CBDT notifies forms for accumulation of income by a trust

I 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 Amounts

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.