Corporate Updates – 12-05-2016


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 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.

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