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1.Companies can now undertake CSR activities via trusts u/s sec.8 Companies / Societies established by company, either singly or jointly along with any other company. Notification no. GSR 540(E) [F.NO.05/12/2016-CSR-CELL], dated 23-5-2016.
2.RBI relaxes norms on payment of consideration on transfer of shares to a non-resident. In case of transfer of shares between a resident buyer and a non-resident seller or vice-versa.
3.Ministry of Finance issues The Income Declaration Scheme Rules, 2016, effective from 01.06.15. Notification dated 19.5.16
4.Income tax refund couldn’t be denied just because scrutiny notice was served; HC quashed CBDT’s instruction No. 1 of 2015 dated 13.01.2015. [Tata Teleservices Ltd. vs. CBDT].
5.Extension to 27.05.16 of last date to file DVAT-16, DVAT-17 & DVAT-48 for Q4 of 2015-16.circular no. 7 of 2016-17 dated 23.5.16.

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