The CBDT has issued a letter dated 4th September 2015 setting out the guidelines for compounding of offences under the Income-tax Act, 1961 and the Wealth-tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts and assets

The CBDT has issued Circular No. 15 of 2015 dated 3rd September 2015 stating that The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has introduced a tax compliance provision under Chapter VI of the Act. The Black Money (Undisclosed Foreign Income an d Assets) and Imposition of Tax Rules, 2015 (hereinafter referred to as ‘ the Rules’) have been notified. In this regard, circular No. 13 of 2015 dated 6th July, 2015 issued by the Board provided clarifications to 32 queries. Subsequently, further queries have been received from the public about the tax compliance provisions under Chapter VI of the Act. The Board has considered the same and issued clarifications

In view of CBDT order F.No.225/154/2015/ITA-11 tinted 2.9.2015 issued under section 119 of the Income-tax Act, extending the due date for e-filing returns of income from 31″ August, 2015 to 7th September, 2015 in respect of all taxpayers who were required to e-file their returns of income by 31″ August, 2015, the ‘due date’ for filing return of wealth by such assessees for assessment year 2015.16 also stands extended from 31″ August 201510 7th September 2015

These guidelines will regulate the grant and payment of reward to informants who provide specific and credible information of the whereabouts/assets of persons , on or after 31.03.2015, which results in the collection of taxes, penalties, interest or other amounts (hereinafter “tax”) already levied under the Income Tax Act , 1961 and the Wealth Tax Act , 1957. Grant and payment of reward for information before 31.03.2015 will continue to be regulated by ‘Guidelines for Grant of Rewards to Informants 2007’

A Committee on Direct Tax Matters chaired by Justice A.P. Shah, was constituted to examine the issue of applicability of Minimum Alternate Tax (‘MAT’) on Flis/FPls for the period prior to 01.04.2015. The Committee has submitted its final report to the Government on 25.08.2015. The Committee has recommended that section 115JB of the Income-tax Act, 1961 (‘Act’) may be amended to clarify the inapplicability of the provisions of section 115JB to FlIs/FPls having no permanent establishment (PE)/place of business in India. The Government has accepted the said recommendation and it has been decided to carry out appropriate amendment in the Act so as to prescribe that MAT provisions will not be applicable to Flls/FPls not having a place of business/permanent establishment In India, for the period prior to 01.04.2015.