Corporate Updates

  • CBDT vide Notification No. 2/2015 dated 13th July 2015 started To facilitate the taxpayers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-16 can now be verified electronically.
  • Penalty u/s 271 (1)(C) of the Income Tax Act can’t be levied in succeeding year if on similar dis-allowance, no penalty was levied in preceding year.  ACIT vs Dhariwal Industries Ltd, ITAT.
  • Updated Costing taxonomy 2015 ,Business rules  & MCA XBRL validation tool version 2.0(beta) has been released .
  • Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – Hon’ble Supreme Court in the case of Tata Chemicals Ltd.
  • Use modified Version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.15.