Important Updates

Updates

1) IT: Limitation u/s 275 of the Income Tax Act is applicable to imposition of penalty u/s 271E of the Income Tax Act, 1961. CIT Vs. JKD Capital & Finlease Ltd.,High Court of Delhi.

2) IDT: SACD refund is admissible, even if appropriate Sales Tax/VAT was less than SACD or Nil. Customs Notification 102/97 Dt.14.09.2007.

3) RBI: RBI has notified the Directions relating to Prior Approval for acquisition of shares or voting rights in Private Sector Banks, which shall be called the Reserve Bank of India (Prior approval for acquisition of shares or voting rights in private sector banks) Directions,2015.

4) PAN to ICAI: Council of ICAI has taken decision as advice received from the Income Tax Department to collect the PAN Card details of the members and firm of CA.

5) Stock audit: Indian Overseas Bank invites applications from practicing CA firms for Stock Audit of their Branches.

6)IT:Govt had proposed to implement its decision to phase out corporate tax exemptions and deductions by Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers etc.

7)IT:Finance Minister launched the “e-Sahyog” pilot project of the Income-tax.

8)IT:If percentage of Commission earned from AE transactions is higher than AE transactions no addition can be made. ITAT held in Sumitomo Corporation India Pvt. Ltd.

9)RBI:RBI allows Regional Rural Banks to provide internet banking to customers.
Govt issues draft Rules to replace Trademarks Rules, 2002; Objections/suggestions to the Rules shall be sent to Additional Secretary to the Govt of India, Ministry of Commerce & Industry, DIPP.