Latest Transfer Pricing Guidelines Circular Of CBDT + Three Imp Directives Of The CBDT
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Latest CBDT Guidelines For Implementation Of Transfer Pricing Provisions
The CBDT has issued Instruction No. 3/2016 dated 10.03.2016 by which it
has issued detailed guidelines for implementation of transfer pricing
provisions. The CBDT has pointed out that due to a number of
legislative, procedural and structural changes carried out over the last
few years, Instruction No. 3 of 2003 was replaced with Instruction No.
15/2015, dated 16th October, 2015. After the issuance of Instruction No.
15/2015, the Board has received some suggestions and queries, which
have been examined in detail. Accordingly, Instruction No. 3/2016 dated
10.03.2016 is being issued to replace Instruction No. 15 of 2015. This
Instruction is applicable for both international transactions and
specified domestic transactions between associated enterprises. The
guidelines on various issues have been set out in detail
CBDT Directive Reg Verification Of Genuineness Of Agricultural Income Shown In ROI For AY 2011-12 to 2013-14
The CBDT has issued a letter dated 10.03.2016 in which it is pointed out that several assesses have declared income from agriculture of more than Rs. 1 Crore in the income tax return filed for earlier years especially from AY 2011-12 to 2013-14. The CBDT has stated that there is a PIL matter pending before Hon’ble Patna High Court wherein concerns have been raised that a few assesses may be engaged in routing their unaccounted / illegal money in the garb of agricultural income thereby not only claiming exemptions on such income but also engaged in the money laundering activities. It is stated that since agricultural income is only used for rate purposes, it was noticed that in a few such high value cases, taxpayers may have inadvertently made data entry errors while filling up the fields for agricultural income. The CBDT has accordingly directed AOs to verify the genuineness of the alleged agricultural income
CBDT Extends Benefit Of Low Tax Effect Circular To Cross-Objections And References
The CBDT has issued a letter dated 08.03.2016 in which it has clarified that the benefit of Circular 21 of 2015 dated 10.12.2015 by which the monetary limits for filing appeals before the Income Tax Appellate Tribunals and High Courts were raised to Rs. 10 lakhs and Rs. 20 lakhs respectively applies also to cross objections filed by the Department before the ITAT under section 253(4) of the Income-tax Act and to references to the High Court under sections 256(1) and 256(2) of the Act
CBDT Sets Up Dedicated Structure For Speedy Redressal Of Taxpayers’ Grievances
The Central Board of Direct Taxes (“CBDT”) has issued a press release dated 07.03.2016 stating that it has issued an Order setting up a dedicated structure for delivery and monitoring of tax payer services in the Income Tax Department. Member (Revenue and Tax Payer Services) will oversee the delivery and monitoring of taxpayer services in CBDT. Two separate Directorates, called Directorate of Tax Payer Services I and Directorate of Tax Payer Services II have been set up. Together, these Directorates will be responsible for delivery and monitoring of taxpayers services in the field offices and e-services deliverable through various electronic platforms of the Department. They will oversee and co-ordinate all matters relating to grievances of taxpayers and ensure their timely redressal
Regards,
Editor,
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