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