Corporate Updates – 29-12-2015


CBDT has made amendments in Rules regarding quoting of PAN for specified transactions, with an intention to collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of PAN where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity. It has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs. 2 lakh regardless of the mode of payment. To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has also enhanced the monetary limits of certain transactions which require quoting of PAN. The monetary limits have now been raised to Rs. 10 lakh from Rs. 5 lakh for sale or purchase of immovable property, to Rs. 50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid at any one time, and to Rs. 1 lakh from Rs. 50,000 for purchase or sale of shares of an unlisted company. Other than that, the requirement of PAN applies to opening of all bank accounts including in co-operative banks. The changes to the Rules will take effect from 1st January, 2016. A chart highlighting the key changes to Rule 114B of the Income-tax Act is also available in the above link.


The Hand Book of Procedures of FTP 2015-20 permits re-fixation of Annual Average Export obligation, in case the export in any sector/ product group decline by more than 5%. This implies that the sector/product group that witnessed such decline in 2014-15 as compared to 2013-14, would be entitled for such relief. A list of such product groups showing the percentage decline in exports during 2014-15 as compared to 2013-14 has been released and all Regional Offices are requested to re-fix the annual average export obligation for EPCG Authorizations for the year 2014-15 accordingly. Reduction, if any, in the EO should be appropriately endorsed in the licence file of the office of RA as also in the Amendment Sheet to be issued to the EPCG Authorisation holder. Further, the Regional Offices while considering requests of discharge of Export Obligation will ensure that in case of shortfall in Export Obligation fulfillment, Policy Circulars earlier issued are also considered before issuance of demand notice etc.

News from NIRC of ICSI

Following new Office Bearers have been elected from NIRC of ICSI for the year 2016 w.e.f 19-01-2016 :

CS Manish Gupta Chairman

CS Dhananjay Shukla Vice Chairman

CS Pradeep Debnath Secretary

CS Rajeev Bhambri Treasurer

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