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CORPORATE & PROFESSIONAL UPDATE DECEMBER 19, 2015

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CORPORATE & PROFESSIONAL UPDATE DECEMBER 19, 2015

CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer

The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer. Some of the significant decisions taken are

  • Acceptance of A.P Shah Committee’s recommendations regarding applicability of MAT on Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI).
  • Decision that MAT will not apply to foreign companies having no PE in India.
  • Simplification of procedures for submission of Form No 15G and Form No 15H for furnishing self declaration for lower deduction or no deduction of tax.
  • Notification of Transfer Pricing Rules to incorporate “range concept” and use of “multi year data” to reduce litigation on transfer pricing issues.
  • Launching of “e-sahyog” Pilot Project to provide online facility to resolve mismatch of prepaid taxes in Income Tax Returns.
  • Setting up of Committee with a view to simplify the provisions of the Income Tax Act, 1961.
  • Phasing out plan of deductions under the Income Tax Act with reduction in tax rates for corporate taxpayers- extension of time for submission of comments.
  • Notification of Income Computation and Disclosures Standards (ICDS) under section 145(2) of the Income Tax Act.
  • Notification regarding income from off-shore Rupee Denominated Bonds.
  • Decision to expedite issue of refunds below Rs.50,000/- for A.Y. 2013-14 and 2014-15  for cases not selected for scrutiny.
  • Monetary limits for filing appeal by the Income Tax Department before Tribunal and High Courts enhanced from Rs.4 lakh and Rs.10 Lakh to Rs.10 lakh and Rs.20 lakh respectively with retrospective effect.
  • Disallowance u/s 14A while computing book profit u/s 115JB permitted, covered in explanation to sec.115JB (2) [ITAT Mumbai: DCIT vs. Viraj Profiles Ltd].
  • Date of filing CST Form 9 has been extended up to 15.01.2016 vide Circular No. 32 dated 15.12.2015.
  • Currency notes with anything written on them are also legal tender i.e. acceptable in market. Press Release 2015-2016/1400 dated 14.12.2015.
  • Anti-dumping duty cannot be charged for gap period, the period between lapse of provisional duty and imposition of final duty. [Supreme Court held In the case of Commissioner of Customs vs. G.M. Exports and Others].
  • DGFT had prescribed a procedure to be followed for claiming rewards under MEIS where exports had been made through EDI generated shipping bills between 01.04.2015 to 31.05.2015.
  • NHAI Tax Free Bonds issue opens on 17.12.2015.Issue size – 10000Cr. Coupon Rates Retail 10 Years – 7.39% 15 Years – 7.60%.
  • CBDT mandates quoting of PAN for transactions exceeding Rs.2 lakhs regardless of the mode of payment with effect from 01.01.2016.
  • CBDT has introduced the new facility of pre-filling TDS data while submitting online rectification. The new simplified process of online rectification of incorrect TDS details filed in the ITR.
  • The counsels have to inform to the ITAT about appeals of department having tax effect less than 10 lakhs by18.12.2015.
  • Income Tax : Business which isn’t insignificant as compared to whole business deemed as substantial business under sec. 2(22)(e)
  • No penalty merely on admission of undisclosed income during search proceedings
  • MCA : Legal heir of director was entitled to file plea to seek ownership and transfer of shares in his name

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