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Updates of the Day

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1. CBDT issued criteria for manual selection of scrutiny cases during FY 2015-16.Instruction no.8 Dated 31-08-2015.

 2. Only because an amounting is appearing in 26AS, it cannot be taxed in the hands of assessee unless he is proved to be beneficiary of that amount-[Rajinder Pratap Thareja (Jab.) ITA 137/2014 dated 31-03-2015]

 3. Government accepts the recommendation of the Justice A.P. Shah committee to clarify the in-applicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income Tax Act will be carried out.

 4. Paid up holding value of shares on date of giving special notice by members substituted from not more than Rs. 5 Lakh to not less than Rs 5 Lakh. Notification dated 28.8.2015.

 5. Paid up holding value of shares on date of giving special notice by members substituted from not more than Rs. 5 Lakh to not less than Rs 5 Lakh. Notification dated 28.8.2015.

 6. Amended new form MGT 7 (Annual Return form) notified by MCA. Companies (Management and Administration) Amendment Rules, 2015 dated 28.08.2015.

 7. DVAT deptt issued circular no. 21 of 2015-16 dated 01.09.2015 regarding mismatch of 2A and 2B and circular no. 22 of 2015-16 dated 01.09.2015 regarding pre-condition in the case of objection petition.

 8. Free E-Book on GST by ICAI updated upto Mar' 15 available on the link:

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