CBDT extends due date of filing return from July 31, 2015 to August 31, 2015

The due date for filing the return of income and wealth for the assessment year 2015- 16 for all assessees other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner (of a firm whose accounts are required to be audited) or (d) an assessee who is required to furnish a report under section 92E, has been extended from 31st July, to 31st August, 2015.

Furnishing of information in respect of payment to non-resident in Form 15CA/15CB

W.e.f. June 1, 2015, Furnishing of information in respect of payment to non-resident in Form 15CA/15CB has been made mandatory to all payment irrespective of whether that income is taxable in India or not. Further, penalty under section 271-I of the Act has also been introduced in respect of non-furnishing of information or furnishing of inaccurate information in Form 15CA/15CB of Rs. 1,00,000/-.

Increase in Transport allowance exemption

CBDT has vide Notification No. 39/2015 increased Transport allowance exemption limit for employees from Rs. 800 to Rs. 1,600 per month. In case the employee is blind or orthopedically handicapped with disability of lower extremities the limit is increased from Rs. 1600 to Rs. 3200/- per Month. The revised exemption Limit is applicable from Assessment Year Y. 2016-17 i.e. F.Y. 2015-16.

Committee headed by Justice A. P. Shah, Chairman of the Law Commission to look into issues relating to MAT on FIIs pertaining to the period prior to the amendment by Finance Act, 2015

A Committee headed by Justice A. P. Shah, Chairman of the Law Commission has been constituted to look into tax issues relating to MAT on FIIs (for period prior to amendment by the Finance Act, 2015) and few other tax issues which are essentially legacy issues. Further, vide letter No. 96370/2015 dated 11.5.2015, it has been directed that no coercive action to be taken for recovery of demand already raised by invoking provisions of MAT in the cases for foreign companies. It has also been directed that issues of fresh notices for reopening of cases as also completion of assessment have to be put on hold unless the case is getting barred by limitation.

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