Sunday, 4 September 2016

Updates:


  1. University not wholly or substantially financed by government is not eligible for exemption u/s 10(23)(iiiab). [Visvesvaraya Technological University vs. ACIT (Supreme Court of India)].
  2. Ministry of Corporate Affairs vide General Circular No. 8/2016 dated 29.07.2016, has extended the date to file financial Statements or Annual Returns on or before 29.10.2016, where due date for holding of AGM is on or after 1st April, 2016, without payment of additional fees.
  3. CBDT clarifies that no enquiry or investigation in respect of assets /income declared which were found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961. Circular No. 32 of 2016.
  4.  The Central Government hereby designates the Courts ( mentioned in the circular) as Special Courts for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the Companies Act, 2013. Vide F. No. 01/12/2009-CL-I (Vol-IV).
  5. Relaxation in export policy for export of Red Sanders wood under S. No. 188, Chapter 44 of Schedule 2 of ITC (HS) Classification of Export and Import 2012 - 25/2015-2020 dated 02.09.2016 - Foreign Trade Policy
  6. Rate of exchange of conversion of the foreign currency with effect from 02nd September, 2016 have been declared vide Notification No.  - 119/2016 dated 1.9.2016.