Skip to main content

Updates of the Day

By
1. CBDT extends the last date of filing Income Tax Return in “Gujarat” only. Earlier the last date was 31st August, now 7 September 2015.

 2. Sum received for permitting installation of Telecom Tower on terrace is taxable as income from house property- [Niagara Hotels & Builders (P.) Ltd.[2015] 60 taxmann.com 83 (Delhi)]

 3. For computing income u/s 80I or 80 IA only losses and deductions of eligible business has to be considered from initial A.Y.- [CIT vs K Rajinikanth (Madras High Court)]

 4. Date for filing DP-1 under DVAT has been extended till 30-09-2015.

 5. Stock transfers out of purchases made from other states or imports, no reversal of input tax credit is required to be made. Appellate tribunal, vat in the case of M/s Thermoking holding.

 6. MCA has released the Companies (Management and Administration) Amendment Rules, 2015. Form No. MGT-7 has been substituted and the new Form MGT-7 has been published therein in the said notification.

 7. Service tax deptt invited “Expression of Interest” from practicing CA/ CMA for empanelment for audit. Last date to apply 02.09.2015 to the Office of the Commissioner of Service Tax, Audit-I, 17-B, IAEA House, M.G. Marg, I.P. Estate, New Delhi-110002.

 8. NIRC is organising educational overseas tour to Hongkong, Macau and Shenzen (China) from 16 -22 Jan 2016. Fees Rs.80, 000/- Per Participant. For details contact Mr. Anil D Lal Ph: 9891044010: anil.dlal@icai.in

 9. NIRC jointly with North Campus Study Circle is organising a seminar on “Tax Audit” today on 01-09-2015 (5pm to 10pm) at Art of Curry, Netaji Subhash Place, Pitampura, New Delhi.

 10. Seminar on Transfer Pricing Today 01-09-2015 at 3.30-7 PM at Hindi Bhawan, near ITO, New Delhi, complementary book on transfer pricing by CA Avinash Gupta will be given. Fee Rs. 200 only.

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more