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Updates Of the Day

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1. Allahabad Bank invites applications for empanelment as Concurrent Auditors for audit year 2015-2016 by practicing CA Firms.

 2. The income on investment made through portfolio management scheme is not business income but capital gain. [CIT vs. M/s Kapur Investments Private Limited, High Court of Karnataka].

 3. No Service Tax on packaging of fertilizer as manufacturing is not complete without packaging services. [Supreme Court: CCE, Goa vs. New Era Handling Agency].

 4. The writ petition is not maintainable if appeal against the adjudication order is dismissed as time barred by Commissioner (A). K.V. Narayana Reddy vs. Add CIT, High Court of Andhra Pradesh.

 5. Delhi Government has reduced VAT from 12.5% to 5% on 3 items i.e. Utensils of Metals, Wax and Woods w.e.f 01.08.2015 vide notification no. 599 dated 31.07.2015.

 6. MCA has notified new versions of E-Form's i.e. Form 20B, 23AC, 21A, 23ACA, 66, 23ACA (XBRL), Form 4 LLP, FC-4, 23B, FC-1 w.e.f 01-08-2015.

 7. MCA defines process for Surrender/ Cancellation/ of Additional/ Duplicate/ Extra DIN. Holder of duplicate DIN shall make an application for surrender with Regional Director in form DIR5.

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