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Latest India Tax News 21 February 2017

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  • Latest India Tax News 21 February 2017

    1. Service charges/ interest paid for raising funds to subscribe the rights issue and for retaining control in the other company is an allowable expenditure. CIT Vs. Virat Investment & Mercantile Co., High Court of Delhi.
    2. The Prospect of the roll out of GST by July 1 brightened with the GST Council approving a Draft Law that seeks to compensate states fully in case of revenue loss as a result of the implementation of GST.
    3. CBEC directs submission of CAS-4 Certificate of FY ending March 31st, by December 31st of next FY for purpose of calculating cost of captively consumed goods.
    4. SEBI has said that it would allow mutual funds (MFs) in commodity derivatives in a month.
    5. RBI has imposed a monetary penalty of Rs 2 lakh on Janata Urban Co-operative Bank Ltd., Wai, District Satara for violation of the guidelines of the Reserve Bank of India.
    6. The Employees´ Provident Fund Organization has extended the deadline for its subscribers to submit Aadhaar number to March 31 from February 28.
    Last edited by Shilparana; 02-25-2017, 09:58 AM.
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