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    December 30, 2015
    Electronic Filing of First Appeal before CIT (appeals)
    December 30, 2015
    Protocol amending the convention between India and Slovenia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to ...
    December 28, 2015
    Benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs Ten lakh in previous financial year
    December 28, 2015
    Report of the Committee on Revisiting & Revitalising the PPP Model of Infrastructure Development Chaired by Dr. V.Kelkar Released
    December 24, 2015
    Second Edition of the ‘Handbook of Statistics on Central Government Debt’released;One-Stop Source for all Central Government Debt Data
    December 24, 2015
    The Minister of State for Finance Shri Jayant Sinha Launches Guidance Material Forpost-Award Contract Management of PPP Concessions“Highways, Ports,...
    December 23, 2015
    Draft Guiding Principles for Determination of Place of Effective Management (Poem) of a Company Formulated.
    December 21, 2015
    Industrial Growth
    December 19, 2015
    Year End Review: Highlights of the Achievements of the Ministry of Finance
    December 19, 2015
    Date for payment of Central Excise duty and Service Tax for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th ...
    December 19, 2015
    Finance Minister: India economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, Fiscal Defic...
    December 18, 2015
    Year End Review: Highlights of the Achievements of the Department of Disinvestment & Expenditure, Ministry of Finance
    December 18, 2015
    CBDT Notifies the designated Income tax authority or purposes of the making declaration of undisclosed foreign assets - Black Money (Undisclosed Fore...
    December 18, 2015
    Finance Ministry: Reaction by Indian Stocks and Forex Markets to US Federal Reserve’s yesterday decision to raise the target range for the federal f...
    December 17, 2015
    Initiatives of Central Board of Excise and Customs to Facilitate Trade and to Resolve Disputes
    December 17, 2015
    Furnishing of Information in Respect of Payments made to the Non-Resident
    December 17, 2015
    Year End Review: Highlights of the Achievements of the Department of Revenue, Ministry of Finance
    December 16, 2015
    Year End Review: Highlights of the Acheivements of the Department of Economic Affairs, Ministry of Finance
    December 16, 2015
    Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, Rbd Palmolein, Others – Palmolein, Crude Soyabean Oil,...
    December 16, 2015
    Last Date for December 2015 installment of Advance Tax for taxpayers in Tamil Nadu and Puducherry extended till 31st December, 2015
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    News
    All› Income Tax › Income Tax - 2015
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    December 30, 2015
    Electronic Filing of First Appeal before CIT (appeals)
    Show AI Summary
    Electronic filing of appeals mandated for e filers, replacing Form 35 and enabling document upload with inbuilt validations and e hearing scheduling.
    Electronic filing of first appeals before the Commissioner of Income Tax (Appeals) is mandated for taxpayers who e file returns; appeals and relied upon documents must be submitted online, the existing Form 35 is replaced by a new structured form with inbuilt validations, and the digital process will facilitate electronic fixation of hearing dates while reducing human interface, paperwork and taxpayer compliance burden.
    December 30, 2015
    Protocol amending the convention between India and Slovenia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income
    Show AI Summary
    Exchange of tax information expanded, enabling mutual assistance in tax collection under the amended India-Slovenia tax convention.
    The Protocol amending the tax convention between India and Slovenia expands the exchange of tax information framework and authorises mutual assistance in collection of taxes, broadening channels for sharing tax-related information to combat evasion and avoidance and enabling coordinated recovery procedures between the competent authorities.
    December 28, 2015
    Benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs Ten lakh in previous financial year
    Show AI Summary
    LPG subsidy eligibility limited by taxable income; high income consumers will be ineligible and must self declare when booking.
    The Government will withhold LPG subsidy from any consumer if the consumer or his/her spouse had taxable income exceeding Rs. 10,00,000 in the previous financial year as computed under the Income Tax Act, 1961; this ineligibility will be effected initially on a self declaration basis when booking cylinders from January 2016, with subsidy transfers executed through the DBTL/PAHAL mechanism and savings redirected to provide connections to low income households.
    December 28, 2015
    Report of the Committee on Revisiting & Revitalising the PPP Model of Infrastructure Development Chaired by Dr. V.Kelkar Released
    Show AI Summary
    Public-private partnerships in infrastructure require risk reallocation, independent regulators and an institutional renegotiation mechanism for stressed projects.
    The Committee directs a sector and project specific risk allocation framework allocating risks to the party best able to manage them, deployment of sophisticated modelling, and mandatory ex ante renegotiation clauses. It urges creation of a national PPP institute (3PI) for capacity building, independent unified sector regulators, and amendment of the Prevention of Corruption Act to protect bona fide decision making. For stressed projects it proposes a statutory two tier mechanism-an IPRC to evaluate "Actionable Stress" and an IPAT for time bound adjudication-together with benchmarks for permissible renegotiation and measures to monetise viable assets and mobilise long term finance.
    December 24, 2015
    Second Edition of the ‘Handbook of Statistics on Central Government Debt’released;One-Stop Source for all Central Government Debt Data
    Show AI Summary
    Central Government Debt Data consolidated in a one stop handbook to improve transparency and support market and academic analysis.
    The Second Edition of the Handbook of Statistics on Central Government Debt compiles time-series data on outstanding debt, primary issuance of bills and bonds, and secondary market transactions in government securities across 16 tables, serving as a one-stop source for Central Government debt data to facilitate market analysis and academic research and to supplement the Annual Status Paper by providing detailed empirical coverage.
    December 24, 2015
    The Minister of State for Finance Shri Jayant Sinha Launches Guidance Material Forpost-Award Contract Management of PPP Concessions“Highways, Ports, And Schools”
    Show AI Summary
    Post-Award Contract Management guidance strengthens PPP oversight and provides toolkits for project authorities to manage concessions.
    The Department of Economic Affairs issued guidance for Post-Award Contract Management of PPP concessions, including Guidelines, sector specific Manuals based on concession agreements and the model concession agreement, and an interactive web based toolkit to clarify obligations, roles and responsibilities and to assist Project Authorities in proactive oversight and administration of PPP projects.
    December 23, 2015
    Draft Guiding Principles for Determination of Place of Effective Management (Poem) of a Company Formulated.
    Show AI Summary
    Place of Effective Management guidance clarifies residence determination for companies and invites stakeholder comments by stated deadline.
    Determination of corporate residence relies on whether a company is an Indian company or whether its Place of Effective Management (POEM) is in India; draft guiding principles for POEM have been published on official websites to assist taxpayers and the tax administration and stakeholders are invited to submit comments to the Director (Tax Policy & Legislation)-I, Central Board of Direct Taxes.
    December 21, 2015
    Industrial Growth
    Show AI Summary
    Tax incentives for additional employment support manufacturing job creation under national policy and industrial corridor development.
    Government measures to boost industrial growth comprise the Make in India initiative, FDI liberalisation, investor facilitation and e-governance, creation of industrial corridors coordinated by a National Industrial Corridor Development Authority, regional and sectoral incentive schemes including NEIIP, Transport/Freight Subsidy Schemes and Central Capital/Interest Subsidy Schemes, sector programmes such as the Integrated Development of Leather Sector and Mega Food Parks, and tax incentives for additional manufacturing employment under section 80JJAA.
    December 19, 2015
    Year End Review: Highlights of the Achievements of the Ministry of Finance
    Show AI Summary
    India advanced tax, banking and anti black money reforms while expanding financial inclusion and infrastructure investment vehicles.
    The Government implemented macroeconomic and monetary easing measures alongside administrative steps to reduce inflation; advanced financial sector reforms (Payment Banks, recapitalization, Mission Indradhanush), created the NIIF, joined multilateral banks, strengthened macroprudential coordination via FSDC, and merged FMC into SEBI. Tax changes streamlined direct and indirect regimes, introduced taxpayer reliefs, advanced GST constitutional amendment, and enacted the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015 with penalties and a one time compliance window. Major financial inclusion schemes (PMJDY, PMMY, APY) and e governance tax initiatives were rolled out, while fiscal transfers to States were increased per Fourteenth Finance Commission norms.
    December 19, 2015
    Date for payment of Central Excise duty and Service Tax for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th December 2015 while the date of filing of the Central Excise return for November 2015 extended to 31st December 2015.
    Show AI Summary
    Extension of tax payment deadline: Central Excise and Service Tax payment and return filing deadlines extended for Puducherry assessees.
    Deadlines for Central Excise duty and Service Tax payment for November 2015 for assessees in the Union Territory of Puducherry (except Mahe and Yanam) are extended to 20 December 2015, and the Central Excise return filing deadline for November 2015 is extended to 31 December 2015, pursuant to notifications and an order issued by the central tax administration.
    December 19, 2015
    Finance Minister: India economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, Fiscal Deficit (FD) and Current Account Deficit (CAD); This robust outcome was made possible by the slew of policy measures and structural reforms undertaken by the present Government in last 19 months to address the critical problems of stimulating and stabilizing the economy
    Show AI Summary
    Macroeconomic consolidation through structural reforms and fiscal consolidation bolsters growth while addressing financial-sector stress.
    Macroeconomic consolidation has strengthened with lower inflation, reduced fiscal and current account deficits, and improving growth attributed to structural reforms and policy measures over the prior 19 months. The Government pursued enhanced public investment, restarting stalled projects, improved resource allocation procedures, a clarified monetary policy framework, and greater fiscal federalism. Fiscal consolidation continued alongside increased capital expenditure and buoyant tax revenues. Financial-sector measures-bank recapitalization, loan restructuring, and remedial duties for affected industries-were advanced to address nonperforming assets and sectoral weaknesses while promoting financial inclusion and rural credit.
    December 18, 2015
    Year End Review: Highlights of the Achievements of the Department of Disinvestment & Expenditure, Ministry of Finance
    Show AI Summary
    Disinvestment strategy shifts to rolling plans and faster approvals, increasing market participation and allotment for public offerings.
    The Department shifted disinvestment to a rolling plan model with advance preparation, secrecy, fast tracked approvals, revised intermediary engagement and reserved allotments to prevent market hammering and broaden participation; this produced multiple OFS issues and materially higher CPSE receipts. The fiscal program set an elevated target combining recurring CPSE sales and strategic disinvestment, while the Department of Expenditure enforced state Net Borrowing Ceiling discipline, facilitated quarterly borrowing permissions, eased external loan concurrence for certain cases and provided Special Assistance tied to post Finance Commission fiscal transitions.
    December 18, 2015
    CBDT Notifies the designated Income tax authority or purposes of the making declaration of undisclosed foreign assets - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
    Show AI Summary
    Designation of Income tax authority to receive declarations of undisclosed foreign assets under the black money Act.
    The Central Board of Direct Taxes directs that a specific income-tax officer is the designated Income tax authority for receiving and processing declarations of undisclosed foreign assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, allocating administrative responsibility for submissions and related compliance matters until further orders.
    December 18, 2015
    Finance Ministry: Reaction by Indian Stocks and Forex Markets to US Federal Reserve’s yesterday decision to raise the target range for the federal funds rate by 25 to 50 bps, underlines the strong macroeconomic fundamentals of the Indian Economy and the efforts made by the present Government to achieve macro stability over the last one and half years.
    Show AI Summary
    Monetary policy normalization prompts cautious global tightening while Indian markets show stability and resilience to the shift.
    The statement treats the US Federal Reserve's rate increase as the start of monetary policy normalization, notes cautious future Fed actions, and records positive reactions in Indian equity and forex markets-indices rising and the rupee stable-attributing market resilience to stronger GDP growth, lower inflation, a reduced current account deficit, and ongoing fiscal consolidation.
    December 17, 2015
    Initiatives of Central Board of Excise and Customs to Facilitate Trade and to Resolve Disputes
    Show AI Summary
    Appeal filing thresholds and supervisory pre-notice review to limit unnecessary departmental litigation and improve adjudication quality.
    The Board instituted appeal filing thresholds to limit departmental appeals and required withdrawal of cases when higher-court precedent exists, while mandating zonal oversight meetings to advise adjudicating officers, establishing officer accountability for persistent non-compliance, creating a training institute for adjudication and advocacy, and requiring senior-level pre-show cause consultation in higher-value cases to ensure supervisory review and proportionality.
    December 17, 2015
    Furnishing of Information in Respect of Payments made to the Non-Resident
    Show AI Summary
    Reporting for non-resident payments: new narrower CA-certificate requirement and expanded exemptions under amended rules.
    Amendments narrow reporting obligations for payments to non residents by exempting individual remittances under the Liberalised Remittance Scheme from Forms 15CA/15CB, expanding the list of payment types exempted to include certain import payments, and requiring a Chartered Accountant certificate in Form 15CB only where payments are chargeable to tax and exceed a prescribed compliance threshold; the amendments take effect from the notified applicability date.
    December 17, 2015
    Year End Review: Highlights of the Achievements of the Department of Revenue, Ministry of Finance
    Show AI Summary
    Indirect tax collections rose sharply; tariff adjustments, compliance rationalisation and e governance reforms were implemented to broaden the tax base.
    Indirect tax receipts grew substantially in April-October 2015 across Customs, Central Excise and Service Tax. The Department implemented tariff adjustments to promote manufacturing and protect agriculture, procedural reforms including 24x7 customs clearance, Single Window messaging, digital signatures and reduced documentation, and rationalised penal and prosecution rules. Central Excise and Service Tax measures subsumed education cesses, sped registration, extended electronic payments and CENVAT timelines, and broadened service tax by changes to the negative list. Legislative steps included abolition of wealth tax, transfer pricing and APA changes, and anti black money laws and information exchange arrangements.
    December 16, 2015
    Year End Review: Highlights of the Acheivements of the Department of Economic Affairs, Ministry of Finance
    Show AI Summary
    Monetary Policy Framework sets an inflation objective and enables accommodative rate cuts to support growth and stability.
    Inflation management and a new Monetary Policy Framework between Government and the RBI introduced an explicit inflation objective, supported by supply-side measures and accommodative monetary easing in 2015 to restore price stability and spur growth. Concurrently, banking reforms (recapitalisation, Mission Indradhanush, Payment and Small Finance Bank licences) and financial-sector measures (NIIF creation, tax-free bonds, FPI debt limits, PPP appraisal and Viability Gap Funding, municipal bond guidelines) were implemented to mobilise long-term finance, improve governance, deepen markets and promote infrastructure and financial inclusion.
    December 16, 2015
    Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, Rbd Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
    Show AI Summary
    Tariff value change for edible oils and specified commodities affects customs valuation and import assessment.
    Amendment under the Customs Act substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001-Customs (N.T.), prescribing unit tariff values in US dollars for specified imported commodities. The substituted tables list operative unit values for crude palm oil, RBD palm oil, other palm oils, crude palmolein, RBD palmolein, other palmolein, crude soybean oil, brass scrap, poppy seeds, areca nuts, and unit valuations for gold and silver where notification benefits apply, for use in customs assessment and import valuation.
    December 16, 2015
    Last Date for December 2015 installment of Advance Tax for taxpayers in Tamil Nadu and Puducherry extended till 31st December, 2015
    Show AI Summary
    Extension of Advance Tax deadline provides temporary compliance relief, treating payments made by the extended date as timely.
    Extension of the last installment deadline for payment of Advance Tax: the tax authority issued an administrative order under the Income-tax Act extending the date for deposit of the December installment due to severe rainfall and floods; Advance Tax deposited into Government accounts on or before the extended date will be treated as timely payment for that installment.

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      Income Tax

      Furnishing of Information in Respect of Payments made to the Non-Resident

      December 17, 2015

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      Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and collection of information under Section 195 of the Act.

      The significant changes under the amended Rules are: 

      • No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its Liberalised Remmittace Scheme (LRS)
      • Further the list of payments of specified nature mentioned in Rule 37 BB which do not require submission of Forms 15CA and 15CB has been expanded from 28 to 33 including payments for imports.
      • A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds ₹ 5 lakh. 

      The amended Rules will become applicable from 01.04.2016.

      Notification No. G.S.R. 978(E) dated 16th December, 2015 is available on the website of the Department at www.incometax.gov.in.

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