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Old 10-05-2016, 10:22 PM
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megri megri is offline
Join Date: Dec 2004
Location: Chandigarh India
Posts: 1,396
Default Latest India Tax News 4th October 2016

  • Assessee could not get the accounts audited within time limit prescribed u/s 44AB and if there is no mala fide reason for not obtaining the accounts audited in time than penalty u/s 271B should not be imposed - Gemorium Vs ITO W-5(1), Jaipur (ITAT Jaipur).
  • Under GST no need to file GST RFD-01 for refund of balance in electronic cash ledger. Same can be claimed through return forms GSTR-3, 4 & 7.
  • MCA has introduced SPICE (simplified proforma for incorporating Company electronically) w.e.f. 02.10.2016 in e-form INC-32.
  • RBI has cuts the Repo rate by 25 bps now The *new Repo rate is 6.25%.* This will make the loan rate cheaper.
  • RBI issued a circular regarding Investment by foreign portfolio Investors (FPI) in government securities vide Circular No. 4/2016 dated 30/09/2016.

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