Major changes in requirements of Form 15 CA & 15 CB and foreign remittances under sec 195:

1) Rule 37 BB of the IT Rules amended to strike a balance between reducing the burden of compliance and collection of information.

2) No Form 15CA & 15CB will be required to be furnished by individual for remittance which do not require RBI approval.

3) List of payments which do not require submission of Forms 15CA & 15CB has been expanded from 28 to 33 including payments for imports.

4) CA certificate in Form No. 15CB will be required in payments made to non-residents which taxable and the amount during the year exceeds Rs.5 lakh.

The amended Rules will become applicable from 01.04.2016.

TDS late fee U/s 234E cannot be recovered if order passed U/s 200A before 1-6-2015. 

Those whose appeals were dismissed before ITAT (Tribunal) can file MA (Miscellaneous Application) or who have not yet filed appeals can file appeal before CIT Appeals with application to condone the delay.

Indore Tribunal had stated that TDS late fee notices passed before 1-6-2015 are not appealable and now on 7-12-2015 Indore Bench of MP High Court has stated that such orders are appealable, Amritsar and Chennai Bench of ITAT has already passed the order that TDS late fee can't be recovered by passing order U/s 200A

Permanent Account Number (PAN) quoting is compulsory from 1/1/2016 for the following cash transactions

1.Settling Hotel Bills or Buying Air Tickets for Foreign Travels ... Rs. 50000 and above

2. Non Luxury Transactions ... Rs. 2 lakh and above irrespective of mode of payment.

3. Purchase of Immovable Property... Rs.10 lakh and above

4. Purchase of Jewellary or bullion .. Rs. 2 lakh and above

5.Payment for cash cards or prepaid instrument... Rs. 50000 and above

6.Purchase of Shares of unlisted Companies .. Rs. 1 lakh and above

7. Open Bank account except Pradhan Mantri Jan Dhan Yogna Accounts

8. Purchase of bank draft/pay order/banker cheque of equal denomination on a single day .. Rs.50000 and above (already in the Act)

9. Payment of Life Insurance Premium in a single year ... Rs.50000 and above

10. Post office deposits limits have been dispensed with.