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Updates of the Day

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1. President ICAI suggested Finance Minister to extend due date of filing of ITR & Tax Audit Report be extended from 30.9.2015 to atleast 31.10.2015 for genuine hardship to the assesses and members of the profession.

 2. Individuals can now apply for PAN online with digital signature w.e.f 6.9.2015.

 3. Salary and Interest to partner to be allowed as deduction while estimating the profits of the firm where books of accounts are rejected- Inter Continental Constructions (High Court of Andhra Pradesh and Telangana).

 4. If the notice u/s 148 of I T Act was not served on the assessee in accordance with law, the re-assessment made is liable to be quashed.[ CIT vs. Chetan Gupta, High Court of Delhi]

 5. Now a private company can accept unsecured loans also from a relative of director, with a declaration that such loan is not from borrowings. Notification dated 15.09.2015.

 6. Union Cabinet has approved to promulgate the Negotiable Instruments (Amendment) Ordinance 2015 which redefined the jurisdiction clause in the Negotiable Instrument Act.

 7. DGFT has notified modification in E-IEC’s as well as the IEC’s issued in physical format from 21st of September, 2015. www.dgft.nic.in.

8. STBA is organizing one day tax conference on GST and Indirect Taxes on Friday, 16.10.2015 at Sri Sathya Sai International Centre, Lodhi Road, New Delhi. fee Rs. 1000/-.

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