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Updates of the Day

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1. If assessee admits undisclosed income, substantiate manner and paid taxes on undisclosed income, no penalty u/s 271AAA of the Income Tax Act can be levied – [SPS Steel and Power Ltd. v/s. ACIT, ITAT KOLKATA].

 2. Genuine expenditure paid in cash cannot be disallowed u/s 40A (3) of the Income Tax Act –[DCIT vs. KolliGopal Krishna, ITAT Hyderabad].

 3. RBI has notified two new forms NBS 8 and NBS 9 to be filed annually within 30 days of closing of financial year. NBS 8 is for NBFC-ND with assets size between 100-500 crore. NBS 9 is for NBFC-ND with assets size below 100 crore.

 4. DGFT launches online payment facility for application fees through Credit/ Debit Cards.

 5. India and USA have signed an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters.

 6. ICAI on 06.07.2015 announced the new scheme of education and training for CA course. Now, Commerce Graduates / Post-Graduates (with minimum 55% marks) or Other Graduates / Post-Graduates (with minimum 60% marks) and Intermediate level passed students of ICSI and ICWAI to enter directly to its Intermediate course.

 7. NIRC of ICAI is organizing seminar on banking on 18th July, 2015 from 09:30 AM to 05:30 PM at Hotel Le Meridian, Janpath, New Delhi.

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