The CBDT has issued an Office Memorandum dated 07.03.2016 stating that in view of the large volume of pending refunds which are subject to proceedings u/s 245 and the timeline of 30 days for responding to the notice allowed to the assessee and the same time period allowed to the assessing officer to confirm/ correct the demand, it is taking too long for the demand to be verified and the refunds to be issued, leading to rise of grievances. With a view to clear the pendency of refunds which are subject to verification under section 245, the CBDT has been decided that the timeline of 30 days for the assessee and the assessing officer specified in the O.M. dated 29.01.2016 may be reduced to 15 days with regard to the notices under section 245 to be issued in the balance period of the current financial year. This is a one-time measure to clear the backlog of refunds and accordingly the reduced timeline of 15 days shall be valid only till 31.03.2016

Eminent Jurist Shri. S. E. Dastur addressed a distinguished audience of professionals and taxpayers on Friday, 4th March 2016, on the implications of the Finance Bill 2016. The function was organised by the Bombay Chartered Accountants’ Society (BCAS). This was Mr. Dastur’s 28th talk on the Finance Bill, which is probably a World record in itself. With his usual eloquence and clarity of expression, Mr. Dastur enthralled the audience as he unravelled nuances of the Finance Bill 2016

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