CBDT relaxes condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in quarterly statement of deduction of tax in accordance with sub-rule (5) of Rule 29C.
A declaration under the Income Declaration Scheme, 2016 may be made in respect of any income or income in the form of investment in any asset located in India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year 2017-18
CBDT Circular No. 17/2016 clarifies the scope and procedure of the Income Declaration Scheme, 2016, addressing key queries about tax, penalties, and immunity.
Amendment to Ch IX of the Customs Act, 1962 – Insertion of Section 58A – clarification regarding transitional provisions relating to Duty Free Shops/Ship stores/Airline Stores/Diplomatic Stores – reg.
Please refer to the changes made in the Finance Act, 2016 to shift towards record based control with respect to Bonded Warehouses. It is proposed that each warehouse be allotted a unique warehouse code so that importers can declare the warehouse in which goods shall be deposited, at the into-bond bill of entry stage.
In the case of Delhi Press Patra Prakashan Ltd., Delhi HC held that printing and publishing activity is a manufacturing activity and therefore, assessee is eligible for grant of additional depreciation u/s 32(1)(iia). CBDT accepts this position, Henceforth, appeals may not be filed on this ground by officers of the Department and those already filed, in Courts/Tribunals may be withdrawn / not pressed upon.
AD Cat- I banks were required to submit statement E on total remittances received every quarter. Authorised Dealer Category – I (AD Cat – I) banks are now advised to report the above mentioned statement in eXtensible Business Reporting Language (XBRL) system from the quarter ending June 2016.
Authorised Persons, who are Indian Agents under Money Transfer Service Scheme were required to submit quarterly statement of the quantum of remittances received in the prescribed format.
On a review, it has been decided to change the fraud monitoring and reporting mechanism at the Regional Offices and Central Fraud Monitoring Cell (CFMC) of the RBI. Accordingly, henceforth:
It is decided that filling of all the fields in Form No.60 shall be considered to be mandatory in respect of transactions entered on or after 1.04.2016. It is also decided that online reporting of declarations in Form No. 61 for quarter ending March, 2016 may be done along with report for quarter ending September, 2016.
