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1. RBI has issued Master Directions for NBFC Cos on six subjects. The subjects on which Master Directions have been issued are Exemptions from the provisions of RBI Act, 1934.
2. DVAT Last date extended for filing the return for Q1 2016-17 by 10 days and also to find out the ways to improve the system STBA.
3. Sikkim becomes the 14th state to ratify GST bill. One more required to go.
4. Under GST no refund up to 1000 in GST. Only declaration for refund less than 5 lacs. Prescribed documents for refund of 5 lacs & above.
5. An arbitrator has no power to award pendent lite interest if the same is barred expressly by the contract. It would depend on the nature of the ouster clause in the contract. [Union of India vs. Ambica Construction (SC of India)].
6. Company e-Forms AOC-4, AOC-4 CFS, DIR-12, and FC-2 & MGT-15 revised on MCA portal. Download the latest version of forms W.e.f 24.8.16 for e-filing.
7. The CBDT vide Circular no. 30/2016 dated. 26 Aug. 2016 has streamlined the process for ‘Port Clearance/ No Objection Certificates and Voyage Return/ Assessment’ in the case of foreign shipping companies.
8. Today (31.8.2016) is last date to verify I.T. returns through ITR V for A.Y. 2009-10 to 2014-15. CBDT Circular no.13/2016.

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