Updates:

1. On Thursday, CBDT directed the income- tax department to “ expeditiously” issue refunds worth Rs. 5,000 for past three assessment years to provide immediate relief to taxpayers.
2. No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies.[Batlivala & Karani Securities (India) Pvt. Ltd. Vs. DCIT (ITAT Kolkata)].
3. Imposition of penalty on account of a discrepancy in the ‘batch numbers’ and ‘date of manufacture’ is unjustified.[M/s Hindustan Coca Cola Beverage Pvt Ltd vs The Commissioner, Commercial Taxes].
4. MCA21 will remain temporarily unavailable from 9:00 PM (16 July) to 9:00 AM (17 July). Stakeholder are advised to plan accordingly.
5. In exercise of the powers conferred by sub-sections (1) and(2) of section 469 and section 148 of the Companies Act, 2013, the Central Government further amends the Companies (cost records and audit) Rules, 2014, namely:-Companies (Cost Records and Audit) Amendment Rule 2016