RBI
RBI has issued Master Direction on Presentation, Disclosure and Reporting of Financial Statements of All India Financial Institutions (AIFI). These
Directions provide for the format of the Balance Sheet And Profit &
Loss Account and Preparation Of Consolidated Financial Statements to be
adopted by AIFIs. Further, the directions also provide for specific
disclosures to be made by AIFIs in the notes to accounts of the
financial statements. RBI has clarified that with the issue of these
directions, the instructions / guidelines contained in the circulars
issued by the Reserve Bank listed in Annexure V of the directions stand
repealed. These Directions shall be applicable to the AIFIs regulated by
Reserve Bank of India viz. EXIM Bank, NABARD, NHB and SIDBI with effect
from the quarter ended December 2016 and shall come into effect on the day these are placed on the official website of the Reserve Bank of India.
CBDT
CBDT vide Circular No. 24/2016 dated 27th of June, 2016 has issued clarifications on the Income Declaration Scheme, 2016 incorporated
in the Finance Act, 2016. In a set of clarification issued on the
Scheme, the CBDT has said that in case a declarant has made only
part-payment of the tax, surcharge and penalty payable on undisclosed
income declared under the scheme, the entire declaration will be deemed
invalid and the declaration under the Scheme shall be valid only when
the complete payment of tax, surcharge and penalty is made on or before 30-11-2016.
Further it clarified that the scheme is valid for both resident and
non-resident Indians. On whether a valuation report of an asset is
mandatory, the CBDT clarified it is necessary for the declarant to
obtain the valuation report but it is not mandatory for him to attach
the same with the declaration made in Form-1. However, the tax officer
may require the declarant to file the valuation report before issuing
the acknowledgment in Form-2. In such a circumstance, it will be
necessary for the declarant to make the report available to the officer
concerned. Also, a person whose proceeding is pending before the
Settlement Commission, is not eligible for the scheme in respect of
assessment years for which proceeding is pending.
Thanks & Regards,
Meetesh Shiroya