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Updates of the Day

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1. The income tax department has notified tax return forms for non-salaried class, including companies, partners in firms and individuals deriving their income from proprietary business or profession.

 2. CIT can revise order u/s 147 by invoking provision of section 263 on the issue of share at premium. [ITAT Kolkata: Subhalakshmi Vanijya Pvt. Ltd. vs. CIT].

 3. Directorate General of Service Tax. (DGST) will henceforth be re-named as Directorate General of Goods and Service Tax (DGGST) w.e.f. 01.08.2015. And its headquarter be shifted from Mumbai to Delhi.

 4. DG- RBI has urged banks to be sensitive towards the lifecycle needs of their MSME clients and develop products that are suitable to their requirements for working capital and for capital expenditure purposes.

 5. DVAT authorities have released a list of existing dealers whose PAN is not verified through NSDL.

 6. NIRC of ICAI is organising sub regional conference of H.P. state on 14.08. 2015 from 3PM – 9PM at Hotel East Bourne. Khalini, Shimla.

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