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Latest India Tax News 16 May 2017

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  • Latest India Tax News 16 May 2017

    1. CBDT Request stakeholders to comments on Draft Income Computation and Disclosure Standards (ICDS) on Real Estate Transactions to be applicable from assessment year 2017-18.
    2. Delhi High Court refused to stay the income tax proceedings against Young Indian Ltd in the case of alleged misappropriation of assets of National Herald newspaper involving Congress leaders Sonia Gandhi and Rahul Gandhi.
    3. Government of India mandates Aadhar Card for Atal Pension Yojana (APY).
    4. RBI has introduced additional settlements in the NEFT system at half-hour intervals to enhance the efficiency of the system and add to customer convenience.
    5. SAT impose penalty on Rajasthan Royals (IPL TEAM) for violation of section 3 of FEMA, 1999 as payments had been made by non-residents and there was no general or special approval of Reserve Bank of India. [2017] 81 taxmann.com 175 (ATFFE/FERAB).
    6. NOC from Advocate to appoint new advocate not required as litigant has the absolute right to appoint an advocate of his choice and to terminate his services any time and for whatever reason. Karnataka Power Transmission Corp Ltd vs. M. Rajashekar (Karnataka High Court)
    7. Vijaya Bank invites online application for empanellement of concurrent auditors for the year 2017-18. The CA firms should be on RBI panel and be a partnership concern.
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