By Pinky Shah, Sonalee Godbole, Chartered Accountants
1. CBDT issues Guiding Principles for determination of Place of Effective Management of a Company
Circular No. 6 dated 24th January 2017
2. Place of Effective Management guidelines shall not apply to a company having turnover or gross receipts of Rs. 50 crores or less in a financial year
Circular No. 8 dated 23rd February 2017
3. Amendment to Rule 114(1) and Rule 114A(1) to provide for a common application form for allotment of PAN/TAN for certain classes of persons to be notified. Income -tax (2nd Amendment) Rules, 2017
Notification No. 9 dated 9th February 2017
4. Newly incorporating company electronically can apply for PAN in form INC 32 using digital signature as specified by Ministry of Corporate affairs. After generation of Corporate Identity Number, MCA will forward data in prescribed Form 49A to Income tax Authorities using digital signature
Notification No. 2 dated 9th March 2017
5. India and Belgium sign Protocol amending the India-Belgium Double Taxation Avoidance Agreement and Protocol
-Press Release dated 9th March 2017
6. Protocol amending the DTAA between India and Israel to come into effect from 14th February 2017
Notification no. 10/2017 dated 14.2.2017
7. Standard Operating Procedures prescribed by CBDT for verification of cash transactions vis-à-vis Demonetisation
8. Under revised India – Korea DTAA – CBDT has clarified that applications for bilateral APA involving international transactions with AE in Korea for the APA period beginning Fiscal Year 2017¬ 18 can be filed along with request for rollback provision in prescribed form – Press Information Bureau dated 17th March 2017
9. CBDT issues clarification on taxation and investment regime under the Pradhan Mantri Garib Kalyan Yojana, 2016
Circular no. 8/201/ dated 14th March 2017
