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Updates CBDT RBI INCOME TAX

Updates CBDT RBI INCOME TAX

Updates CBDT RBI INCOME TAX

Updates CBDT RBI INCOME TAX

1)Forged Cerficates :  ICAI has observed certain instances where students have submitted forged documents attested by members.Members are, advised to be more careful. Disciplinary action may be initiated against members. 

2) CBDT: CBDT has issued a notification amending Rule 11DD of the Income Tax Act to relaxes the condition of obtaining the certificate for claiming expenditure. 

3) IT: No addition for mere sharp decline in G.P ratio in absence of collaborating evidence -PCIT vs. M/s Hues India Pvt. Ltd. (Rajasthan ITAT at Jaipur).

4) RBI: RBI has issued Master Circular on Inspection & Audit Systems in Primary (Urban) Co- operative Banks
RBI/2015-16/3DCBR.CO.BPD.(PCB).MC.No. 3/12.05.001/2015-16.

5) CL: The new annual filing forms i.e MGT-7, AOC-4 & MGT-9 are required to comply with various new requirements like code of principal business activities of the company.

6) E-biz launches composite application form for PAN, TAN, DIN and incorporation of company.

7) SC allows voluntary use of Aadhaar for four schemes : Mahatma Gandhi National Rural Employment Guarantee Scheme, along with Pradhan Mantri Jan Dhan Yojana and schemes related to pension and PF.

8) IDT: No service tax will be levied on the service provided by an Indian Bank or other entity acting as an agent to the Money Transfer Service Operators (MTSO) in relation to remittance of foreign currency from outside India to India from 1.7.12 to 13.10.14.

 Updates CBDT RBI INCOME TAX

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