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1.  Circular no. 14 has been issued by CBDT pertaining to approval and exemption u/s 10(23c)(vi) of Income Tax Act, 1961. 2.  Transfer u/s 2(47) of the Income Tax Act completes only when conditions of Sec 53A of Transfer of Property Act gets fulfilled. [C.S. Atwal vs CIT (Punjab and Haryana High Court)], 3.  Commissioner VAT has extended the time for filing Vat return for Ist Quarter of 2015-2016 till 24.08.2015. 4.  Commissioner VAT has cleared the file providing that seeking of stay for the demand pertaining to the period upto 30.09.2011 is not required for issuance of Central Forms. 5.  SEBI has amended the delisting guidelines and released the Securities and Exchange Board of India (Delisting of Equity Shares) (Second Amendment) Regulations, 2015.

Making it easier for start- ups to raise funds, the Securities and Exchange Board of India (Sebi) on Friday notified a new set of listing norms for such entities, including e- commerce ventures, on a separate platform of domestic stock exchanges. The new norms provide significant relaxations in the disclosure requirements, while Sebi has also relaxed its delisting, takeover and Alternative Investment Fund (AIF) regulations for such new- age entities engaged in information technology ( IT), data analytics, intellectual property, bio- technology or nanotechnology like activities. The extensive changes in Sebi regulations would allow such entities to get listed on the separate Institutional Trading Platform of the stock exchanges such as BSE and National Stock Exchange and are aimed to encourage the Indian start- ups and entrepreneurs to remain within the country rather than moving abroad for funds. However, the new platform would be open to only institutional investors and hig

Those hiring a full- time domestic help might soon have to pay them a minimum salary of Rs.9,000 per month, compulsory paid leave of 15 days a year, and maternity leave to boot. To safeguard the interest of domestic workers, the National Democratic Alliance government is readying a national policy incorporating these features, besides a host of benefits, including social security cover and provisions against sexual harassment and bonded labour. The national policy for domestic workers is likely to be presented before the Union Cabinet soon. Domestic servants, who stare at an uncertain future will now have the cushion of a social security scheme under which the employer will have a mandatory contribution. The policy envisages the right to domestic helps to pursue education, a safe work environment and a mechanism for redress of their grievances. Workers and employers will also have the right to form groups and engage with each other for ‘ collective bargaining.’ A draft note in

Retirement fund body Employees’ Provident Fund Organisation has done away with the mandatory requirement of affixing a one rupee revenue stamp on provident fund withdrawal claim forms,” Labour Minister Bandaru Dattatreya said. Almost 97 per cent of cases of settlements are made through national electronic fund transfer,” he said. Business Standard, New Delhi, 15th August 2015

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1.  CBDT vide Notification No. 2/2015 dated 13.07.2015 started to facilitate the tax payers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-2016 can now be verified electronically. 2.  Penalty u/s 271 (1) (C) of the Income Tax Act can not be levied in succeeding year if on similar disallowance, no penalty was levied in preceding year. [ACIT vs Dhariwal Industries Ltd, ITAT] 3.  Updated costing taxonomy 2015, business rules and MCA XBRL validation tool version 2.0(beta) has been released. 4.  Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – Honrable Supreme Court in the case of Tata Chemicals Ltd. 5.  Use modified Version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.2015.

1.  MCA has initiated the process of the constitution of the NCLT and NCLAT and in this regard notified the vacancies for the post of technical member and judicial member. 2.  Appellate Tribunal, DVAT passed against order cancellation of registration certificate without issuing statutory notice in form DVAT-10 and without affording adequate reasonable opportunity before taking an adverse action. [Aarish Polychem Pvt. Ltd. vs Commissioner of Trade and Taxes]. 3.  DGFT has made amendments to Foreign Trade Policy 2015-2020, which shall be effective from 1st July, 2015. 4.  Assessee can claim depreciation if entire control and rights of building are with him. [CIT vs Bharat Hotels (High Court Delhi)]. 5.  Loss from forex derivative trading upto export turnover is business loss and not speculative loss: Majestic Exports vs. JCIT, (ITAT Chennai). 6.  CBDT issued office memorandum regarding, CBDT hauls up officers and staff for leaving early, coming late and harassing ta