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Updates of the day....

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Updates Of the Day
1.Online Applications are invited from the CA firms/ LLPs who desire to be empanelled with CAG for appointment as auditors of government Co/ Corporations for the year 2016-17.www.saiindia.gov.in from 01.01.2016 to 15.02.2016.
2.RBI has issued Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts.
3.Versions of e-Forms GNL-4, INC-28, CRA-2, INC-2, ADJ, FC-1, AOC4-CFS and FC-4 are modified w.e.f. 09.12.2015.
4.Collection of cheques during enforcement survey before finalizing assessment is illegal. The amounts collected in advance were directed to be refunded. Order passed by Shri Bansh Raj, Add Commissioner DVAT.
5.Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification .Press release dated 10.12.2015.
6.Interest expenditure Sec.36(1)(iii) on loans diverted to sister concerns and directors can be allowed as business expenditure explained Insofar as loans to the sister concern / subsidiary company are concerned. [Hero Cycles (P) Ltd vs. CIT (Supreme Court)].
7.CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.
8.Relief for FIIs as income-tax department clarifies rules on defective returns under Income Tax Act.
9.Monetary limits for filing of appeal by department revised with retrospective effect: now before ITAT 10 lacs, High Court 20 lacs and Supreme Court 25 lacs, if tax effect is more. Circular No.21/2015 dated 10/12/2015.
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