Month: September 2015

The CBDT has issued a directive dated 27.08.2015 stating that in view of the judgement of the Supreme Court in CIT-VIII, Delhi Vs. Suman Dhamija holding that the monetary limits specified in Instruction No. 3/2011 dated 09.02.2011 shall apply only to appeals filed after that date and not to pending appeals, the department should file Miscellaneous/ Review Petitions to seek revival of the department’s appeals which have been dismissed on the interpretation that the said Instruction No. 3/2011 applies to pending appeals.

The CBDT has issued an order dated 31.08.2015 u/s 119 of the Income-tax Act to extend the due date for filing the return of income from 31.08.2015 to 07.09.2015, in cases of Income-tax assessees in the State of Gujarat

The Central Board of Direct Taxes (CBDT) has issued guidance notes dated 31.08.2015 on implementation of reporting requirements for the US law called “Foreign Account Tax Compliance Act” (FATCA). Under FATCA, foreign financial institutions that fail to give information about their American clients to US authorities would face 30 per cent withholding tax. FATCA provides for 30 per cent withholding tax on US source payments made to foreign financial institutions (FIs) unless they enter into agreement with Internal Revenue Service (IRS) to provide information about accounts held with them by USA persons or entities controlled by USA persons