Modifies guidelines for rates of Levy of Surcharge in view of New Pattern of Investment prescribed by the Government of India vide notification No. S.O. 1433 (E) dated 29.05.2015 to be levied on BoT of the Exempted/Relaxed Establishments by RPFC on A/c of deviation from the prescribed pattern of investment – Regarding.
Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.
Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist and are applicable. as may be necessary, in the facts and circumstances of the case.
Last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures extended to 13/02/2017.
In order to address any conflict arising out of aforesaid provisions of listing of a stock exchange on any recognised stock exchange, other than itself, and also to ensure effective compliance with the applicable laws, it has been decided that:
Prohibition on Indian Party from making direct investment in countries identified by the Financial Action Task Force (FATF) as Non Co-operative countries and territories
Corrigendum to Circular No. 1/2017 dated 02.01.2017 on TDS under section 192 of Income-tax Act, 1961. In para 3.6.1 in clause (a) below the table at page 4 of the captioned Circular, the words -3 years appearing in line 1 may be read as 5 years.
Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said to be resident in India in any previous year, if it is an Indian company or if during that year, the control and management of its affairs is situated wholly in India.
Instructions were issued vide CBDT Circular No. 21/2015 dated 10.12.2015, to the effect that appeals/SLPs should not be filed in cases where tax effect does not exceed the monetary limits specified under para 3 of the said Circular.
Stock exchanges shall formulate a comprehensive policy document for providing stock market related data to the market participants in a fair and transparent manner, irrespective of the type of mechanism used by the stock exchanges for broadcasting of data.
