UPDATES:

CBDT vide Notification No. 2/2015 dated 13.07.2015 started to facilitate the taxpayers and to provide end-to-end e-enabled services, the Income tax return for A.Y. 2015-2016 can now be verified electronically.

Penalty u/s 271 (1) (C) of the Income Tax Act cannot be levied in succeeding year if on similar disallowance, no penalty was levied in preceding year.[ ACIT vs Dhariwal Industries Ltd, ITAT]

Updated costing taxonomy 2015, Business rules and MCA XBRL validation tool version 2.0(beta) has been released.

Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – [Honarable Supreme Court in the case of Tata Chemicals Ltd.]

Use modified version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.2015.

COMPULSORY SWITCHOVER OF PROFESSIONAL PROGRAMME (OLD SYLLABUS) STUDENTS TO PROFESSIONAL PROGRAMME (NEW SYLLABUS) EFFECTIVE FROM DECEMBER, 2015 EXAMINATION SESSION

ATTENTION STUDENTS ! 

 As all the students may be aware, the last examination under Professional Programme (Old Syllabus 2007) was held in June, 2015 Session. Some of the Professional Programme (Old Syllabus) Students who have appeared in June, 2015 Session of examinations are expected to complete the Professional Programme Stage. After declaration of results for June, 2015 Session, the remaining students are compulsorily required to switchover to the New Syllabus before December, 2015 Session. Old Syllabus Students who have appeared in partial number of modules or not appeared in any module, are in any case required to switchover to New Syllabus. To facilitate switchover of Old Syllabus Students to the New Syllabus, the following arrangements have been made :- 1. Students who have not enrolled for June, 2015 Session may submit their online requests for switchover to New Syllabus immediately so that their online profiles can be instantly updated before submission of Examination Form for December, 2015 Session. 2. Students who have enrolled/ appeared in June, 2015 Session may wait till 25th August, 2015 (date of declaration of results) for submission of their online switchover requests. 3. Students who are not interested to appear in December, 2015 Examinations are also advised to submit their switchover request for updation of the respective online accounts. 4. In all cases, students are required to choose one Elective Subject (out of five Elective Subjects available) during the switchover process. 5. Professional Programme (Old Syllabus) Students whose registrations have expired are required to submit their Registration Denovo / Extension requests before submitting their switchover requests. 6. While students enrolling for the December, 2015 Session will be compulsorily required to submit their switchover requests before filling up the examination form, after 10th October, 2015 (the last date for submission of examination form with late fee), all the remaining students will be automatically switched over to New Syllabus & in all such cases the Elective Subject “Banking Law & Practice”(Code No. 341) shall be allotted. Students will have option to change their Elective Subject before enrolling for every examination session and the request has to be essentially submitted before enrolling for the examinations. 7. Request for Switchover can be submitted by the students by logging into the online account at www.icsi.edu (My Account  Requests  Switchover Request). 

TENTATIVE SCHEDULE OF MSOP FOR THE YEAR 2015

• Tentative Schedule of MSOP for the year 2015 

www.icsi.edu/WebModules/LinksOfWeeks/MSOP_TENTATIVE_SCHEDULE_18.08.2015.pdf

Income Tax Case Laws

1.Repayment of loans without any identity of creditors proved that loan receipts were unexplained incomes

2. ITAT sounds note of caution for frivolous appeal by revenue; it damages public faith

3. Sec. 234E which levies fee for late filing of TDS/TCS returns is constitutionally valid, rules HC

4. Order wasn't time-barred as assessee had already found that order was ready to be served on his visit to department

5. CIRCULAR No. 14/ 2015

Sub: Clarification on certain issues related to grant of approval and claim of exemption u/s 10(23C)(vi) of the Income-tax Act, 1961.

MCA Updates

6.  Vacancy Circular for the 02 posts of Technical Member, National Company Law Appellate Tribunal – Dated 10 Aug 2015 
http://www.mca.gov.in/Ministry/pdf/NCLT_Judicial_10082015.pdf

7. Format of Application for the posts of Technical Member, National Company Law Appellate Tribunal

http://www.mca.gov.in/Ministry/pdf/Application_formatNCLAT_10082015.docx

8. Vacancy Circular for the 18 posts of Judicial Member, National Company Law Tribunal – Dated 10 Aug 2015 
http://www.mca.gov.in/Ministry/pdf/NCLT_Judicial_10082015.pdf

In Detailed

1.Repayment of loans without any identity of creditors proved that loan receipts were unexplained incomes

August 12, 2015[2015] 60 taxmann.com 22 (Madras)/[2015] 372 ITR 398 (Madras)(MAG.)

HIGH COURT OF MADRAS

Young Men's Christian Association v. Joint Commissioner of Income-tax (OSD)*

Section 68 of the Income-tax Act, 1961 - Cash credit (Repayment of loan) - Assessment year 2009-10 - Assessee was an association granted registration under section 12AA - Assessing Officer noted that transaction of repayment of loan in cash to tune of Rs. 1.16 crore was brought into books of account with no identity of creditors - Assessing Officer taking a view that it was a case of unexplained credit, treated said amount as undisclosed income of assessee under section 68 - It was found that assessee had not let in any evidence to show that loan received by assessee was repaid by further availing of loan from various parties - Further, assessee had not produced any material by way of any resolution to avail of such loan to discharge liability - Whether in absence of any material furnished by assessee, Assessing Officer was justified in treating said amount as undisclosed income of assessee - Held, yes [Para 6] [In favour of assessee]

2. ITAT sounds note of caution for frivolous appeal by revenue; it damages public faith

August 12, 2015[2015] 60 taxmann.com 160 (Delhi - Trib.)

IT : Filing of appeal with complete knowledge of its fate by the Revenue only reflects the mischievous adamancy to attempt to mislead the Tribunal and waste the time of the Court and the officers concerned.

IN THE ITAT DELHI BENCH 'E'

Assistant Commissioner of Income-tax, Central Circle-12, New Delhi v. R.P.G. Credit & Capital Ltd.

3. Sec. 234E which levies fee for late filing of TDS/TCS returns is constitutionally valid, rules HC

August 11, 2015[2015] 60 taxmann.com 144 (Karnataka)

IT : Section 234E does not suffer from any vices for being declared to be ultra vires of the Constitution. Section i.e., 234E is intra vires of the Constitution

[2015] 60 taxmann.com 144 (Karnataka)

HIGH COURT OF KARNATAKA

Lakshminirman Bangalore (P.) Ltd. v. Deputy Commissioner of Income-tax, Ghaziabad

4. Order wasn't time-barred as assessee had already found that order was ready to be served on his visit to department

August 14, 2015[2015] 59 taxmann.com 389 (Calcutta)/[2015] 372 ITR 414 (Calcutta)(MAG.)

IT : Where assessee visited Department's office and found assessment order was ready to be served upon him and also there was no indication that Assessing Officer revised his order, assessment order could not be treated as barred by limitation

HIGH COURT OF CALCUTTA

Commissioner of Income-tax v. Binani Industries Ltd.*

5. CIRCULAR No. 14/ 2015

F.No.197/38/2015-ITA-I

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

North Block, New Delhi

August 17^th  , 2015

Sub: Clarification on certain issues related to grant of approval and claim of exemption u/s 10(23C)(vi) of the Income-tax Act, 1961.

Sub-clause (vi) of clause (23C) of Sec 10 of the Income-tax Act, 1961 (‘Act’) prescribes that income of any university or other educational institutions, existing solely for educational purposes and not for purposes of profit, shall be exempt from tax if such entities are approved by the prescribed authorities. Such approval is not required in cases of university or educational institutions wholly or substantially financed by the Government [sub-clause (iiiab)] or if their aggregate annual receipts do not exceed Rs. 1 crore [sub-clause (iiiad) r.w. rule 2BC]. Thus, while granting approval to entities covered under sub-clause (vi), the prescribed authority has to ensure that the applicant institution must exist “solely for educational purposes and not for purposes of profit”. There are several Provisos to clause (23C) of section 10 and prescribe, inter alia, various monitoring conditions subject to fulfillment of which only, the exemption can be availed.

These monitoring conditions include mode and manner of application of funds, maintenance and audit of books of accounts in certain situations etc. Some other Provisos prescribe the manner of making application u/s 10(23C)(vi) and the circumstances when an approval granted earlier can be withdrawn.

Representations have been received seeking clarification on certain issues related to operation of section 10(23C)(vi). These have been examined by the Board and following clarifications are made –

1.     Scope of enquiry while granting approval-

1.1  Clarification has been sought on the scope of enquiry that can be made by the prescribed authority while granting approval u/s 10(23C)(vi), i.e., whether it would be sufficient for the prescribed authority to consider the nature, existence

for non-profit purposes and genuineness of the applicant institution or the conditions prescribed under various Provisos are also required to be considered at the stage of granting approval.

1.2   In this connection, attention is drawn to the decision of Hon’ble Supreme Court in case of American Hotel and Lodging Association Educational Institute vs. CBDT [301 ITR 86](2008) in which it has been held that at the time of granting approval u/s 10(23C)(vi), the prescribed authority is to be satisfied that the institution existed during the relevant year solely for educational purposes and not for profit. Once the prescribed authority is satisfied about fulfillment of this criteria i.e. the threshold pre-condition of actual existence of an educational institution under section 10(23C)(vi), it would not be justifiable, in denying approval on other grounds, especially where the compliance depends on events that have not taken place on the date on which the application for grant of approval has been made.

1.3  However, the prescribed authority is eligible to grant approval u/s 10(23C)(vi), subject to such terms and conditions as deemed necessary including those falling within the framework of various Provisos to the said clause of section 10. It has also been clarified in the said judgment that the compliance of prescribed conditions can be gauged while monitoring the case and in case of any breach thereof, the approval can be withdrawn. It is, therefore, clarified that the principle laid down by the Apex Court in American Hotels case (supra) must be followed while considering the applications filed seeking approval for exemption u/s 10(23C)(vi).

2.     Necessity for registration u/s 12AA while seeking approval /claiming exemption u/s 10(23C)(vi)

2.1  Section 10(23C)(vi) does not prescribe any stipulation which makes registration u/s 12AA a mandatory pre or post condition. In fact, provisions of section 11 and 10(23C) are two parallel regimes and operate independently in their respective realms although some of the compliance criteria may be common to both. Hence obtaining prior registration before granting approval u/s 10(23C) cannot be insisted upon.

2.2   However, in case of a trust or an institution having obtained registration u/s 12AA as well as approval u/s 10(23C)(vi), if registration is withdrawn at some point of time due to certain adverse findings, the withdrawal of approval u/s 10(23C)(vi) shall not be automatic but will depend upon whether these adverse findings also impact the conditions necessary to keep approval u/s 10(23C)(vi) alive.

3.     Generation of surplus out of gross receipts

A doubt has been raised whether generation of surplus out of gross receipts would necessarily ‘breach’ the threshold condition that the educational institution should exist

‘solely for educational purpose and not for the purpose of profit’. Perusal of prescribed provisions clearly reveal that mere generation of surplus cannot be a basis for rejection of application u/s 10(23C)(vi) on the ground that it amounts to an activity of the nature of profit making. In fact, the third Proviso to the said clause clearly provides that accumulation of income is permissible subject to the manner prescribed therein provided such accumulation is to be applied “wholly and exclusively to the objects for which it is established”. Hence, it is clarified that mere generation of surplus by educational institution from year to year cannot be a basis for rejection of application u/s 10(23C)(vi) if it is used for educational purposes unless the accumulation is contrary to the manner prescribed under law.

4. Collection of amounts under different heads of fee from students-

It has been brought to the notice that collection of small amounts from students by way of application fee, examination fee, fee for issuing transfer certificate, subscription fee for library etc. is being treated by some Assessing Officers as profit making activity resulting in denial of exemption u/s 10(23C)(vi). Collection of small and reasonable amounts under different heads of fee, which are essentially in the nature of fee connected with imparting education and do not violate any Central or State regulation does not, in general, represent a profit making activity. Hence, there is no justification for treating the charging of small amounts under different heads of fee as profit making activity unless the amount in the nature of ‘capitation fee’ is charged directly or indirectly.

5.     Impact of extraordinary powers of the Managing Trustees to appoint remove or nominate other trustees.

5.1  Doubt has been expressed whether extraordinary powers to the Managing Trustees to appoint or remove other trustees and also to nominate their successor affect the nature of charitable activity of the trust and whether in such an eventuality, exemption can be denied.

5.2   There is no provision under the Act which calls for denial of exemption merely on account of appointment or removal of trustees. Although answer to such a situation would normally depend on the factual implication of such arrangement, the same should generally not be a ground for denying exemption unless the nature of activities of the trust or institution get changed or modified or no longer remain to exist ‘solely for educational purpose and not for purposes of profit’. Hence denial of exemption would not be justifiable only on the ground of induction of new trustees or removal of existing ones.

6.                  Field authorities are advised to keep the above position in mind while dealing with the matters of approval /exemption u/s 10(23C)(vi). Similar principles would also apply to cases covered u/s 10(23C)(via) of the Act.

(Deepshikha Sharma) Director to the Government of India

Copy to :-

1.      The Chairperson, Members and all other officers in CBDT of the rank of Under Secretary and above.

2.      All Pr.Chief Commissioners/ Pr. Director General of Income-tax/ Chief Commissioner of Income-tax (Exemptions) – with a request to circulate amongst all officers in their regions/ charges.

3.      Pr. DGIT (Systems)/ Pr.DGIT (Vigilance)/ Pr.DGIT (Admn.)/ Pr. DGIT (NADT)/ Pr.DGIT (L&R).

4.      Media Coordinator and Official spokesperson of CBDT.

5.       The Additional Director General (PR, PP & OL), Mayur Bhawan, New Delhi for printing in the quarterly tax bulletin and for circulation as per usual mailing list (100 copies).

6.      ITCC Division of CBDT (3 copies).

7.      Data Base Cell – for placing it on www.irsofficersonline.gov.in

8.       DIT (S) -4/ Web manager for placing it on www.incometaxindia.gov.in

DORMANT COMPANY

(A). Dormant Company [Section 455]:

(1) Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make an application to the Registrar in such manner as may be prescribed for obtaining the status of a dormant company.

Explanation.—For the purposes of this section,—

(i)  “inactive company” means a company which has not been carrying on any business or operation, or has not made any significant accounting transaction during the last two financial years, or has not filed financial statements and annual returns during the last two financial years;

(ii) “significant accounting transaction” means any transaction other than—

(a) payment of fees by a company to the Registrar;

(b) payments made by it to fulfil the requirements of this Act or any other law;

(c) allotment of shares to fulfil the requirements of this Act; and

(d) payments for maintenance of its office and records.

(2) The Registrar on consideration of the application shall allow the status of a dormant company to the applicant and issue a certificate in such form as may be prescribed to that effect.

(3) The Registrar shall maintain a register of dormant companies in such form as may be prescribed.

(4) In case of a company which has not filed financial statements or annual returns for two financial years consecutively, the Registrar shall issue a notice to that company and enter the name of such company in the register maintained for dormant companies.

(5) A dormant company shall have such minimum number of directors, file such documents and pay such annual fee as may be prescribed to the Registrar to retain its dormant status in the register and may become an active company on an application made in this behalf accompanied by such documents and fee as may be prescribed.

(6) The Registrar shall strike off the name of a dormant company from the register of dormant companies, which has failed to comply with the requirements of this section.

For instance, ABC Electronics Limited incorporated a company ABC Telecommunications Limited with 60% shareholding on 1^st April 2013. It acquired telecommunication licence for a period of 15 years at a fee of Rs. 10 Crores from the Government of India on 30^th April, 2013 but considering the huge cost and time involved in building infrastructure the BOD have decided to commence its telecom operations w.e.f. 1^st April, 2017. The only expenses to be incurred during this gestation period would be amortisation of telecommunication licence fees and payment towards sitting fees of directors. In such a case the BOD of ABC Telecommunications Limited can obtain dormant status from ROC till the commencement of telecom operations, in accordance with the procedure described in the succeeding paragraphs

(B). COMPANIES (MISCELLANEOUS) RULES, 2014 VIS-À-VIS DORMANT COMPANIES:

1. Register of dormant companies

Rule 5. The Register maintained under the portal maintained by the Ministry of Corporate Affairs on its web-sitewww.mca.gov.in or any other website notified by the Central Government, shall be the register for dormant companies.

2. Return of dormant companies

Rule 7. A dormant company shall file a “Return of Dormant Company” annually, inter alia, indicating financial position duly audited by a chartered accountant in practice in Form MSC-3 along with such annual fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 within a period of thirty days from the end of each financial year:

Provided that the company shall continue to file the return or returns of allotment and change in directors in the manner and within the time specified in the Act. whenever the company allots any security to any person or there is any change in the directors of the company.

3. Certificate of status of dormant company

Rule 4. The Registrar shall, after considering the application filed in Form MSC-1. issue a certificate in Form MSC-2 allowing the status of a Dormant Company to the applicant.

4. Minimum number of directors for dormant company

Rule 6. A dormant company shall have a minimum number of three directors in case of a public company, two directors in case of a private company and one director in case of a One Person Company:

Provided that the provisions of the Act in relation to the rotation or auditors shall not apply on dormant companies.

5. Application for obtaining status of dormant company

Rule 3. For the purposes of sub-section (1) of section 455, a company may make an application in Form MSC-1 along with such fee as provided in the Companies (Registration Offices and Fees) Rules. 2014 to the Registrar for obtaining the status of a Dormant Company m accordance with the provisions of section 455 after passing a special resolution to this effect in the general meeting of the company or after issuing a notice to all the shareholders of the company for this purpose and obtaining consent of at least 3/4th shareholders (in value):

Provided that a company shall be eligible to apply under this rule only, if—

(i) no inspection inquiry or investigation has been ordered or taken up or curried out against the company;

(ii) no prosecution has been initiated and pending against the company under any law;

(iii) the company is neither having any public deposits which are outstanding nor the company is in default in payment thereof or interest thereon;

(iv) the company is not having any outstanding loan, whether secured or unsecured:  Provided that if there is any outstanding unsecured loan, the company may apply under this rule after obtaining concurrence of the lender and enclosing the same with Form MSC-1 ;

(v) there is no dispute in the management or ownership of the company and a certificate in this regard is enclosed with Form MSC-1;

(vi) the company does not have any outstanding statutory taxes, dues, duties etc. payable to the Central Government or any State Government or local authorities etc.;

(vii) the company has not defaulted in the payment of workmen’s dues;

(viii) the securities of the company are not listed on any stock exchange within or outside India.

(C). FINANCIAL STATEMENTS FOR DORMANT COMPANIES

Financial statements have to be prepared as per format stated in Schedule III which is in line with Schedule VI. The major change in financial statements includes – cash flow statement and statement of changes in equity. Cash flow statement is part of financial statements for all companies except one-person-company, small-company and dormant-company [Section 2(40)]. Cash flow statement needs to be prepared as per AS 3, i.e., direct method or indirect method, but for listed companies indirect-method is to be followed. Statement of changes in equity is included keeping in view applicability of Ind-AS when notified. Expenditure on CSR has to be shown as a separate line item in profit and loss account.

(D). MEETINGS OF BOARD

A One Person Company, small company and dormant company shall be deemed to have complied with the provisions of this section if at least one meeting of the Board of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days [Section 173(5)]

(E). APPROVAL OF FINANCIAL STATEMENTS BY BOARD OF DIRECTORS

Sub-section (1) of section 134 of the Act provides that the financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board.

The following points may be noted:

♦		Approval cannot be by circular resolution of the Board.
♦		Approval has to be at Board Meeting in terms of section 179(3) (g) of the 2013 Act.
♦		Approval of accounts shall not be dealt with in any Board meeting held through video conferencing or other audio-visual means.

(F). CIRCULATION OF FINANCIAL STATEMENTS

Sub-section (7) of section 134 provides that a signed copy of every financial statement, including consolidated financial statement, if any, shall be issued, circulated or published along with a copy each of—

(a)		any notes annexed to or forming part of such financial statement;
(b)		the auditor’s report; and
(c)		the Board’s report referred to in sub-section (3).

(G). PERSONS ENTITLED TO COPIES OF FINANCIAL STATEMENTS

Section 136(1) of the Act provides that a copy of the financial statements, including consolidated financial statements, if any, auditor’s report and every other document required by law to be annexed or attached to the financial statements, which are to be laid before a company in its general meeting, shall be sent to:

♦		every member of the company,
♦		every trustee for the debenture-holder of any debentures issued by the company, and
♦		all persons other than such member or trustee, being the person so entitled,

not less than 21 days before the date of the meeting.

(H). FILING OF FINANCIAL STATEMENT WITH REGISTRAR

The company is required to file with the concerned Registrar of Companies the financial statement including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements in the Form AOC-4 with prescribed fees within 30 days from the date on which the financial statement were laid before a company at an annual general meeting. [Section 137(2)]

A company shall, along with its financial statements to be filed with the Registrar, attach the accounts of its subsidiaries which have been incorporated outside India and which have not established their place of business in India.

If an annual general meeting of a company is not held even then the financial statement along with the documents required to be attached shall be filed with the Registrar within thirty days of the last date before which the annual general meeting should have been held along with a statement for stating reasons for not holding AGM with the prescribed fees. [Section 137(2)]

(I). ANNUAL GENERAL MEETING

Pursuant to the provisions of section 96, every company other than a One Person Company, whether public or private, incorporated under the provisions of the Companies Act, 2013 shall hold during every year a general meeting of members, which shall be called ‘Annual General Meeting’. It is mandatory on every company to hold an annual general meeting in every calendar year. Year means calendar year.

The fact that the company did not function is no excuse for not convening an annual general meeting. [Madan Gopal Dev v West Bengal (1969) 39 Comp Cas 119: AIR 1968 Cal 79]

A new company which is registered under the Act other than a one person company, shall hold its first annual general meeting latest within a period of nine months from the date of closing of the first financial year of the company. Not more than 15 months shall elapse between the date of one annual general meeting of a company and that of the next [Section 96(1)]. If the first annual general meeting is so held, it is not necessary for the company to hold another annual general meeting in the year of its incorporation. The subsequent annual general meetings shall be held within a period of six months from the date of closing of the financial year.

(J). ANNUAL RETURN

Section 92(1) read with Rule 11 of the Companies (Management and Administration) Rules, 2014 provides that every company shall prepare a return (hereinafter referred to as the annual return) in the prescribed Form MGT-7 containing the prescribed particulars as they stood on the close of the financial year.

Section 92(4) provides that every company shall file with the Registrar a copy of the annual return, within sixty days from the date on which the annual general meeting is held or where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held together with the statement specifying the reasons for not holding the annual general meeting, with such fees or additional fees as prescribed in the Companies (Registration Offices and Fees) Rules, 2014. [Rule 12(2)]

Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014 states that an extract of the annual return to be attached with the Board’s Report shall be in Form MGT-9.

1. Signing of annual returns

(a) The annual return shall be signed by a director and the company secretary, or where there is no company secretary, by a company secretary in practice.

(b) In relation to One Person Company and small company, the annual return shall be signed by the company secretary, or where there is no company secretary, by the director of the company.

2. Certification of annual returns in case of listed company

(a) The annual return, filed by a listed company or, by a company having paid-up share capital of Rs. 10 crore or more and turnover of Rs. 50 crore rupees or more, shall be certified by a Company Secretary in practice. The certificate shall be in Form MGT-8. [Rule 11(2)]

(b) The certificate shall state that the annual return discloses the facts correctly and adequately and that the company has complied with all the provisions of this Companies Act.

NEW BATCH FOR CS FOUNDATION/EXECUTIVE/PROFESSIONAL

Updates

1) CBDT restricts issue of Manual Refunds by Assessing Officers. Notification F.No. DGIT(S)/DIT(S)-3/AST//85/2015-16 Dated: 10/07/2015.

2) Ministery of Finance clarifies Service Charges Collected by Restaurants/Hotels/ Eateries Retained by the Restaurants/ Hotels/ Eateries and are Not ‘Service Tax’ Imposed by the Government.

3) The SEBI raised the minimum size of equity derivatives contracts from Rs. 2 Lakh to Rs.5 Lakh will be made effective from the next trading day after expiry of October 2015 contracts.

4) Income-Tax dept starts electronic verification of ITR To ease tax filing, thereby ending the practice of sending paper acknowledgement to its office in Bengaluru.

5) The AO is entitled to pass a separate order u/s 234E to levy the late filing of TDS Return fee within the limitation period. ITAT chennai.

6) India's CAG has been admitted one of the best auditor of the world by United Nations Org.  leaving aside USA, Britain, Japan, China, Germany etc.

7)S. 234E: Prior to the amendment to s. 200A w.e.f. 01.06.2015, the fee for default in filing TDS statements cannot be recovered from the assessee-deductor while processing the s. 200A statement. However, the AO is entitled to pass a separate order u/s 234E to levy the fee within the limitation period

The Assessing Officer has exceeded his jurisdiction in levying fee under Section 234E while processing the statement and make adjustment under Section 200A of the Act. Therefore, the impugned intimation of the lower authorities levying fee under Section 234E of the Act cannot be sustained in law. However, it is made clear that it is open to the Assessing Officer to pass a separate order under Section 234E of the Act levying fee provided the limitation for such a levy has not expired