9911796707
TMI BlogIncome-tax (17th Amendment) Rules, 2013.X X X X Extracts X X X X X X X X Extracts X X X X ..... force on the 1st day of April, 2016. 2. In the Income-tax Rules, 1962, - (a) after rule 10T, the following rules shall be inserted, namely: - "DA. Application of General Anti Avoidance Rule Chapter X-A not to apply in certain cases 10U. (1) The provisions of Chapter X-A shall not apply to - (a) an arrangement where the tax benefit in the relevant assessment year arising, in aggregate, to all the parties to the arrangement does not exceed a sum of rupees three crore; (b) a Foreign Institutional Investor, - (i) who is an assessee under the Act; (ii) who has not taken benefit of an agreement referred to in section 90 or section 90A as the case may be; and (iii) who has invested in listed securities, or unlisted securities, with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Securities and Exchange Board of India Act, 1992 (15 of 1992); (iv) "tax benefit" as defined in clause (10) of section 102 and computed in accordance with Chapter X-A shall be with reference to- (a) sub-clauses (a) to (e) of the said clause , the amount of tax; and (b) sub-clause (f) of the said clause, the tax that would have been chargeable had the increase in loss referred to therein been the total income. Determination of consequences of impermissible avoidance arrangement. 10UA . For the purposes of sub-section (1) of section 98, where a part of an arrangement is declared to be an impermissible avoidance arrangement, the consequences in relation to tax shall be determined with reference to such part only. Notice, Forms for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner to the Approving Panel under sub-section (4) of section 144BA, he shall record his satisfaction regarding the applicability of the provisions of Chapter X-A in Form No. 3CEI and enclose the same with the reference. Time limits. 10UC. (1)For the purposes of section 144BA,- (i) no directions under sub-section (3) of section 144BA shall be issued by the Commissioner after the expiry of one month from the end of the month in which the date of compliance of the notice issued under sub-section (2) of section 144BA falls; (ii) no reference shall be made by the Commissioner to the Approving Panel under sub-section (4) of section 144BA after the expiry of two months from the end of the month in which the final submission of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax benefit is the main purpose of the arrangement or part of the arrangement? 10 Whether notice under sub-rule (1) of rule 10UB has been served on the assessee , if yes date of service of the notice . 11 Summary of the reply of the assessee in response to the notice. 12 Indicate which of the following conditions is satisfied by the arrangement (along with basis of such conclusion). (a) creates rights, or obligations, which are not ordinarily created between persons dealing at arm's length; (b) results, directly or indirectly, in the misuse, or abuse, of the provisions of this Act; (c) lacks commercial substance or is deemed to lack commercial substance under section 97, in whole or in part; or (d) is entered into, or carried out, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding (b) Other assessment years proposed to be covered 6 Date of receipt of Form No.3CEG from the Assessing Officer. 7 Date of issuance of notice, setting out reasons, by the CIT to the assessee under sub-section (2) of section 144BA (copy thereof to be enclosed) 8 Date of receipt of final submission from the assessee and dates of hearing provided to the assessee (copy of final submission of the assessee to be enclosed). 9 Factual matrix of the arrangement in respect of which the reference is being made. 10 Details of tax benefit (assessment year wise) arising under the arrangement: - (i) to the assessee (ii) to all parties to the arrangement 11 Brief facts in respect of computation of tax benefit 12 Whether obtaining the tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
