CBDT has further received representations that across the country, taxpayers had faced hardships in E-Filing Returns of Income on the last date i.e. 31st August, 2015 due to slowing down of certain e-services. Therefore, after considering the matter, CBOT in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due-date’ for E-Filing Returns of Income from 31st August, 2015 to 7th September, 2015 in respect of all the taxpayers who were required to E-File their returns by 31st August, 2015.

The Government has accepted the recommendation of the Committee to clarify the inapplicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income-tax Act will be carried out. Through the amendment the Government proposes to clarify that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/ permanent establishment in India, for the period prior to 01.04.2015. Pending such amendment, CBDT will convey to the field formations the decision of the Government to accept the recommendation.

The CBDT has issued Instruction No. 08/ 2015 dated 31.08.2015 to lay down the parameters for compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016

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

The Chamber of Tax Consultants (CTC) has released a publication titled “The Black Money – Answers to 295 FAQs, Case Studies by Senior & Eminent Professionals”. The contributors to the publication are eminent legal experts such as Sr. Adv Ram Jethmalani, CA Yogesh Thar, Adv K. C. Singhal (Ex VP, ITAT), Adv R. P. Garg (Ex VP, ITAT), CA Nihar Jambusaria, CA Rashmin Sanghavi etc. The experts have meticulously analyzed the provisions of the law and explained all of its nuances and intricacies in an easy-to-understand format. A steep discount of 30% is being offered for all orders placed till 10.09.2015. Limited copies of the publication are available.