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Updates Of The Day...

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Updates Of the Day

1.Last date for submission of online application form for empanelment with O/o C&AG for the year 2016-2017 for audit of PSUs is extended to 22.02.2016.
2.MCA invites comments on The Draft Companies (Accounting Standards) & (Indian Accounting Standards) Amendment Rules 2016 to be submitted latest by 01.03.2016.
3.CBEC makes it mandatory for RBI and Electricity Board to file Annual Information Return. Notification no. 04/2016 dated 15.02.2016.
4.New appeal filing monetary limit shall apply to pending appeals also.[ITO vs. Smt. Sudha Brijratan Damani (ITAT Mumbai), I.T.A. No. 6952/Mum/2013].
5.WIP Valuation on receipt basis is forbidden in Mercantile Accounting. [The ACIT vs. M/s. Ambarwadikar & Co., Engineers & Contractors (ITAT Pune), ITA Nos.169 to 171/PN/2006 & C.O.No.27/PN/2010].
6.Sec. 172 : No TDS on payment to Non–Resident shipping companies. [CIT vs. V.S. Dempo & Co. Pvt. Ltd. (Bombay High Court), Income Tax Appeal Nos. 989, 991, 948, 957,978 of 2015].
7.Interest from surplus fund is taxable as income from other sources. [M/s Himlayan Expressway Limited vs. ITO (ITAT Chandigarh), ITA No. 690/ Chd /2014, AY 2009-2010].

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