UPDATES:

1. CBDT Notification No. 50/2015 dated 24th June 2015 regarding permitted business relationship a Chartered Accountant can have with his client to maintain independency.
2. Loans advanced by partner to firm does not fall in the purview of Sec. 269SS.[ M/s Muthoot Financiers group firms vs. CIT (Delhi High Court)].
3. RBI Circular No. 12 dated June 25, 2015, RBI clarifies that now authorized dealer banks need not require case-by-case approval of RBI for borrowing overseas funds.
4. RBI clears 2nd and 4th saturday off for banks. w.e.f. 15.07.2015. First Saturday off will be on 25th July.
5. Online Payment of EPF mandatory with effect from 5th May, 2015.
6. The service tax applicable w.e.f. 1st June, 2015 is as follows:
1. Restaurant – 5.6%
2. Hotel lodging – 8.4%
3. Vehicle rent – 5.6%
4. Hall with catering – 9.8%
5. Catering – 8.4%
6. Building repairing – 9.8%
7. Civil contract with material – 5.6%
8. Building residential – 3.5%
9. Building commercial – 4.2%
10. GTA transports – 4.2%
11. All other Services – 14%

UPDATES

1.  CBDT allowing revision of Wealth Tax Return u/s 25 beyond specified date. [Notification Dated-11th June 2015].

2.  ITAT Amritsar Bench issued order u/s 234E of the Income Tax Act in favour of assessee. [Sibia Healthcare Pvt Ltd vs DCIT].'

3.  Service Tax Department issued clarification that 14% tax will not apply to non-AC restaurants. Even AC restaurants will charge Tax @ 14% only on 40% of bill amount. The effective tax will be 5.6% on full bill.

4.   Supreme Court upholds plea of revenue neutrality in case of captive consumption to set aside invocation of extended period. [Nirlon Ltd. vs. Commissioner of Central Excise, Mumbai].

5.  Private and Public companies are no longer required to have minimum paid up share capital of 1 Lakh and 5 Lakh Rupees. respectively. The Companies (Amendment) Act, 2015.

6.  The revised form CRA-2 and CRA-4 have now been notified by MCA on 12th June, 2015 and is available for filing. The additional fee on delay is waived till 30th June, 2015.

7.  RBI issued Master Circular for “Non-Banking Financial Companies – Corporate Governance (Reserve Bank) Directions, 2015” vide Notification No. RBI/2014-15/632DNBR (PD) CC No.040/03.01.001/2014-15.