the monetary limits for filing of appeals by the department before the ITAT and High Courts and SLP before the Supreme Court. CBDT has directed that the said instruction shall apply retrospectively to pending appeals and that all appeals below the specified tax limits should be withdrawn/ not pressed. However, appeals before the Supreme Court are to be governed by the limits operative at the time that the appeal was filed –

Circular 21 dated 10th December 2015

DTAA between India and Thailand notified-

Notification No. 88 dated 1st December 2015

The Government of India and the Government of Japan sign a Protocol for amending the existing DTAA –

PIB Press Release dated 11th December 2015

Rule 10D, 10THA, 10THB, 10THC, 10THD and Form 3CEFB amended to amend the safe harbour rules and to specify the information and documents required to be maintained by an eligible assessee. –

Notification No. 90 dated 8th December 2015- Income-tax (19th Amendment) Rules, 2015

Rule 12CB inserted and Form 64C prescribed , which is required to be furnished by the investment fund to the Income tax authorities.-

Notification No. 92 dated 11th December 2015- Income-tax (20th Amendment) Rules, 2015

Amendments to section 43B of the Act to be given effect to retrospectively in light of the Apex Court judgment in case of Alom Extrusions –

Circular no. 22/2015 dated 17.12.15

Rule 37BB amended and information for payment to non residents in Forms 15CA / 15CB and 15CC modified and simplified – Income tax (21st Amendment) Rules, 2015 dated 16.12.15 –

Part A – Direct Taxes

31.  No TDS on one time lumpsum rental /lease
payment 

Circular No. 35 /2016 dated 13.10.2016

CBDT has clarified that TDS provisions will not apply in case
of  lump sum lease premium or one-time
upfront lease charges.  Since these
charges are not adjustable against periodic rent for acquisition of long-term
leasehold rights over land or any other property, they are capital in nature
and therefore cannot be connoted as rent within the meaning of section 194-1.

32.  Extension of time limit till 31.3.2017 for
the returns for AY 2012-13, 2013-14 and 2014-15 having a claim of refund and
not processed under section 143(1) i.e. non scrutiny cases  

CBDT Order u/s 119 dated 25.10.16

33.  Deduction under Chapter VIA would be eligible
on enhanced income post assessment and hence appeals should not be filed / be
withdrawn / not pressed upon

Circular No. 37/2016 dated 2.11. 2016

34. Revised DTAA between India
and Korea has entered into force from 12th September 2016 notified

Press Release dated 26th October 2016

35. Prohibition of Benami
Property Transactions Rules, 2016 notified w.e.f. 1st November
2016 

Notification no.  98/2016
and 99/2016 dated 25.10.16

36. Revised DTAA between India
and Japan 

Notification No.102/2016 dated 28.10.16

37. Instruction relating to
The Income Declaration Scheme, 2016 
dated 11th November 2016 (available on www.bcasonline.org)

38. Rules
114B and 114E amended to give effect to Demonetisation as announced by the
Government-

Income–tax (30th Amendment) Rules, 2016 dated 15th
November 2016

CBDT has amended the above Rules to include specific criteria for
specified authorities for obtaining PAN in light of the withdrawl of Rs. 500
and Rs 1000 notes from the country. 

39. Premium paid for Keyman
Insurance of a Partner of a firm is an eligible business expenditure u/s. 37 of
the Act

Circular no. 38/2016 dated 22.11.16

Representation of cases before Authority for Advance Ruling- Instruction F.No.225/261/2015/ITA.II dated 28.10.2015 ( copy available on www.bcasonline.org)

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Representation of cases before Authority for Advance Ruling- Instruction F.No.225/261/2015/ITA.II dated 28.10.2015 ( copy available on www.bcasonline.org)

‘Tolerance Range’ For Transfer Pricing Cases For AY 2015-16

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Notification No. 86 /2015/F. No. 500/1/2014-APA-II dated 29.10.15

Where the variation between the arm’s length price determined u/s. 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respect of wholesale trading and three percent of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for Assessment Year 2015-2016.

The CBDT has instructed all CCITs to strictly follow the time limit of six months as specified in sec. 12AA(2) of the Act for passing an order granting or refusing registration and to take suitable administrative action against those officers not adhering to the time limit – Instruction No. 16 of 2015 dated 06.11.2015

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The CBDT has instructed all CCITs to strictly follow the time limit of six months as specified in sec. 12AA(2) of the Act for passing an order granting or refusing registration and to take suitable administrative action against those officers not adhering to the time limit – Instruction No. 16 of 2015 dated 06.11.2015 (copy available on www.bcasonline.org)

CBDT has issued an internal instruction to constitute local committees to deal with taxpayers grievances from high pitched scrutiny assessment – Instruction No. 17/2015 dated 9.11.15 ( copy available on www. bcasonline.org)

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CBDT has issued an internal instruction to constitute local committees to deal with taxpayers grievances from high pitched scrutiny assessment – Instruction No. 17/2015 dated 9.11.15 ( copy available on www. bcasonline.org)

Income computation and Disclosure Standards notified: Notification No. 33/2015 F.No. 134/48/2010 – TPl, dated 31 March 2015

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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.

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Treatment of expenditure incurred for development of roads/highways in BOT agreements – Circular No. 9 dated 23rd April, 2014

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CBDT has clarified that the cost of construction on development of infrastructure facility of roads/highways under BOT projects be amortised and claimed as allowable business expenditure under the Act. The amortisation is computed at the rate which ensures that the whole of the cost incurred in creation of infrastructural facility of road/highway is amortised evenly over the period of concessionaire agreement after excluding the time taken for the creation of such facility.

In the case where an assessee has claimed any deduction out of the initial cost of the development of infrastructure facility of roads/highways under BOT projects in the earlier year, the total deduction so claimed for the Assessment Years prior to the Assessment Year under consideration be deducted from the initial cost of infrastructure facility of roads/highways and the cost ‘so reduced’ be amortised equally over the remaining period of toll concessionaire agreement.Trade Circular VAT liability of developers – computation – Trade Circular 12T of 2014 dated 17-04-2014.

This Circular is applicable only to those infrastructure projects for development of road/highways on BOT basis where ownership is not vested with the assessee under the concessionaire agreement.

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Eligibility of deduction u/s. 801A for the unexpired period – Circular No. 10 dated 6th May, 2014 [F. No. 178/84/2012/ITA.I]

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When an enterprise or undertaking develops an infrastructure facility, industrial park or Special Economic Zone, as the also may be, and transfers it to another enterprise or undertaking for operation and maintenance in accordance with the proviso to Clause (i) or Clause (iii) of s/s. (4) of section 80-1A of the Act and if this transfer is not by way of amalgamation or demerger, the transferee shall be eligible for the deduction for the unexpired period.

Amended Form 49A and 49AA notified – Notification No. 26 dated 16th May, 2014 [S.O.2045(E)] – Income-tax (5th Amendment) Rules, 2014 – The amended form gives an option to the applicant to get his mother’s name printed on the PAN card.

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The Aayakar Seva Kendra, situated at Ground Floor, Aayakar Bhavan, Mumbai will accept the Dak/Tapal of the charges of Commissioner of Income Tax-I to Commissioner of Income Tax -13 from assesses/their representatives between 10.30 a.m. to 4.00 p.m. (Lunch Time 1.30 to 2.00 p.m.). Copy of the order available at www.bcasonline.org

A Press Note bearing No.402/92/2006-MC dated 17th April, 2014 has been issued by CBDT giving instructions to Assessing Officers, laying down Standard Operating Procedure (‘SOP’) for verification and correction of tax-demand. The taxpayers can get the outstanding tax demand reduced/ deleted by applying for rectification along with documentary evidence of tax/demand already paid. The SOP also makes special provisions for dealing with the tax demand upto Rs. 1,00,000/- in the case of Individuals a<

Intervention application opposing amalgamation – Direct Tax Circular No. 279-Misc.-M-171- 2013-ITJ dated 11th April 2014 –

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CBDT has directed the Commissioners to send comments/ objections of the Income tax department to the scheme of amalgamation, if the same is found to be prejudicial to the interest of the revenue. The comments/objections be sent to Regional Director, MCA for incorporating them in its response to the Court.

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New tax returns forms notified – Notification no- 24/2014 [S.O. 997(E) dated 1 April, 2014 – Income tax (Fourth amendment) Rules, 2014

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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 1st April, 2014 and provides as under :

a) Every partnership firm is required to file its return of income for A.Y. 2014-15 and in subsequent years electronically.

b) Every political party (if its income exceeds the maximum amount not chargeable to tax) is required to file its return of income for A.Y. 2014-15 and in subsequent years electronically.

c) Every Charitable officer by filing form 10. It is now provided that Form 10 is required to be filed electronically.

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Certificate of Lower deduction or non-deduction of tax at source under section 197 of the Income-tax Act, 1961 – matter regarding. – INSTRUCTION NO 1/2014, Dated: 15th January, 2014 (reproduced)

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All the Chief Commissioners & Directors General of Income Tax, As per the Citizens Charter the time line prescribed for a decision on application for no deduction of tax or deduction of tax at lower rate is one month. Instances have been brought to the notice of the Board, about considerable delay in issuing the lower/ non deduction certificate u/s. 197 by the jurisdictional Assessing Officers.

2. I am directed to say that the commitment to tax payers as per the Citizens Charter must be scrupulously adhered to by the Assessing Officers and all applications for lower or no deduction of tax at source filed u/s. 197 of the Income-tax Act, 1961 must be disposed of within the stipulated time frame as above.

3. This may be brought to the notice of all officers in the field for compliance. 4. Hindi version will follow. F.No.275/03/2014-IT(B)

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No TDS to be deducted on Service tax component – Circular no. 1/2014 dated 13th January 2014

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CBDT has clarified that where as per the terms of contract, service tax is indicated to be charged separately to a resident, TDS would not be deductible on such component of service tax for all items covered under Chapter XVII-B of the Act.

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Clarification on conflicting views of Courts on the issue of disallowability under Section 40(a)(ia) of the Act – CIRCULAR NO.10/ DV/2013 [F.NO.279/MISC./M-61/2012-ITJ(VOL. II)], dated 16-12-2013

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There are conflicting judgments of the High Courts, on the issue of applicability of provisions of section 40(a)(ia) of the Act. Various High Courts have taken divergent views on whether the section applies to amounts payable at the end of the year or also to the payments made during the year. CBDT has issued a circular clarifying the provision of section 40(a) (ia) of the Act would cover not only the amounts which are payable as on 31st March of a previous year but also amounts which are payable at any time during the year. For the purpose of section 40(a) (ia) of the Act, the term “payable” would include “amounts which are paid during the previous year”.

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New forms 49A and 49AA prescribed for allotment of PAN – Income –tax (19th Amendment) Rules, 2013 dated 23rd December 2013

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For Individuals who are citizens of India, HUF, company, firms (including LLPs), AOPs and BOIs formed and registered in India – Form no 49A has been prescribed and Form 49AA is prescribed for others. Specific requirements have been spelled out for each category in these Rules for documents to be considered as proof of identity, address and date of birth/incorporation.

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CBDT issues Instructions to Assessing Officers advising them to follow the Circular issues on section 10A, 10AA and 10B – Instruction No. 17/2013 (F.NO.178/84/2012-ITA.I) dated 19-11-2013 (reproduced)

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A clarificatory Circular No. 01/2013, dated 17-01-2013 (hereinafter referred to as ‘Circular’) was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in export of computer software which are availing tax-benefits u/s. 10A, 10AA and 10B of the Income-tax Act, 1961.

2. Instances have been reported where the Assessing Officers are not following the clarifications so issued and are taking a divergent view even in cases where the clarifications are directly applicable.

3. The undersigned is directed to convey that the field authorities are advised to follow the contents of Circular in letter and spirit. It is also advised that further appeals should not be filed in cases where orders were passed prior to issue of Circular but the issues giving rise to the disputes have been clarified by the Circular.

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Interpretation of Provisions of section 10(2A) in cases where income of the firm is exempt -Circular No. 8 dated 31st March 2014 [F.No. 173/99/2013-ITA]

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CBDT has clarified that ‘total income’ of the firm for s/s. (2A) of section 10 of the Act, includes income which is exempt or deductible under various provisions of the Act. The income of a firm is to be taxed in the hands of the firm only and the same can under no circumstances be taxed in the hands of its partners. Accordingly, the entire profit credited to the partners’ accounts in the firm would be exempt from tax in the hands of such partners, even if the income chargeable to tax becomes NIL in the hands of the firm on account of any exemption or deduction as per the provisions of the Act.

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Press Release — Central Board of Direct Taxes — No. 402/92/2006 (MC) (17 of 2011) dated 26-7-2011

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Press Release — Central Board of Direct Taxes — No. 402/92/2006 (MC) (17 of 2011)
dated 26-7-2011.

The Double Tax Avoidance Agreement is signed between India and Lithuania on 26th July, 2011.

CBDT Instructions No. 8, dated 11-8-2011 regarding streamlining of the process of filing appeals to ITAT.

Copy of the Instructions available on www.bcasonline.org

Annual detailed Circular on Deduction of tax from salaries during the Financial Year 2011-12 — Circular No. 5 of 2011

[F.No.275/192/2011-IT(B)], dated 16-8-2011. Copy available for download on www.bcasonline.org

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Press Release — Central Board of Direct Taxes — No. 402/92/2006-MC (15 of 2011) dated 24-6-2011.

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The Governement of India has signed a protocol amending the DTAA with the Government of Singapore for effective exchange of information in the tax matters.
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Salaried employees exempted from filing tax returns — Notification No. 36/2011, dated 23-6-2011.

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Salaried employees having total taxable income of less than Rs.5 lac have been exempted from filing the tax returns for A.Y. 2011-12, subject to the fulfilment of the following conditions:

  •  The only source of income is salary and income from savings bank interest does not exceed Rs. 10,000.

  •  The PAN of the employee is available with the employer and is mentioned in the Form 16 issued by the employer.

  •  The bank interest income is disclosed to the employer, and is included in employee’s total income, and tax is duly deducted thereon and paid to the Government.

  •  Total tax liability of such person is discharged by way of TDS deducted by the employer which has been duly paid to the Government.

  •  The employee does not derive salary from more than one employer.

  •  The employee has no claim of refund.

  •  No specific notice is issued under the Act to the employee for filing a return of income.
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Requirement to file digitally signed tax returns in certain cases — Notification No. 37/2011, dated 1-7-2011.

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The CBDT has notified that partnership firms filing return in ITR-5 or individuals and HUFs filing returns in ITR-4 and subjected tax audit u/s.44AB would require to digitally sign and submit their income tax returns for A.Y. 2011-12 and onwards.
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Annual detailed Circular on Deduction of tax from salaries during the Financial Year 2011-12 — Circular No. 5 of 2011 [F.No. 275/192/2011-IT(B)], dated 16-8-2011.

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Copy available for download on www.bcasonline.org

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CBDT Instructions No. 8, dated 11-8-2011 regarding streamlining of the process of filing appeals to ITAT.

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Copy of the Instructions available on www.bcasonline.org

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Tax deduction at source.

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Tax deduction at source on the deposits in banks in the name of the Registrar/Prothonotary and Senior Master attached to the Supreme Court/ High Court, etc. during the pendency of litigation or claim/compensation — Circular No. 8 of 2011 [F.No. 275/30/2011-IT(B)], dated 14th October, 2011 — Copy available for download on www. bcasonline.org
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Tax Accounting Standards.

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The CBDT has released a discussion paper on Tax Accounting Standards for inviting comments/suggestions from all the stake-holders.

Copy of the discussion paper is available for download on www.bcasonline.org

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Notification No. 56 (F.No. 133/48/2011), dated 17-10-2011 — Income-tax (7th Amendment) Rules, 2011 to amend Rule 114 w.e.f. 1st November, 2011.

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As per the amendment, PAN application shall be made by following persons in Form 49AA:

(a) Individual not being a citizen of India
(b) LLP registered outside India
(c) Company registered outside India
(d) Firm formed or registered outside India
(e) Association of persons (trust) formed outside India
(f) Association of persons (other than trust) or body of individuals or local authority or artificial juridical person formed or any other entity by whatever name called registered outside India.

The amended Rule also prescribes various documents that are to be furnished along with the form as proof of identity and address.

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Press Release — Central Board of Direct Taxes — No. 402/92/2006 (MC) (17 of 2011) dated 26-7-2011.

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The Double Tax Avoidance Agreement is signed between India and Lithuania on 26th July, 2011.

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Creation of a new Directorate of Incometax (Criminal Investigation) — Notification No. 29/2011 [F.No. 286/179/2008-IT(INV.II)], dated 30-5-2011.

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This new Directorate has been formed in the CBDT with immediate effect to investigate criminal matters having any financial implication punishable as an offence under any direct tax law viz.

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Press Release — Central Board of Direct Taxes — No. 402/92/2006-MC (10 of 2011), dated 28-5-2011.

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The Double Tax Avoidance Agreement is signed between India and Tanzania on 27th May, 2011.

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Press Release — Central Board of Direct Taxes — No. 402/92/2006-MC (09 of 2011), dated 27-5-2011.

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The Double Tax Avoidance Agreement is signed between India and Ethiopia on 25th May, 2011.

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Double Tax Avoidance Agreement between India and Republic of Mozambique — Notification No. 30, dated 31-5-2011.

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The Double Tax Avoidance Agreement signed between India and Republic of Mozambique on 30th September, 2010 has been notified to enter into force on 28th February, 2011. The treaty shall apply from 1st April, 2012 for India.

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Agreement for Exchange of Information with respect to Taxes with Isle of Man — Notification No. 26/2011 [F.No. 503/01/2009], dated 13-5-2011.

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The Tax Information Exchange Agreement (TIEA) with Isle of Man signed on 4th February, 2011 has been notified to enter into force on 17th March, 2011. All the provisions of this Agreement shall be given effect to, in India on or after 4th February, 2011.

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Agreement for Exchange of Information with respect to Taxes with Commonwealth of Bahamas — Notification No. 25/2011 [F.No. 503/6/2009], dated 13-5-2011.

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The Tax Information Exchange Agreement (TIEA) with the Bahamas signed on 11th February, 2011 has been notified to enter into force on 1st March, 2011. All the provisions of this Agreement shall be given effect to, in India on or after 11th February, 2011.

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Amendment in Rule 114B relating to furnishing of PAN for certain transactions — Notification No. 27/2011 [F.No. 149/122/2010- SO(TPL)], dated 26-5-2011.

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The Rule is amended to provide that in addition to transactions prescribed in the Rule, every person shall quote his PAN in the following trans-actions:

(a) Payment in cash for travel to an authorised person as defined in clause (c) of section 2 of FEMA, 1999.

(b) Making an application to any banking company or to any other company or institution for issue of a debit card.

(c) Payment of an amount aggregating to Rs. 50,000 or more in a year as life insurance premium to an insurer.

(d) Payment to a dealer of an amount of Rs.5 lakh or more at any one time or against a bill for an amount of Rs.5 lakh or more for purchase of bullion or jewellery.

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CBDT Instructions No. 7, dated 24-5-2011 regarding standard operating procedure on filing of appeal to the High Court u/s. 260A and related matters.

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Copy of the Instructions is available on www.bcasonline.org

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Circular No. 3/2012, dated 12-6-2012 giving gist of the official amendments to the Finance Bill, 2012.

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Circular No. 3/2012, dated 12th June, 2012 giving gist of the official amendments to the Finance Bill, 2012 as reflected in the Finance Act, 2012 (Act No. 23 of 2012) which was enacted on 28th May, 2012

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Notification No. 20/2012, dated 12-6-2012 — DTAA between India and Nepal notified.

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The Double Tax Avoidance Agreement signed between Nepal and India on 27th November, 2011 has been notified to be entered into force on 16th March, 2012. The treaty shall apply from 1st April, 2013 in India.

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Notification No. 21/2012 [F. No. 142/10/2012- SO(TPL], dated 13-6-2012.

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The following specified payments can be made after 1st July, 2012 without deduction of tax at source u/s.194J of the Act: Payment by a person for acquisition of software from another resident person, where —

 (i) the software is acquired in a subsequent transfer and the transferor has transferred the software without any modification,

(ii) tax has been deducted — (a) u/s.194J on payment for any previous transfer of such software; or (b) u/s.195 on payment for any previous transfer of such software from a non-resident, and

(iii) the transferee obtains a declaration from the transferor that the tax has been deducted either under sub-clause (a) or (b) of clause (ii) along with the Permanent Account Number of the transferor.

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CBDT has issued a clarification [F. No. 500/111/2009-FTD-1(Pt.)], dated 29-5-2012.

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The CBDT has issued a clarification [F. No. 500/111/2009-FTD-1(Pt.)], dated 29-5-2012 stating that in case where assessment proceedings have been completed u/s.143(3) of the Act, before the first day of April, 2012, and no notice for reassessment has been issued prior to that date, then such cases shall not be reopened u/s.147/148 of the Act on account of the clarificatory amendments in section 2(14), section 2(47), section 9 and section 195 introduced by the Finance Act, 2012. However, assessment or any other order which stand validated due to the said clarificatory amendments in the Finance Act 2012 would of course be enforced. Copy of the letter is available on www.bcasonline. org.

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India has entered into a Tax Information Exchange Agreement (TIEA) with Bahrain for sharing of information.

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India has entered into a Tax Information Exchange Agreement (TIEA) with Bahrain for sharing of information, including banking information between the tax authorities of the two countries. The Agreement was signed on 1st June, 2012.

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Notification No. 19/2012 (F. No. 506/69/81- FTD.1), dated 24-5-2012.

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Amendments to Article 11 of India-Japan Double Tax Avoidance Agreement have been notified. The amendment is effective from 1st April, 2012.

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The Finance Bill, 2012.

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The Finance Bill 2012, received the Presidential Assent on 28th May, 2012.

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Circular No. 2/2012 [F. No. 142-01-2012- SO(TPL)], dated 22-5-2012 regarding Explanatory notes to the provisions of the Finance Act, 2011.

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Copy of the Circular available on www.bcasonline. org

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Annual Statement to be filed by liaison offices — Notification No. 5/2012, dated 6-2-2012.

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The Finance Act, 2011 has directed all liaison offices to submit an annual statement to the Tax Department in the prescribed form and manner. The CBDT has inserted a new Rule 114DA vide Income-tax (2nd Amendment) Rules, 2012 wherein a Form 49C has been prescribed for filing such annual statement within 60 days from the end of the financial year. This Form needs to be verified by a CA or a person authorised by the non-resident to sign such form. It needs to be furnished electronically, digitally signed and the related rules shall be formed by the DGIT (Systems).

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Direct Tax Instruction No. 1/2012, dated 2-2- 2012 — F.No. 225/34/2011-ITA.II — Instructions for processing returns for A.Y. 2011-12 (reproduced).

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The issue of processing of returns for the A.Y. 2011- 12 and giving credit for TDS has been considered by the Board. In order to clear the backlog of returns, the following decisions have been taken:

(i) In all returns (ITR-1 to ITR-6) where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs.1 lac, the TDS claim may be accepted without verification.

(ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification. However, in case of returns of ITR-1 and ITR-2, credit may be allowed in full, even if there is zero matching, if the total TDS claimed is Rs.5000 or lower.

(iii) Where there are TDS claims with invalid TAN, TDS credit for such claims are not to be allowed.

(iv) In all other cases, TDS credit shall be allowed after due verification.

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Notification No. 18/2012 (F. No. 142/5/2012- TPL), dated 23-5-2012 — Income-tax (6th Amendment) Rules, 2012 — Insertion of Rule 10AB.

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For the purpose of computation of arm’s length price, section 92C(1) of the Act provided for five methods and the sixth method was ‘such other method as may be prescribed by the Board’.

 Rule 10AB is inserted to provide the ‘other method’. Rule 10AB shall come into force with effect from 1st April, 2012 and shall apply to A.Y. 2012-13 and subsequent years.

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Direct Tax Instruction No. 4/2012, dated 25- 5-2012 — F. No. 225/34/2011-ITA.II — Instructions for processing of returns of A.Y. 2011-12 — Steps to clear backlog.

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The Board has decided to withdraw Instruction No. 01/2012 issued on 2nd February, 2012 on the above subject with immediate effect. The following decisions have been taken in this regard:

 (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs.5,000, the TDS claim may be accepted without verification.

(ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification.

(iii) Where there are TDS claims with invalid TAN, the TDS credit for such claims is not to be allowed.

(iv) In all other cases TDS credit shall be allowed after due verification.

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Clarifications for Notification on tax-free bonds from Rural Electrification Board — Notification No. 13/2012, dated 6-3-2012.

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In corrigendum to Notification No. 7/2012, dated 14-2-2012 it is clarified that QIBs shall have meaning as assigned to it in the SEBI (Issue and listing of Debt Securities) Regulations, 2008 and any individual investor investing above 5 lakh would be considered as a HNI.

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Exemption to certain categories of persons from filing tax returns for A.Y. 2012-13 — Notification No. 9/2012, dated 17-2-2012.

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Any salaried employee whose total income does not exceed Rs.5,00,000 and which consist of salary income and interest from savings bank account up to Rs.10,000, is exempted from filing his return of income for A.Y. 2012-13 provided:

He has given his PAN to his employer

He informs employer of his Bank interest income and tax has been appropriately deducted from such interest by the employer and paid. Has received his Form 16 wherein total income, total TDS deducted and paid are mentioned

He has no refund claim for the said year and all his tax liability is duly discharged by way of TDS

He receives his salary income from only one employer

He is not required to furnish his return of income under any other provisions of the Act.

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Order No. [F. No. 225/124/2012/ITA.II], dated 20-6-2012 — Order extending due date for filing Form 49C for F.Y. 2011-12.

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Rule 114DA of the Income-tax Rules read with Circular No. 5, dated 6-2-2012, provided that Liaison Office in India should electronically file Form 49C, within 60 days from the end of financial year. The CBDT has extended the due date of filing Form 49C for the financial year 2011-12, up to 30th September, 2012. For the financial year 2011-12, Form 49C can be filed in ‘paper mode’ instead of filing it electronically with digital signatures.

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Notification No. 25/2012, S.O. 1453(E) dated 2-7-2012 — Income-tax (Seventh Amendment) Rules, 2012 — Amendment in Rule 12 and substitution of forms ITR 5 and ITR 6.

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Rule 12 provided that the prescribed ITR Form SAHAJ — ITR 1 and SUGAM — ITR 4S could not be used by a resident individual or a HUF to file his return of income, if he had:

(a) assets (including financial interest in any entity) located outside India; or

(b) signing authority in any account located outside India. The Rule is amended to provide that not ordinary residents can use SAHAJ — ITR 1 and SUGAM — ITR 4S though they have assests located outside India and have signi

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Instructions to AOs to rectify/reconcile disputed arrears in demand irrespective of limitation of four years u/s.154(7) — Circular No. 4, dated 20-6-2012.

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Instructions to AOs to rectify/reconcile disputed arrears in demand irrespective of limitation of four years u/s.154(7) — Circular No. 4, dated 20-6-2012.

In certain cases, assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officers. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided u/ss.(7) of section 154 of the Act has expired. Further, in some cases, the Assessing Officers have uploaded such disputed arrear demand on the Financial Accounting System (FAS) portal of Centralised Processing Center (CPC), which has resulted in adjustment of refund arising out of processing of returns against such arrear demand which has been disputed by such assessees on the grounds that either such demand has already been paid or has been reduced/eliminated in the appeals, etc. The arrear demands, in these cases also were not corrected/reconciled for the reason that the period of limitation of four years has elapsed. The CBDT has now authorised the Assessing Officers to make appropriate corrections in the figures of such disputed arrear demands after due verification/reconciliation and after examining the same on merits, whether by way of rectification or otherwise, irrespective of the fact that the period of limitation of four years as provided u/s.154(7) of the Act has elapsed.

Notification No. 25/2012, S.O. 1453(E) dated 2-7-2012 — Income-tax (Seventh Amendment) Rules, 2012 — Amendment in Rule 12 and substitution of forms ITR 5 and ITR 6.

Rule 12 provided that the prescribed ITR Form SAHAJ — ITR 1 and SUGAM — ITR 4S could not be used by a resident individual or a HUF to file his return of income, if he had:

(a) assets (including financial interest in any entity) located outside India; or

(b) signing authority in any account located outside India.

The Rule is amended to provide that not ordinary residents can use SAHAJ — ITR 1 and SUGAM — ITR 4S though they have assests located outside India and have signing authority in any account located outside India.

Agreement for exchange of information for collection of taxes between India and Jersey — Notification No. 26/2012, dated 10-7-2012. DTAA between India and Norway notified — Notification No. 24/2012, dated 19-7-2012.

Direct Tax Press Release No. 402/92/2006-MC (15 of 2012), dated 20-7-2012.

The CBDT vide its Notification No. 9/2012, dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for A.Y. 2012-13.

The exemption is applicable only if all the following conditions are fulfilled:

  • Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs.10 thousand.
  •  The total income of the employee does not exceed Rs.5 lakh (Total income means gross total income less deductions under Chapter VIA).
  • The employee has reported his PAN to the employer.

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DTAA between India and Georgia notified — Notification 4/2012, dated 6-1-2012.

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DTTA between India and Georgia shall be given effect from 1st April, 2012
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Central Processing of Returns Scheme, 2011 and related amendments/clarifications in relevant sections of the Act — Notification No. 2/2012 and Notification No. 3/2012, dated 4-1-2012.

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The CBDT has notified the aforementioned scheme which lays down the procedure for E-filing of the returns of income either digitally signed or not, filing of ITR V in the latter case, receipt and acknowledgement of such returns, procedure for filing revised return of income, cases wherein the returns would be considered invalid or defective and the remedy thereof, processing of the returns filed and rectification procedure for the same, adjustment of refund against the arrears of demand outstanding as per the records of the CPC, service of notice or communication, appellate proceedings, etc.
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Guidelines for Notification of affordable housing project u/s.35AD — Notification No. 1/2012, dated 2-1-2012.

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The Board vide the Income-tax (First Amendment) Rules, 2012 has Rule 11-0A prescribing guidelines for approval of affordable housing projects u/s.35AD. This includes Form No. 3CN in which the application needs to be made to Member (IT), Central Board of Direct Taxes, the manner in which the form would be approved and the objections/defects if any would be treated, the circumstances under which the application would be rejected, etc. It also lays down the conditions for eligibility of such projects. Conditions are as under:

  • The project shall have prior sanction of the competent authority empowered under the Scheme of Affordable Housing in Partnership framed by the Ministry of Housing and Urban Poverty Alleviation, Government of India.

  • Date of commencement of the project should be on or after 1st April 2011 and date of completion should be within five years from the end of financial year in which the above authorities have sanctioned it.

  • The plot of land should not be less than one acre.

  • Of the total allocable rentable area of the project, affordable housing units for Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group (MIG) should be as prescribed in the Rule.

Separate books need to be maintained for the project. Also the various terms like date of commencement, housing unit, etc. have been defined in the said rules.

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Guidelines for setting up an Infrastructure Debt Fund u/s.10(47) — Notification No. 16/2012, dated 30-4-2012.

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A new Rule 2F has been inserted vide Income-tax (Fifth Amendment) Rules, 2012 prescribing guidelines and conditions for setting up an infrastructure debt fund for the purpose of claiming exemption u/s.10(47) of the Act. These conditions inter alia provide as under:

A new Rule 2F has been inserted vide Income-tax (Fifth Amendment) Rules, 2012 prescribing guidelines and conditions for setting up an infrastructure debt fund for the purpose of claiming exemption u/s.10(47) of the Act. These conditions inter alia provide as under:
(a) The fund shall be set up as a NBFC as per the Guidelines issued by RBI.
(b) The fund shall invest in Public Private infrastructure projects as prescribed.
(c) The fund shall issue Rupee denominated Bonds as well as Foreign Currency Bonds in accordance with guidelines issued by RBI and regulations under FEMA.
(d) Restrictions are imposed on investment by the fund as well as lock-in period for the investor.

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Part A : DIRECT TAXES

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1) Where the variation between the arm’s length price determined u/s. 92C and the price at which the international transaction has actually been undertaken does not exceed five per cent of the latter, the price at which the international transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2012-13.Notification No. 31/2012 dated 17th August,2012

2) Income-tax (Dispute R esolution Panel)(first amendment) R ules, 2012 – Notification No. 33/2012 dated 24th August,2012

CBDT will assign one CIT as a Reserve Member to each panel who would replace any Member of the Panel as and when the DGIT(Intl Tax) deems it necessary. He would function as a Member of the Panel in addition to his regular duties. Further, the notification states that the DGIT (Intl Tax) maytransfer the case of an eligible assessee from one Panel to the other after giving him due opportunity of being heard.

3) Report u/s. 115JC of the Income-tax Act, 1961 for computing adjusted total income and alternate minimum tax for LLP –Rule 40BA and Form 29C introduced– Notification no. 34/2012 dated 28th August 2012

4) Multilateral convention on mutual administrative assistance on tax matters with OECD member countries signed on 26th January, 2012 notified – Notification 35/2012 dated 29th August,2012

5) Advance Pricing Agreement Scheme notified- Notification 36/2012 dated 30th August, 2012

Income-tax (10th Amendment) Rules, 2012 notifies following rules detailing the Advance Pricing Agreement Scheme:

  •  Rule 10F explains the meaning of the terms application, bilateral agreement, covered transactions, most appropriate transfer pricing method, etc
  •  Rule 10G any person who has entered into an international transaction or any person contemplating to do so, can take benefit of this scheme.
  •  Rule 10H contains provisions for the Pre-filing Consultation.Before filing an application – in Form 3CEC to DGIT(Intl tax), meeting will be held between the team involving IT authorities and experts nominated by DGIT(Intl tax) and the person filing the application.
  •  Rule 10I specifies the procedure for making an application for Advance Pricing Agreement in Form 3CED along with the requisite fee. Such an application should be made to the DGIT(Intl tax) in case of a unilateral agreement and to the Competent Authority in case of a bilateral or multilateral agreements. Time limits are also prescribed for filing such application.
  •  Rule 10J contains procedure for withdrawal of the application by the assessee before finalisation of the terms of agreement in Form 10 CEE. Fees paid alonwith the application would not be refunded on withdrawal.
  •  Rule 10K details procedure for preliminary processing of application wherein any deficiencies or defects would be identified and applicant would be given the opportunity to rectify the same within prescribed time limit. In case thesame is not done, The DGIT(Intl tax) or the Competent Authority, as the case may pass an order after giving due opportunity, not allowing the application to be processed further. Rule 10L lays down the procedure for framing the agreement.
  •  Rule 10M provides that the Agreement would not be binding on the Board or the applicant if any of the critical assumptions change. In such an event, a notice needs to be given and the Agreement can be modified by following the prescribed procedure. The revision or the cancellation of the agreement shall be in accordance with rules 10Q and 10R respectively.
  •  Rule 10N provides for revision of the application.
  •  Rule 10O provides for the Annual Compliance Report to be furnished by the applicant in Form 3CEF.
  •  Rule 10P details the Annual Compliance Audit of the Agreement by the jurisdictional TPO.  

Rules 10S prescribes the renewal of the said agreement and Rule 10T deals with Miscellaneous matters. Rule 44GA has been introduced, which prescribes the procedure to be followed to deal with requests for bilateral or multilateral agreements

6) Income-tax (11th Amendment) Rules, 2012. -Notification No. 37 dated 12th September 2012 Rule 31ACB and Form 26A introduced being the format of the certificate to be issued by an Accountant under the first proviso to sub-section (1) of section 201. Rule 37J and Form 27BA introduced being the format of the certificate to be issued by an Accountant under first proviso to sub-section (6A) of section 206C

7) Cost Inflation Index for the financial year 2012-13 is 852 – Notification No. 38/2012 dated 17 September 2012

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