Professional updates @ Teambringit

Professional updates

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 and Finlease Ltd., High Court of Delhi]

The Commissioner Delhi VAT has agreed and  assured to extend the date for filing of DP-1, UP TO 31.12.2015.

SACD refund is admissible, even if appropriate Sales Tax/VAT was less than SACD or Nil. Customs Notification 102/97 Dated 14.09.2007

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

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

Indian Overseas Bank invites applications from practicing CA firms for Stock Audit of their branches.

Government 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.

Finance minister launched the “e-Sahyog” pilot project of the Income-tax.

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].

Form DS-2 mandatory for goods vehicles entering Delhi. File online/via SMS. Penalty of Rs. 50,000/-for non-compliance. Visit www.dvat.gov.in for details.

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

Thanks .. Stay tuned for more updates.

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