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Income Tax Act June 2014 Update

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  • Income Tax Act June 2014 Update

    Income Tax section 54F relief remains despite commercial use of residential house [IncomeTax Appellate Tribunal, Hyderabad, N. Revathi vs- ITO].
    Circular on extension of timeline for alignment of employee benefit schemes with SEBI (ESOS and ESPS) guidelines, 1999 [Circular Number CIR/CFD/Policy Cell/3/2014 dated-June 27, 2014]

    The benefit of service tax Voluntary Compliance Encouragement Scheme is available only upon depositing the initial 50% of the declared amount mandatorily on or before 31st December 2013 and authorities do not have any power to grant extension of time[ Teknow Overseas (P) Ltd. vs. Asstt Comm of Service Tax (VCES), Delhi, High Court of Delhi].

    RBI in its monetary policy dated 1st April 2014 as regards Foreign Direct Investment (FDI), has decided to withdraw all the existing guidelines relating to valuation in case of any acquisition/sale of shares and accordingly, such transactions will henceforth be based on acceptable market practices. Operating guidelines will be notified separately.

    Companies to have at least 1 Resident Director from Incorporation if formed after 30.09.2014 and in 6 months if formed from 01.04.2014 to 30.09.2014 [MCA Circular 25 of 26-06-2014].

    MCA extend last date for filing DPT4 without additional fee up to August 31,2014.
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