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Important updates bonus and others

1) Bonus: Government introduces bill to hike wage ceiling for bonus to Rs 21,000 –

2) Interest rate : EPFO may raise interest rate on PF from 8.75% for FY16 –

3) IT: CBDT issued notification to Issue refund below Rs.50,000/- Expeditiously in Non-CASS cases : Notification No.312/109/2015.

4) IT: CBDT allows Service of notice, summons, requisition, order etc. by Email. NOTIFICATION No. 89/2015.

5) VAT: where seller has not reduced his Output Tax liability in pursuance to the Credit Notes, the purchaser is not required to reverse Input Tax Credit. Appellate Tribunal, VAT : of M/s Khanna Photo Store.

6) VAT: No VAT on free supply of medicines – State Govt. not competent to levy tax on the basis of MRP or any other notional value. Mapra Laboratories Pvt. Ltd.

7) ST: Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer’s margin/handling charges is not liable to Service tax: Chowgule Industries (P.) Ltd.

8) IDT: CEA led Panel recommends RNR at 17-18% and eliminating Additional Tax of 1% on inter-state supply of goods.

9) RBI: RBI has cancelled the registration of 56 non- banking financial companies (NBFCs).

10) JOBS: Urgently need a qualified CA at audit senior position with Big 4 audit experience. Should be available to join within 1 month.

11) IT: CBDT prescribes Procedure formats and standards for new Electronic Filing of Form No.15G/15H Declaration. – http://lunawat.com/Uploaded_Files/Attachments/F_3098.pdf

12) IT: Addition u/s 68 on account of share application money not justified where validity of transaction beyond doubt. ITAT Mumbai held In the case of ITO vs. M/s. Superline Construction P. Ltd.

13) NI: Parliament has passed a law allowing cheque bounce cases to be filed at the place where the cheque is presented for clearance and not the place of issue.

14) EMPANELMENT:Central Bank of India invites online application for Concurrent Audit Assignment FOR THE YEAR 2016.

Important updates bonus and others

Important updates bonus and others

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