Tuesday, 23 August 2016

UPDATES

CBDT:

The Central Board of Direct Taxes has amended the Income Tax Rules, 1962. These rules may be called the Income Tax (21stAmendment) Rules, 2016. In the Income Tax Rules, 1962, the rule 37CB (Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply) after rule 37CA and before rule 37D shall be inserted.

“37CB. (1) the provisions of sub- section (1D) of section 206C in relation to sale of any goods (other than bullion or jewellery) or providing any service shall not apply to the following class or classes of buyers , namely:—
(i)                 Government;
(ii)               Embassies, Consulates, High Commissions, Legation or Commission and trade representation, of a foreign State;
(iii)             Institutions notified under United Nations (Privileges and Immunities) Act, 1947”.
CBDT:

The Central Board of Direct Taxes has issued clarification on the Income Declaration Scheme, 2016. The Income Declaration Scheme, 2016 came into effect on 1st June, 2016. The Board has issued three sets of FAQs vide Circular Nos. 17, 24, 25 & 27 of 2016. In order to address further queries received from the public relating to the Scheme, the Board has issued clarifications.