The CBDT has issued Circular No. 02/2016 dated 25.02.2016 in which it has clarified that the provisions of the India-UK DTAA would be applicable to a partnership. that is a resident of either India or UK, to the extent that the income derived by such partnership, estate or trust is subject to tax in that State as the income of a resident, either in its own hands or in the hands of its partners or beneficiaries

The CBDT has issued Circular No.6/2016 dated 29.02.2016 in which it has clarified the issue of taxability of surplus on sale of shares and securities. The CBDT has explained the circumstances in which such surplus can be assessed as capital gains or business income. The said instructions have been issued in order to reduce litigation

The CBDT has issued a directive dated 18.02.2016 by which it has directed Assessing Officers to conduct immediate verification of outstanding demands where intimation u/s 245 has been issued by CPC and taxpayers have disputed the demands

The CBDT has issued Office memorandum dated 29.02.2016 by which it has revised Instruction No. 1914 dated 21.03.1996 and issued fresh guidelines for stay of demand at the first appeal stage

The CBDT has issued Circular Nos. 04/2016 and 05/2016, both dated 29.02.2016. In Circular No. 04/2016, the CBDT has explained the law relating to Tax Deduction at Source on payments by broadcasters or television channels to production houses for production of ciontent or programme for telecasting. In Circular No. 05, the CBDT has explained the law relating to Tax Deduction at Source on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements

The Finance Bill 2016, as introduced in the Lok Sabha today, 29.02.2016, is available for download together with the Memorandum explaining the Bill and the speech of the Hon’ble Finance Minister.

The CBDT has issued a letter dated 15.02.2015 in which it has pointed out that taxpayers are facing problems due to mismatch of TDS/other taxes. These problems may be due to the non-reporting of TDS and uploading the TDS details improperly by their deductors. As a result, demand notices are being sent to the taxpayers due to non-availability of the tax credits for claim. The CBDT has drawn attention to Circular No. 8/2015 in which AOs were directed to give credit for taxes paid on the basis of evidence furnished by the taxpayer. The CBDT has directed that the SOP as per the said Circular should be strictly followed and immediate steps should be taken to reduce the grievances of the taxpayers

The CBDT has issued Circular No 03/2016 dated 26.02.2016 to clarify the law relating to the taxability of share Buy-back transactions under income-tax Act, 1961. The CBDT has made it clear that the consideration received on buyback of shares between the period 01.04.2000 till 31.05.2013 would be taxed as capital gains in the hands of the recipient in accordance with section 46A of the Act and no such amount shall be treated as dividend in view of provisions of section 2(22)(iv)