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Updates o the day

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1. Interest u/s 234B of the Income Tax Act is automatic even if assessment order does not contain any direction for payment. [Bhagat Construction Co Private Limited vs CIT, Supreme Court].

 2. Service Tax Clarification regarding the provision of Section 73, 76 and 78 of the Finance Act, 1994 and Section 11AC of the Central Excise Act, 1944 after amendments made vide Finance Act. 2015. F.No.137/46/2015-.18.08.2015.

 3. RBI is likely to remove a major hurdle that asset reconstruction companies ( ARCs) face while raising funds via initial public offering.

 4. SEBI has amended the regulations relating to Alternate Investment Fund and the SEBI (Alternative Investment Funds) Reg, 2015 which shall come into force on the date of their publication in the official gazette.

 5. NIRC of ICAI is organizing its Regional Conference on 22.08.2015 from 09:30 AM – 05:30 PM at India Habitat Centre, Lodhi Road, New Delhi.

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