India: Rules for tax communications; effect of incorrect taxpayer number

India: Rules for tax communications; taxpayer number

The KPMG member firm in India has prepared reports concerning the following developments (read more at the hyperlinks provided below).

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  • “Schemes of arrangement” of listed entities: The Securities and Exchange Board of India (SEBI) issued new listing regulations that, effective 1 December 2015, replaced prior circulars stipulating or modifying the provisions of listing agreements. The SEBI on 30 November 2015 issued procedural requirements for listed entities and the stock exchange in respect of “schemes of arrangement.” Read a December 2015 report [PDF 427 KB]
  • Rules for issuing tax notices, summons, other communication: India’s Central Board of Direct Taxes set forth rules with respect to the service of notices, summons, requisition, order and other communications.  Read a December 2015 report [PDF 367 KB]
  • Incorrect PAN: The Ahmedabad Bench of the Income-tax Appellate Tribunal held that an incorrect “permanent account number” (PAN) provided inadvertently does not invoke section 206AA of the Income-tax Act, 1961 because there was no intention to furnish an incorrect PAN with respect to withheld tax (or “tax deducted at source” as referred to in India). The case is: Oil & Natural Gas Corporation Ltd. Read a December 2015 report [PDF 404 KB]

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