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Updates of the day...

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Updates Of the Day
1.Government had proposed to implement its decision to phase out corporate tax exemptions and deductions by profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers etc.
2.Finance minister launched the “e-Sahyog” pilot project of the Income-tax.
3.If percentage of commission earned from AE transactions is higher than AE transactions no addition can be made. [ITAT held in Sumitomo Corporation India Pvt. Ltd].
4.Form DS-2 mandatory for goods vehicles entering Delhi. File online/via SMS. Penalty of Rs. 50,000/-for non-compliance. Visit www.dvat.gov.in for details.
5.RBI allows Regional Rural Banks to provide internet banking to customers. Government issues draft rules to replace Trademarks Rules, 2002; Objections/suggestions to the rules shall be sent to Additional Secretary to the Government of India, Ministry of Commerce & Industry, DIPP.
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