By TIOL News Service

NEW DELHI, AUG 18, 2016: IN a fresh FAQs issued today the CBDT has clarified that the Rules under the IDS, 2016, providing an option to the declarant the FMV of immovable property acquired through registered deed have been amended.

The CBDT received several representations to provide an option to value the immoveable property on the basis of the registered value. After due consideration of the representations, the Rules have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed,  an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of the property.

Further, the fifth set of Frequently Asked Questions (FAQs) providing clarification on various issues under the Scheme has been issued. Some of the important issues clarified therein are as under:
 
(i) Where loans, creditors, advances received, share capital, payables etc. are disclosed in the audited balance sheet but are fictitious in nature and cannot be directly linked to acquisition of a particular asset, then such fictitious liabilities can be disclosed under the Scheme as such without linking the same with the investment in any specific asset.
 
(ii) The income declared under the Scheme for an earlier assessment year can be taken into account to explain the related transactions of the subsequent assessment years in assessment proceedings pending before the Assessing Officer provided there is a nexus between the two.

(iii) No adverse action shall be taken against the declarant by FIU or the income-tax department solely on the basis of cash deposits made in banks consequent to the declaration made under the Scheme.
 
(iv) The period of holding of assets declared under the Scheme shall be taken on the basis of the actual date of acquisition of such asset and not from 1.6.2016 as clarified earlier.

In another major development, the Revenue Secretary and Senior Officers of Department of Revenue and CBEC hold Sectoral Meetings with various stakeholders on GST in order to understand and address the apprehensions and concerns of the stakeholders about important aspects of GST.

Continuing with its commitment to the early and smooth roll-out of the Goods and Services Tax (GST) and recognizing the role of trade and industry as equal partners and stakeholders in this historic reform, both Department of Revenue and Central Board of Excise and Customs (CBEC) are holding interactive sessions, spread over three days starting from yesterday i.e. 17th August, 2016, with representatives of the various sectors of the economy.

Revenue Secretary Dr Hasmukh Adhia along with senior officers of the Department of Revenue and CBEC held meetings with representatives of IT and ITES and Transport Sector yesterday and with the representatives of e-commerce and Communications today. Senior officials of the Department of Revenue and CBEC are also jointly holding sessions with other sectors such as Financial Services, Civil Aviation, Exporters, Professional bodies like Institutes of Chartered Accountants, Cost Accountants, Company Secretaries and Chambers of trade and industry, like FICCI, CII, ASSOCHAM and PHD among others. The Interactive Sessions underline the endeavour of the Government in order to understand and address the apprehensions and concerns of the various stakeholders about GST and also provide a platform for business to express their views on important aspects of GST.

Ten sessions of two hours each will be conducted over three days. Outcome of the interactions has been very fruitful and productive so far and will help the Government to fine tune and improve the GST law. More such sessions with trade and industry stakeholders are also being planned in near future.