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Updates Income Tax and other updates

Updates Income Tax and other updates

Updates Income Tax and other updates

Updates Income Tax and other updates

1) IT: I-T department to use email for issuing notices –

2) CL: If anyone needs help in internal financial control testing &audit,or risk management policy compliance as per recent changes in companies act 2013(2015 amendments)-please get in touch ,mail

3) IT: Failure of A.O. to dispose of objections raised will render re-assessment invalidated: CIT vs. Tupperware India Pvt Ltd (Delhi High Court).

4) IT: CIT cannot revoke section 263 when AO adopts one view out of two possible views : Bombay High court:  Vijay Udhyog vs. CIT.

5) IT: Gold deposits over 500gm, not explained by known source of income, will attract income tax under the gold monetization scheme.

6) CL: MCA has decided to relax the additional fees payable on forms AOC-4, AOC-4 XBRL MGT-7 up to 31/10/2015.

7) SEBI: SEBI issued Revised Disclosure Formats under SEBI (Prohibition of Insider Trading) Regulations 2015.

8) ICAI : ICAI has issued detailed guidelines on audit of internal financial controls over financial reporting as required under the new companies law.

9) ICAI Election’ 2015: The Members who are unable to physically vote, may apply for vote by post – Last Date 1st October, 2015. Visit www.icai.org

10) BOS of ICAI is organising Four Weeks Residential Programme on Professional Skills Development at CoE, Hyderabad.
Fee Rs. 40,000/- date 26th November, 2015 to 23rd December, 2015 for students  newly qualified CAs.

Updates Income Tax and other updates

Good News:Punjab & Hariyana High Court: Date liable to be Extended for TAR:Interim Order

 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP No. 19770 of 2015 105 Vishal Garg and others v. UOI and anr. Present: Mr. Hitesh Kaplish, Advocate, for the petitioners

 Learned counsel for the petitioners, inter alia, submits that it was only after 2.8.2015 and 7.8.2015 when e-filing of the income tax return Forms No. 5 and 6 respectively were available for downloading by the assessees. In such circumstances, the last date fixed for e-filing of income tax return by the assessees, the date being 30.9.2015 is liable to be extended. Notice of motion for 21.9.2015. Process dasti only.

 Updates Income Tax and other updates

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