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Income Tax updates for the period from 16.03.2017 to 31.03.2017
1. Notification No. 21/2017 dated 30th March 2017- Income tax Fourth Amendment Rules 2017
CBDT has vide notification No. 21/2017 released ITR forms for Assessment Year 2017-18 / Financial Year 2016-17. The number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
2. Notification No. 22/2017 dated 27th March 2017- Disclosure of Information in respect of assesses to specified officer.
The Income Tax Authority shall furnish only relevant and precise information after forming an opinion that furnishing of such information is necessary so as to enable the above notified authority to perform its functions under the law being administered by it.
3. Notification No. 20/2017 dated 27th March 2017– Approved Scientific Research Associations.
This notification specifies that M/s Society for Applied Microwave Electronics Engineering & Research (‘SAMEER’) (PAN:- AALAS5825K) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Rules, 1962 (said Rules), from Assessment year 2016-2017 onwards in the category of ‘Scientific Research Association’
4. Notification No. 18/2017 dated 23rd March,2017 – Double Taxation Agreement
The Third Protocol amends the DTAA with effect from April 1, 2017 to provide for source-based taxation of capital gains arising on sale of shares in a company.
In order to provide certainty to investors, investments in shares made before April 1, 2017 have been grandfathered subject to fulfilment of conditions in Limitation of Benefits clause as per 2005 Protocol. Further, a two-year transition period from April 1, 2017 to March 31, 2019 has been provided during which capital gains on shares will be taxed in source country at half the normal tax rate. The Third Protocol also facilitates relieving of economic double taxation in transfer pricing cases.
5. Notification No. 17/2017 dated 23rd March 2017- Income Tax Third Amendment Rules, 2017
This notification specifies that amendment to be made in rules 6DDB & 6DDD and insertion of Rule 127A.
In rule 6DDB, in sub-rule (1), for the word, brackets and letter “Member (L)”, the words and brackets “Member (Income Tax)” shall be substituted.
In rule 6DDD, in sub-rule (1), for the words and brackets “Member (Legislation)”, the words and brackets “Member (Income Tax)” shall be substituted.
127A. Authentication of notices and other documents— (1) Every notice or other document communicated in electronic form by an income-tax authority under the Act shall be deemed to be authenticated in various cases mentioned in the notification.
6. Notification No. 05/2017 dated 21th March,2017 – Expenditure on notified eligible project or schemes.
Central Government on the recommendation of the National Committee for Promotion of Social and Economic Welfare has approved various institutions and eligible projects or schemes to be carried out by such institutions.
7. Notification No. 03/2017 dated 21th March,2017 – Procedure of TAN Application through simplified performa.
This notification specifies than an applicant may apply for allotment of a tax deduction and collection account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income-tax (Systems) or Director General of Income-tax(Systems) shall specify the classes of persons, applicable forms and formats along with procedure for safe and secure transmission of such forms and formats in relation to furnishing of tax deduction and collection account number.
8. Circular No. 10/2017 dated 23rd March,2017 – Clarification on Income Computation and Disclosure Standards(ICDS) notified U/s 145(2)
After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes (‘the Board’) by the stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. The matter was referred to an expert committee. The Committee after duly consulting the stakeholders in this regard has recommended a two-fold approach for the smooth implementation of ICDS.
The clarification has been issued in the form of FAQ’s
Service Tax updates for the period from 16.03.2017 to 31.03.2017
1. Notification No. 11/2017 dated 23rdMarch 2017– Grant of Power
This notification grants power of the Chief Commissioner to all Principal Commissioners who have been given additional charge of a Chief Commissioner vide Office Order of the Central Board of Excise and Customs No. 151/2016 dated the 30th December, 2016 in the jurisdiction specified in Notification No. 20/2014-Service Tax, dated the 16th September, 2014.
Customs updates for the period from 16.03.2017 to 31.03.2017
1. Notification No. 08/2017 dated 23rd March 2017–Export Promotion (EP) Schemes
The purpose of this notification is to clarify that the ‘HAZIRA (SURAT) PORT’ has been included in the list of ports mentioned in Export Promotion (EP) Schemes Notifications.
2. Notification No. 10/2017 dated 28th March– Charge of Basic Custom Duty
The purpose of this notification is to amend the Notification No.12/2012-Customs and insert an entry for imposing Basic Custom Duty (BCD) @ 10% on wheat and Tur with immediate effect.
3. Notification No. 22/2017 dated 16thMarch – Foreign Exchange Rate
This notification provides Rate of exchange of conversion of the foreign currency with effect from 17th March, 2017.
4. Notification No. 23/2017 dated 31st March –Tariff Value
The purpose of this notification is to fix the tariff value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver.
5. Notification No. 26/2017 dated 31st March – Bill of Entry (Electronic Integrated Declaration) Regulation 2017
The purpose of this notification is to provide the Bill of Entry (Electronic Integrated Declaration) Regulation, 2017. This is to amend the regulation 4 in existing Bill of Entry (Electronic Integrated Declaration) Regulation, 2011.
6. Notification No. 27/2017 dated 31st March – Bill of Entry Amendment Regulations, 2017
The purpose of this notification is to provide the Bill of Entry (Forms) Amendment Regulations, 2017. This is to insert the regulation 4 in existing Bill of Entry (Forms) Regulations, 1976.
7. Notification No. 28/2017 dated 31st March – Deferred Payment of Import Duty (Amendment) Rules, 2017
The purpose of this notification is to provide the Deferred Payment of Import Duty Rules, 2016. This is to amend the rule 5 in existing Deferred Payment of Import Duty Rules, 2016.
8. Notification No. 31/2017 dated 31st March – Foreign Post Offices
This notification hereby appoints the post offices situated in the State/Union territory to be foreign post offices for the purposes of clearance of imported goods or export goods.
9. Circular No. 8/2017 dated 20th March –Rebate of State Levies (ROSL) on Export of Made-up articles.
With this circular, the Government of India has decided to extend the scope of Rebate on State Levies (ROSL), on garment exports, to exports of made-up articles covered under Chapter 63 of the AIR Drawback schedule.
10. Circular No. 10/2017 dated 30th March –Examination/Valuation of Carpets for Duty Drawback Scheme.
This circular provides the guidelines for examination of carpets for composition, price determination etc. It also provides contact number of officials from where custom officers can take assistance in any exceptional case.
11. Circular No. 12/2017 dated 31st March –Customs Act,1962
This circular provides the clarification regarding the legislative changes relating to Customs Act,1962 proposed in the Finance Bill,2017.
Central Excise updates for the period from 16.03.2017 to 31.03.2017
1. Notification No. 07/2017 dated 23rd March 2017-Grant of Power
This notification grants power of the Chief Commissioner to all Principal Commissioners who have been given additional charge of a Chief Commissioner vide Office Order of the Central Board of Excise and Customs No. 151/2016 dated the 30th December, 2016 in the jurisdiction specified in Notification No. 20/2014-Service Tax, dated the 16th September, 2014.
