It is seen that till 28-09-2016, notices u/s. 143(2) for scrutiny have not been issued in 625 cases. These 625 cases include 62 cases which are lying with inactive codes. In view of the above, you are requested to make arrangements for issue of notice u/s 143(2) well before the time barring date i.e. 30.09 2016.
On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly. the rates of interest on various small savings schemes for the third quarter of financial year 2016-17 starting on 1st October, 2016 and ending on 31st December, 2016
It was brought to Board’s notice that even for Advance Authorizations registered electronically at EDI Customs location i.e. where electronic ledger gets maintained, the physical authorizations, that are simultaneously issued and presented, are endorsed by Customs with manual debits of usage and this practice is not uniformly followed at all EDI ports of registration.
In order to further facilitate the filing of declarations even after the office hours, the Pr. CCs.I.T are instructed to ensure that the counters for receiving the declarations under I.D.S., 2016 remain open till 8.00 P.M. on 28th and 29th September, 2016 in all jurisdictions.
It is seen that till 27-09-2016, notices have not been issued in 991 cases. These 991 cases include 80 cases which are lying with inactive codes. AO are requested to make arrangements for issue of notice u/s 143(2) well before the time barring date i.e. 30.09.2016.
Concern was raised by field authorities that there can be few cases where the assessees may not have PAN but would like to file declaration under the Scheme towards the date of closure of the Scheme. In such cases, the assessee may not get PAN by the date of closure of the Scheme i.e. 30.09.2016
Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the Scheme shall be the amount of undisclosed income invested
Scheme provides for further relief in the following ways:(i) Tax payable would include tax & interest till the date of assessment. Interest accrued thereafter would not form part of tax payable.(ii) If and disputed tax is below Rs. 10 lakhs. penalty would stand waived on payment of tax & interest.(iii) Where the disputed tax is more than Rs. 10 lakhs, penalty of 75% would stand waived on payment of tax, interest and 25% of penalty levied/leviable.
Board has vide Circular No. 44/2001-Cus dated 6th August,2001 clarified that mono potassium phosphate , calcium nitrate ,potassium magnesium phosphate will merit classification under Chapter 28 of the Customs Tariff and not under the Chapter 31 as fertilisers.
DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 Dated : 23-Sep-2016 F.No. DIT(S)-III/2015-16/e-Filing Txn/ To, The Chief Commissioner of Income-Tax (Exemption) Pratyaksh Kar Bhawan, Block E-2, 25th Floor, Civic Centre, J.L. Nehru Marg, New Delhi — 110002.. Sub: : ITR-7 data related to exemptions approved u/s 35 […]
