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1. CBDT clarifies that printing or printing and publishing be considered as manufacturing for eligibility of additional depreciation u/s. 32(1)(iia) of the Act.
Circular No. 15 of 2016 dated 19.5.16
2. Finance Ministry issues clarifications and notifications for the Income Declaration Scheme effective 1.6.16 as proposed in the Budget 2016
- The Income Declaration Scheme Rules, 2016 dated 19.5.16
- Dates for declaration and tax and penalties payment and regularise benami transactions as provided – Notification No. 32/2016 dated 19.5.2016
- Explanatory Notes on provisions of The Income Declaration Scheme, 2016 – Circular No. 16 dated 20.05.2015
- Clarifications on the Income Declaration Scheme, 2016 – Circular No. 17 of 2016 dated 20.5.16
3. CBDT issues a Directive for consistency in taxability of income/loss arising from transfer of unlisted shares under the Act 1961 –
File no. 225/12/2016/ITA .II dated 2.5.16
4. Interest u/s 244A of the Act to be paid to Resident deductors on excess tax paid u/s 195 of the Act from date of payment of tax
– Circular No 11/2016 dated 26.4.16
5. Commencement of limitation for penalty proceedings u/s. 271D and 271E of Act –
Circular No. 09/DV/2016 dated 26.4.16
It has been clarified by the CBDT that the Range Authority being the Joint Commissioner / Additional Commissioner of Income tax will issue the notice for penalty and dispose / complete the proceedings u/s 275(1)(c ) of the Act. Accordingly AOs below the rank need to refer the matters to their Range Heads.
Finance Bill 2016 received President Assent and hence enacted on 14.5.2016
