Home Highlights January 2017 Year 2017 This

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1. Tribunal is custodian of the 1961 Act and is the last fact finding authority vested with powers of wide amplitude to enforce implementation of the provisions of the 1961 Act.

2. CBDT kept the Clarifications on Indirect Transfer provisions under the Income Tax Act. 1961 in abeyance for the time being - Circular

3. Clarification in respect of residency under section 6 of the Income-tax Act, 1961 - Circular

4. Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws- - CGST - Circular

5. Implementation of decision to expedite pending refund claims - Clarifications / Instructions / Orders

6. Clarifications for implementation of FATCA and CRS - Order-Instruction

7. Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961.

8. Clarifications in respect of option exercised under section 115BAA of the Income-tax Act, 1961 inserted through The Taxation Laws (Amendment) Ordinance, 2019

9. Clarification on delay in filing of Form No.10B for AY 2016-17 and AY 2017-18 - Board's order under section 119(2) of the Income-tax Act, 1961

10. Clarification with respect to assessment of Startup Companies involving application of section 56(2) (viib) of the Income-tax Act, 1961