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Latest India Tax News 21st October 2016

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  • Latest India Tax News 21st October 2016

    • CBDT extended the 'due date' for filing ITR and Tax Audit Reports for AY 2016-2017 for all categories of taxpayers in the state of J&K to 31. 12. 2016.
    • CBDT issues the income-tax (28th Amendment), rules, 2016, effective from 01.06.2016. Final rules on buy-back of shares notified. CBDT notification of 17.10.2016.
    • CBDT issued Circular No.35 of 2016 dated 13.10.2016 on applicability of TDS provisions of section 194-I of the income-tax act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding.
    • Section 14A cannot be invoked, where no regular activities were undertaken by the assessee in respect of the investments to earn exempt income and no change in the investments during the year.[M/s Power Grid Corp of India Ltd. vs. DCIT, ITAT – Delhi].
    • Under GST large taxpayer units to be shut down under GST at all locations i.e. Bengaluru, Chennai, Delhi, Kolkata & Mumbai, due to their failure.
    • CBEC issued instructions for rationalization of procedures regarding handling exporters obligations under EPCG authorizations.
    • ICAI issued guidance note on audit of consolidated financial statements (Revised 2016). For details visit www.icai.org.
    • NCLT has designated its members in different branches of the tribunal to hear appeal against order of registrar or such other officer officiating as the registrar of the Bench.
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