Income Tax Notifications (2016) issued by CBDT

List of Income Tax (IT) Notifications 2016 issued by CBDT

List of Income Tax (IT) Notifications 2016 issued by the Central Board of Direct Taxes (CBDT) for amendments in the provisions under the Income Tax Act/ Rules (download pdf copy):

Income Tax Notifications (2017)

Notification No./ Date/ Description
IT Notification 124/2016 dt. 30 Dec. : CBDT notifies that cut off date for declaration under the Direct Tax Dispute Resolution Scheme (DTDRS) 2016 has been extended from 31 Dec. 2016 to 31 Jan. 2017.
IT Notification 123/2016 dt. 28 Dec. : CBDT notifies ‘Black Money Undisclosed Foreign Income and Assets (UFIA) and Imposition of Tax (Amendment) Rules, 2016’ along with prescribed rules for service of notice under Black Money Act.
IT Notification 120/2016 dt. 21 Dec. : CBDT notifies Income-tax (35th Amendment) Rules, 2016 to make certain amendments in FATCA Rules with regard to Due Diligence, Statement of Reportable Accounts, etc.
IT Notification 117/2016 dt. 16 Dec. : CBDT Notifies Jurisdiction of PMGKY Scheme 2016.
IT Notification 116/2016 dt. 16 Dec. : CBDT Notifies PMGKY Rules, 2016.
IT Notification 115/2016 dt. 16 Dec. : CBDT Notifies 17 Dec. 2016 as opening date and 31 March 2017 as closing date for PMGKY Scheme 2016.
IT Notification 106/2016 dt. 21 Nov. : CBDT has amended/ notified the Income Tax Rule Rule 10V relating to offshore fund managers’s business connection (S. 9A), which was earlier notified w.e.f. 15 March 2016 vide Notification No. 14/2016.
IT Notification 105/2016 dt. 16 Nov. : CBDT notifies the ‘Income Tax (31st Amendment) Rules, 2016 to introduce new Income tax ‘Rule 12E’ on ‘Prescribed Authority under Section 143(2)’, stipulating that scrutiny notices should not be issued by the officials below the rank of ITO.
IT Notification 104/2016 dt. 15 Nov. : CBDT Notifies Amendments in Rule 114B on Mandatory Quoting of PAN & Rule 114E on AIR to Monitor Cash Deposits in Banks.
IT Notification 103/2016 dt. 7 Nov. : CBDT amends Income Tax Rules relating to depreciation rates as per Income Tax. New proviso to Rule 5(1) restricts depreciation claim at 40% for Newly set-up domestic manufacturing companies opting corporate tax rate @25% u/s 115BA(4), w.e.f. 1 Apr. 2016. However, depreciation rate under Income Tax for other companies has been capped at 40% w.e.f. 1 Apr. 2017.
IT Notification 99/2016 dt. 25 Oct.: CBDT notifies the ‘Prohibition of Benami Property Transactions Rules, 2016’ under the ‘Prohibition of Benami Property Transactions Act, 1988 (45 of 1988)’, applicable from 1 Nov. 2016.
IT Notification 94/2016 dt. 17 Oct. : Income Tax Rule 40BB Notified by CBDT for prescribing the manner of determination of amount received by the company in respect of shares, for reducing from Distributed Income, towards Buy Back of Shares u/s 115QA
IT Notification 93/2016 dt. 14 Oct. : CBDT notifies conditions for ‘deemed demerger’ of erstwhile Public Sector Company (PSU) by way of ‘Reconstruction’ or ‘Splitting-up’ as a result of transfer of its shares by the Central Govt.
IT Notification 92/2016 dt. 7 Oct. : CBDT has notified/ amended Income Tax Rule 17CA(4) for denial of exemption to electoral trusts regarding acceptance of contributions from Government company and Foreign Sources.
IT Notification 91/2016 dt. 6 Oct. : CBDT has notified/ amended IT Rule 114D regarding submission of statement in Form 61 containing particulars of declarations received in Form No. 60. by the persons referred to in under Rule 114C.
IT Notification 90/2016 dt. 5 Oct. : CBDT notifies new Income Tax Rule 129 regarding Form 68 for Application u/s 270AA, i.e. application to Assessing Officer for immunity from imposition of penalty under section 270A and from initiation of proceedings under section 276C or section 276CC.
IT Notification 89/2016 dt. 4 Oct. : For the purpose of Section 35ABA, the CBDT has notified Rule 6A on Expenditure for obtaining right to use spectrum for telecommunication services, thru Income-tax (24th Amendment) Rules, 2016.
IT Notification 81/2016 dt. 9 Sept. : CBDT notifies that No TDS is applicable on Payments to Tirumala Tirupati Balaji Devsthanam Trust under Sections 193, 194A or 194I of the Income Tax act, 1961 w.e.f. 9 Sept. 2016.
IT Notification 80/2016 dt. 8 Sept. : CBDT Notifies Tax Information Exchange Agreement between the Governments of India and Seychelles.
IT Notification 75/2016 dt. 19 Aug. : CBDT notifies that provisions of S.206 relating to TCS shall not apply to certain class or class of buyers, i.e. Government, Embassies & Notified UN Institutions.
IT Notification 67/2016 dt. 9 Aug. : CBDT notifies revised IT Form 10A, to mandate details of PAN of Authors/ Founders/ Trustees/ Managers.
IT Notification 66/2016 dt. 24 Oct. : CBDT notifies eligible projects/ schemes/ institutions for deduction under Section 35AC of the Income Tax Act, 1961 during the Financial Year 2016-17 and also the cases where enhancement/ extension is approved.
IT Notification 65/2016 dt. 24 Oct. : CBDT notifies eligible projects/ schemes/ institutions for deduction under Section 35AC of the Income Tax Act, 1961 during the Financial Year 2016-17 and also the cases where enhancement/ extension is approved.
IT Notification 63/2016 dt. 22 Sept. : CBDT notifies eligible projects/ schemes/ institutions for deduction under Section 35AC of the Income Tax Act, 1961 during the Financial Year 2016-17 and also the cases where enhancement/ extension is approved.
IT Notification 61/2016 dt. 22 Sept. : CBDT notifies eligible projects/ schemes/ institutions for deduction under Section 35AC of the Income Tax Act, 1961 during the Financial Year 2016-17 and also the cases where enhancement/ extension is approved.
IT Notification 49/2016 dt. 22 June : CBDT notifies that provisions of GAAR shall be applicable w.e.f. 1st April 2017, i.e. any tax benefit or transfer before that date shall be outside the ambit of GAAR.
IT Notification 48/2016 dt. 20 June : CBDT notifies Income–tax (15th Amendment) Rules, 2016 to make certain amendments in FATCA Rules with regard to Due Diligence, Statement of Reportable Accounts, etc.
IT Notification 35/2016 dt. 26 MayCBDT notifies the Direct Tax Dispute Resolution Scheme (DTDRS) Rules, 2016 effective from 1 June 2016.
IT Notification 34/2016 dt. 26 May : CBDT notifies 31 Dec., 2016 as the cut off date on or before which a person may make declaration under the Direct Tax Dispute Resolution Scheme, 2016.
IT Notification 1/2016 dt. 19 Jan.: CBDT has prescribed additional modes for generation of Electronic Verification Code (EVC) of electronically filed Income Tax Returns (ITRs). Also refer CBDT Notification No. 2/2015 dated 13 July 2015 on the issue.

For Official copy of the CBDT’s Income Tax Notifications 2016, please visit the Source website:

http://www.incometaxindia.gov.in/

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