CBDT
Central Board of Direct Taxes (CBDT) has granted relaxation of time for submitting Form ITR-V which were to be filed electronically without attesting digital signature. CBDT
has permitted verification of such returns which were uploaded
electronically by the taxpayer and which have remained incomplete due to
non-submission of Form ITR-V for verification, in case of returns for
Assessment Years from 2009-10 to 2014-2015 through Electronic
Verification Code (EVC). Such verification process must be completed by 31.08.2016.However,
this relaxation shall not apply in those cases where department has
already taken recourse to any other measure as specified in the Act for
ensuring filing of tax return by the taxpayer concerned after declaring
the return as Non-est.
RBI
RBI has notified Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 which
deals with manner of Receipt and Payment to a person Resident outside
India and transactions in Indian Rupees with Residents of Nepal and
Bhutan. These regulations supersede Foreign Exchange Management (Manner
of Receipt and Payment) Regulations, 2000. Manner of payment in case of
import of goods have been revised to include payment in rupees from
international credit card/ debit card through the credit/ debit card
servicing bank in India against the charge slip signed by the importer/
as prescribed by Reserve Bank from time to time. Regulation 6(2) has
also been inserted which provides guidelines for payment by person
resident in India. These regulations shall come into effect from the
date of their publication in the Official Gazette.
Thanks & Regards,
Meetesh Shiroya
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