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.
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.
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
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Cummins Inc. is a foreign company, rendering services in respect of desktop/laptop software license and internet mail facilities to its Indian associated enterprises, i.e. CIL and CSSL which were paying IT charges provided by the taxpayer.
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