India Tax News Oct 2016

[megri]

• Today (15.10.2016) is the due date to file TCS returns by all collectors for Sep quarter & for e-payment of PF for the month of Sep, 2016.
• Monday (17.10.2016) is the due date to file income tax return of companies /firms etc. where audit is required for the F.Y. 2015-16.
• Income escaping reassessment void if reasons not supplied. Bombay High Court. The Assessing Officer (AO) is bound to furnish reasons within a reasonable time and bound to dispose of the same by passing a speaking order.
• Electoral trusts will not be able to accept foreign funds or contributions from public sector companies, according to new rules notified.
• Under GST returns GSRT-1A & 2A introduced in draft rules for additions, corrections, deletions of outward/inward supplies by the recipient /supplier.
• The Ministry of Corporate Affairs has released the new forms relevant to costing rules prior to companies (cost records and audit) FORM 23C, FORM 23D.
• The Reserve Bank of India has allowed banks to classify government securities borrowed from the central bank as SLR.
• State Bank of India request for proposal (RFP) for engagement of auditor for special audit of 5 associate banks namely (SBH) ii) (SBP) iii) (SBT) iv) (SBBJ) v) (SBM) and Bhartiya Mahila Bank Ltd.