CBDT notifies forms for accumulation of income by a trust

am sharing with you an important update regarding:

1. Central Board of Direct Taxes Notification dated 14.01.2016 regarding CBDT
notifies forms for accumulation of income by a trust. Copy of the said
notification is available at http://www.incometaxindia.gov.in/communications/notification/notification3_2016.pdf

2. Central Board of Direct Taxes Press Release dated 15.01.2016 regarding CBDT would
issue refunds up to Rs.5,000/- without adjustment of outstanding tax liability.
Copy of Press Release is as under:

Issue of IT Refunds of Smaller

In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction,
the Central Board of Direct Taxes had issued instructions to Central Processing
Center (CPC), Bengaluru and the field officers in December, 2015 to issue
refunds of amounts less than Rs.50,000/- expeditiously.
As a result of the special drive to issue smaller refunds, 18,28,627 refunds
below Rs.50,000/- involving a sum of Rs.1,793 crore have been issued
between1stDecember, 2015 and 10thJanuary, 2016. These refunds relate to
Assessment years 2013-14 to 2015-16.

In order to further expedite the process of issue of small refunds, CBDT has
also directed CPC-Bengaluru and the field units that refunds up to Rs.5,000/-,
and refunds in cases where outstanding arrears are up to Rs.5,000/- may be
issued without any adjustment of outstanding arrears. Office Memorandum F. No.
312/109/2015-OT dated 14thJanuary 2016, conveying these directions of CBDT is
available on the website of the Departmentwww.incometaxindia.gov.in.

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