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Updates of the day...

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Updates Of the Day
1.Major changes in requirements of Form 15 CA & 15 CB and foreign remittances under sec 195:
1) Rule 37 BB of the IT Rules amended to strike a balance between reducing the burden of compliance and collection of information.
2) No Form 15CA & 15CB will be required to be furnished by individual for remittance which do not require RBI approval.
3) List of payments which do not require submission of Forms 15CA & 15CB has been expanded from 28 to 33 including payments for imports.
4) CA certificate in Form No. 15CB will be required in payments made to non-residents which taxable and the amount during the year exceeds Rs.5 lakh.
The amended Rules will become applicable from 01.04.2016.
2.Provision of mandatory reporting of fraud by auditor is effective from 14.12.2015. MCA.
3.CBEC also raises limit of filing of appeal by department to 10 lakhs and 15 lakhs before CESTAT and High court.
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