Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 15th December, 2015
Subject:
Significant decisions taken by CBDT in last three months-regarding.
The
Central Board of Direct Taxes has taken a number of decisions over last three
months with the objective of providing better taxpayer services, improving ease
of doing business and reducing the burden of compliance on the tax payer.
Some of the
significant decisions taken are
- Acceptance of A.P Shah Committee’s
recommendations regarding applicability of MAT
on Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI). - Decision
that MAT will not apply to foreign companies having no PE in India. - Simplification of procedures for
submission of Form No 15G and Form No 15H for furnishing self declaration for
lower deduction or no deduction of tax. - Notification of Transfer Pricing Rules
to incorporate “range concept” and use of “multi year data” to reduce
litigation on transfer pricing issues. - Launching of “e-sahyog” Pilot Project to
provide online facility to resolve mismatch of prepaid taxes in Income Tax
Returns. - Setting up of Committee with a view to
simplify the provisions of the Income Tax Act, 1961. - Phasing out plan of deductions under the
Income Tax Act with reduction in tax rates for corporate taxpayers- extension
of time for submission of comments. - Notification of Income Computation and
Disclosures Standards (ICDS) under section 145(2) of the Income Tax Act. - Notification
regarding income from off-shore Rupee Denominated Bonds. - Decision to expedite issue of refunds
below Rs.50,000/- for A.Y. 2013-14 and 2014-15 for cases not selected for
scrutiny. - Monetary limits for filing appeal by the
Income Tax Department before Tribunal and High Courts enhanced from Rs.4 lakh
and Rs.10 Lakh to Rs.10 lakh and Rs.20 lakh respectively with retrospective
effect.
(Shefali Shah)
Pr. Commissioner of Income Tax (OSD)
Official Spokesperson, CBDT
