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Updates of the Day

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1. Today 07.08.2015 is last day for payment of TDS/TCS deducted/collected in the month of July.

 2. Penalty u/s 271(1)(C) of the Income Tax Act, 1961 cannot be levied merely because the claim of the assessee is found to be incorrect unless it is confirmed that the assessee had any mala fide intention. [CIT vs. Dalmia Dyechem Industries, High Court of Bombay].

 3. Input credit not reversible in case of remission of duty on destroyed goods. [Joy Foam Pvt. Ltd. vs. CCE, Madras High Court]

 4. CLB allowed petition u/s 74(2) of Companies Act 2013 in CP No. 76/ 2015 in the case of Billcare Limited Pune granting deferment of payment of Public Deposit of Rs 168 Crores by 15 Month.

 5. Today is last extended date of filing of online / hard copy of first quarter return for the financial year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure / enclosures.

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