- Notice issued in the name of amalgamated company is void. [Images Credit and Portfolio (P) Ltd. (amalgamated with Sainath Associates Pvt. Ltd.) vs. ACIT (ITAT Delhi)].
- Authentication of invoice/ARE 3 by Central Excise authorities for claiming deemed export benefits. [Circular 17/2014-Customs of 18-12-2014].
- Time-limit of section 11B of Central Excise Act, 1944 not applies to refund of wrongly paid Service Tax. [Jyotsana D. Patel vs. Commissioner of Central Excise, Nagpur, (Mumbai – CESTAT)]
- Excise duty exemption cannot be denied merely because the certificates were in the name of intermediary.
- SEBI issues concept paper on proposed framework for issuance and listing of debt securities by municipalities.
- Simplified building laws to be notified for Delhi. No sanction up to 100 square meter. Single window clearance for plots bigger than 20000 square meter. Time bound approval.
- Income Tax department has started sending reminder by email to those who have not filed their Income tax return for assessment year 2014-2015.
- Cost records applicable if turnover exceeds Rs.35 crores. Cost audit applicability if turnover exceeds Rs.50 Crores (Regulated Industry), Rs.100 Crores (Others). Refer Detailed Notification at: http://www.mca.gov.in/Ministry/pdf/Amendment_Rules_01012014.pdf. [MCA Notification dated 31.12.2014].
- ROC Delhi and Haryana reduced office hours for public visiting from 10.30 AM to 12.30 PM.
- Convert to freehold till 31.12.2015; residential leases already expired in areas such as Karol Bagh, Jhandewalan, Paharganj etc. in Delhi at 2 lakh per 100 sq metre.
- Amendments made in IEC code application (W.e.f. 01/01/2015). Fees revised from Rs. 250 to Rs. 500, application made only in online mode, etc.
- DVAT Delhi is starting special drive for speedy disposal of objections relating to mismatch of 2A and 2B for the year 2012-2013 shall continue on 8th, 9th and 10th January 2015.
- Online applications invited by CAG from CA firms/LLP for empanelment for appointment as auditors of Government Companies/Corporations 2015-2016. Please visit www.saiindia.gov.in.
Monday, May 04, 2015
Recent Updates In Direct & Indirect Taxes
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