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Updates of the Day

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1. CBDT vide Notification No. 2/2015 dated 13.07.2015 started to facilitate the tax payers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-2016 can now be verified electronically.

 2. Penalty u/s 271 (1) (C) of the Income Tax Act can not be levied in succeeding year if on similar disallowance, no penalty was levied in preceding year. [ACIT vs Dhariwal Industries Ltd, ITAT]

 3. Updated costing taxonomy 2015, business rules and MCA XBRL validation tool version 2.0(beta) has been released.

 4. Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – Honrable Supreme Court in the case of Tata Chemicals Ltd.

 5. Use modified Version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.2015.

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