Corporate Updates – 13-01-2017

MINISTRY OF FINANCE (MOF)

Ministry of Finance had issued a press release on signing of a Protocol to amend the Double Taxation Avoidance Convention (DTAC) between India and Kazakhstan. The existing Double Taxation Avoidance Convention (DTAC) was made between the two countries on 9th December, 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. This Protocol provides internationally accepted standards for effective exchange of information on tax matters. The Protocol inserts a Limitation of Benefits Article, to provide a main purpose test to prevent misuse of the DTAC and to allow application of domestic law and measures against tax avoidance or evasion. The Protocol inserts specific provisions to facilitate relieving of economic double taxation in transfer pricing cases which is a taxpayer friendly measure. Further, the Protocol replaces existing Article on Assistance in Collection of Taxes with a new Article to align it with international standards.

NSDL – PAN

NSDL has issued a circular for new design of PAN card effective from 10th January, 2017. From now onwards your Aadhaar number and QR Code will be added in your new PAN card. This has made the paperless PAN application process more clear. All TEN-FCs & PAN Centres are hereby informed that the Income Tax Department (ETD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 10, 2017, PAN cards are being printed as per the new design specifications approved by ITD.

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