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Updates of the day....

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Updates Of the Day
1.Cheque bounces cases to be filed at the Place of Presentation of Cheque and not the place of issue. Negotiable Instruments (Amendment) Bill passed on 07.12.2015.
2.MCA has modified the versions of e-Form GNL-4; Form INC-28; Form CRA-2; Form INC-2; Form ADJ; Form FC-1; Form FC-4 and Form AOC-CFS w.e.f 09.12.2015.
3.Indirect tax collections rose 34.3 per cent in the first eight months of 2015- 2016, led by high excise collections, signaling a pick- up in economic activity.
4.Penalty u/s 86(19) under DVAT cannot be imposed without affording an opportunity to the dealer to produce documents before impounding the vehicle. [Appellate Tribunal, Value Added Tax, Delhi: M/s Hindustan Unilever Limited].
5.Levy of interest on late payment of duty by providing it in subordinate regulations would be deemed as ultra vires if the same not provided by provisions of act. [Supreme Court; Shree Bhagwati Steel Rolling Mills].
6.CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.
7.CBDT has simplified the procedure for form no.15G and 15H for submitting a declaration as laid down in rule 29C of the Income Tax Rules.
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