RSM India - Certain recent tax related updates / news on PAN, black money, foreign exchange, POEM, FATCA, etc. - 9 Jan 2016:

1) 644 Declarations involving Rs. 4,164 crore made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

http://www.business-standard.com/article/government-press-release/644-declarations-involving-rs-4-164-crore-made-under-the-black-116010601144_1.html

2) RBI notifies regulations for realisation, repatriation and surrender of foreign exchange

http://taxguru.in/rbi/foreign-exchange-management-realisation-repatriation-surrender-foreign-exchange-regulations-2015.html

3) RBI issues new regulation for life and general insurance policies issued by foreign insurers

http://taxguru.in/rbi/foreign-exchange-management-insurance-regulations-2015.html

4) CBDT Clarifies no Sec 271(1)(c) penalty on additions under normal provisions in MAT cases prior to 1/4/2016

http://www.itatonline.org/info/index.php/cbdt-clarifies-law-on-s-2711c-penalty-where-s-115jb-book-profits-are-more-than-normal-income/

http://www.incometaxindia.gov.in/communications/circular/circular25_2015.pdf

5) Period of receiving Comments on Draft Guiding Principles for determination of Place of Effective Management (POEM) of a Company extended till 9th Jan 2016

http://pib.nic.in/newsite/PrintRelease.aspx?relid=134111

6) Guidance Note for FATCA and CRS updated

http://pib.nic.in/newsite/PrintRelease.aspx?relid=134079

http://www.incometaxindia.gov.in/news/guidance-note-for-fatca-crts-31-12-2015.pdf

7) CBDT notifies revised rules for quoting of PAN

http://taxguru.in/income-tax/revised-rules-forms-related-quoting-pan-wef-01012016.html

8) CBDT mandates e-filing of appeal before CIT(A) - The existing Form 35 for filing of first appeal is being substituted by a new Form and the same needs to filed electronically

http://taxguru.in/income-tax/cbdt-electronic-filing-appeal-citappeals-mandatory.html

Best regards,

RSM Astute Consulting Pvt. Ltd.13th Floor, Bakhtawar,229, Nariman Point, Mumbai - 400 021.Tel:  +91 22 2287 5770 / 6121 4444 | Fax: +91 22 2287 5771 | Web: www.rsmindia.in