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[2016] 65 93 (Delhi - Trib.)

Comparables and adjustments : In case of assessee, rendering agency and distribution services to its Head Office located abroad, allocation of expenses had to be done on basis of ratio of gross profit and not in proportion of turnover -


Every person shall quote his permanent account number (PAN) in all documents pertaining to the transactions below: 1. Sale or purchase of a motor vehicle or vehicle, which requires registration by a registering authority under chapter VI of Motor Vehicles Act, 1988, other than 2 wheelers. 2 .Opening an account with a Bank(Other than savings bank account), 3 . Application for Debit and Credit Card. 4 . Opening a demat account. 5. Payment to a hotel or restaurant against a bill. PAYMENT OF MORE THAN RS. 50,000 (IF IN CASH). 6. Payment in connection with foreign travel or payment for purchasing foreign currency PAYMENT OF MORE THAN RS. 50,000 (IF IN CASH). 7 . Payment to a company for purchasing debentures or bonds issued by it PAYMENT EXCEEDING RS. 50,000. 8. Payment to a Mutual Fund for purchase of its units PAYMENT EXCEEDING RS. 50,000. 9. Payment to RBI for acquiring bonds PAYMENT EXCEEDING RS. 50,000. 10.Deposit with a Bank - DEPOSIT OF MORE THAN RS. 50,000 (IF IN CASH) PER DAY. 11.Purchase of DD(Demand Drafts or banker’s cheques) from a Bank -PAYMENT IN CASH FOR AN AMOUNT MORE THAN RS. 50,000 PER DAY. 12.Time deposit with a Bank, Post Office, Nidhi companies, NBFCs

3. Major Changes in requirements of Form 15CA &15CB & Foreign remittances under Sec 195

Major Changes in requirements of Form 15CA &15CB & Foreign remittances under Sec 195. • Rule 37 BB of the IT Rules amended to strike a balance between reducing the burden of compliance and collection of information. • No form 15CA & 15CB will be required to be furnished by the individual for remittance which do not require RBI Approval • Lit of payments which do not require submissions of Forms 15CA &15CB has been expanded from 28 to 33 including payments from imports. • CA certificate in Form No. 15CB will be required in payments made to non-residents whcih taxable & the amount during the year exceeds Rs 5 Lakh. The amended Rules will become applicable from 01.04.2016

4.CBDT Notifiction dated 30/12/2015

CBDT has issued Notification dated 30/12/2015, amending Rules 114B, 114C, 114D, 114E. w.e.f.01/04/2016, all assesses (liable for tax audit u/s 44AB), will have to file AIR in Form 61A, in case cash payment exceeding Rs. 2 lacs for sale of goods/services.

E-payment of refund/rebate of -Excise/Custom Duty/Service tax
15.01.16 Circular no.1013/1/2016-CX

CBEC issues guidelines for e-payment of refund/rebate of -Excise/Custom Duty/Service tax; speeding up transfer of funds to beneficiary.

Coming Soon

1. Sovereign Gold Bonds, 2016
18.01.2016 Notification F.No. 4(19)-W&M/2014 dated 14.01.2016

Sovereign Gold Bonds, 2016 to be open for subscription from 18.01.2016 to 22.01.2016 .

2. Change in PF depositing dates
14.01.2016 Circular No. WSU/9(1)2013/35031

The EPFO has removed the grace period of 5 days for depositing PF. So w.e.f February.2016 the due date shall be 15th instead of 20th. Circular No. WSU/9(1)2013/35031 dated 08.01.2016.

3. Pre-2005 Currency notes

RBI has extended the deadline for exchanging pre-2005 currency notes of various denominations, including Rs 500/-and Rs 1,000/-, by another six months to June 30, 2016.