26 November 2014

RBI on ECB-FD


RBI allows ECB borrowers to park ECB proceeds in fixed deposits for 6 months pending their utilization

November 24, 2014

EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY - PARKING OF ECB PROCEEDS

A.P. (DIR Series 2014-15) Circular No. 39, DATED 21-11-2014

Attention of Authorized Dealer Category - I (AD Category- I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 23, 2011 relating to parking of proceeds of External Commercial Borrowings (ECB).

2. At present, eligible ECB borrowers are required to bring ECB proceeds, meant for Rupee expenditure in India for permitted end uses, such as, local sourcing of capital goods, on-lending to Self-Help Groups or for micro credit, payment for spectrum allocation, etc., immediately for credit to their Rupee accounts with AD Category - I banks in India.

3. With a view to providing greater flexibility to the ECB borrowers in structuring draw down of ECB proceeds and utilisation of the same for permitted end uses, it has been decided to permit AD Category -I banks to allow eligible ECB borrowers to park ECB proceeds (both under the automatic and approval routes) in term deposits with AD Category- I banks in India for a maximum period of six months pending utilisation for permitted end uses. The facility will be with the following conditions:

i.

 

The applicable guidelines on eligible borrower, recognised lender, average maturity period, all-in-cost, permitted end uses, etc. should be complied with.

ii.

 

No charge in any form should be created on such term deposits i.e. to say that the term deposits should be kept unencumbered during their currency.

iii.

 

Such term deposits should be exclusively in the name of the borrower.

iv.

 

Such term deposits can be liquidated as and when required.

4. The amended ECB policy will come into force with immediate effect and is subject to review. All other aspects of ECB policy would remain unchanged.

5. AD Category banks may bring the contents of this circular to the notice of their constituents and customers.

6. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

 

23 November 2014

CA institute officials under lens

CA institute officials under lens
Debasish Konar,Nov 22, 2014, 12.00AM IST
KOLKATA: Enforcement directorate is going to summon some senior officials of the Institute of Chartered Accountants of India (ICAI) as the institute had failed to initiate action against the chartered accountants (CAs) involved in chit fund scams. The accused CAs had vouched false audit reports.

When the SFIO (Serious Fraud Investigation Office) had been analyzing the audit reports of the Ponzi firms, the fabricated reports made by these CAs had led them nowhere.

ED, while probing the Saradha scam, found that the CAs had given false statements while making the audit reports. The agency found that a number of these CAs were directly involved in the scam. Not only the CAs involved with Saradha, but CAs involved with other chit funds were also found submitting false reports.

ED's special director Yogesh Gupta, who is himself a CA, wrote to the ethical committee of the institute complain about these unethical CAs. Some CAs had told ED that they were removed from the Ponzi firms when they refused to sign bogus audit reports.

The ethical committee was asked to initiate action against the CAs and already about 40 CAs have been identified for such unethical practices. According to ED officials, 10 of them were in gross misconduct, being part of the nexus.

An ED official said, "About 15 other CAs had been grossly negligent as they did not verify the audit reports properly and simply signed them. Another 15 CAs were found to be negligent and failed to perform their duty according to professional rules."

ICAI is yet to take action against these CAs. The institute informed ED that there was no proper process to cancel the practicing certificate.

Forwarded as received

22 November 2014

GST Highlights

Highlights of New Proposed Goods & Service Tax (GST) 

1. The basic principal governing behind GST is to have single Taxation System for Goods and Services 
across the country. Currently Indian economy has various taxes on Goods and services such as VAT, 
Service Tax, Excise, Entertainment Tax, Luxury Tax Etc. now in the new Proposal of GST; we will be 
having only two taxes on all goods and Services as follows: 
a. State Level GST(SGST) 
b. Central Level GST (CGST) 
2. In case of Central GST, following Taxes will be subsumed with CGST which are at presently levied 
separately on goods and services by Central government: 
a. Central Excise Duty 
b. Additional Excise Duty 
c. The Excise Duty levied under Medicinal and toiletries preparation Act 
d. Service Tax 
e. Additional Custom Duty (CVD) 
f. Special Additional Duty 
g. Surcharge 
h. Education Cess and Secondary and Higher Secondary education Cess 
3. In case of State GST, following taxes will be subsumed with SGST; which are priestly levied on goods 
and services by State Governments : 
a. VAT/ Sales Tax 
b. Entertainment Tax (unless it is levied by local bodies) 
c. Luxury Tax 
d. Tax on lottery 
e. State Cess and Surcharge to the extend related to supply of goods and services. 
4. The basic principal for subsuming of taxes in GST is provided as follows: 
a. Those taxes which commences with import / manufacture /production of goods or provision 
of services at one end and the consumption of goods and services o other end. 
b. The taxes, levies and fees which are not related to supply of goods & services should not be 
subsumed under GST. 
5. Taxes on items containing alcohol and petroleum product are kept out of GST. They will continue to 
be taxed as per existing practices. 
6. Tax on Tobacco products will be subject to GST. But government can levy the extra Excise duty over 
and above GST. 
7. The Small Taxpayer: The small taxpayers whose gross annual turnover is less than 1.5 Crore are 
exempted from CGST and SGST. 
8. Input Tax Credit (ITC): Taxes Paid against CGST allowed as ITC against CGST. Taxes paid against SGST 
allowed as ITC against SGST.  
9. Cross utilization of ITC between the Central GST and State GST would not be allowed. Exception: Inter 
State Supply of goods and services. 
10. PAN based identification number will be allowed to each taxpayer to have integration of GST with 
Direct Tax. 
11. IGST Model and ITC: 
a. Center would levy IGST levy ( CGST + SGST) 
b. The ITC will be allowed in this transaction will be SGST, IGST, CGST as applicable. 
c. Appropriate provision will be provided for consignment or Stock transfer. 
12. GST Rate Structure: 
a. Two Rate Structure 
b. A lower rate for necessary items and goods of basic importance 
c. Standard rate for goods in General 
d. Special Rate 
13. Exports are fully exempted with Zero rates.

Forwarded as received...

20 November 2014

Circular on Re-Credit of Cenvat


GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE AND CUSTOMS

CIRCULAR NO 990/14/2014-CX-8, Dated: November 19, 2014

To,

Principal Chief Commissioners/Chief Commissioners of Central Excise (All)
Principal Chief Commissioners/Chief Commissioners of Central Excise of Central Excise & Customs (All)
Director General, Directorate General of Central Excise Intelligence
Principal Commissioners/Commissioners of Central Excise (All)
Principal Commissioners/Commissioners of Central Excise & customs (All)
Web-master, CBEC

Madam/Sir,

Sub: Clarification regarding availment of CENVAT credit after six months-reg.

Attention is invited to the Notification of the Government of India in the Ministry of Finance, Department of Revenue No. 21/2014-CE (NT) dated 11.07.2014, vide which, inter alia, amendment was made in Rule 4(1) and 4(7) of CENVAT Credit Rules, 2004 (CCR, 2004) to prescribe that manufacturer or output service provider shall not take CENVAT credit after six months of the date of issue of any of the documents specified in sub-rule (1) of Rule 9.

2. Concerns have been expressed by trade that in view of above changes, the re-credit taken in following three situations may be hit by the time limit of six months prescribed:

i. 3rd proviso to Rule 4(7) of CCR, 2004 prescribes that if the payment of value of input service and service tax payable is not made within three months of date of invoice, bill or challan, then the CENVAT Credit availed is required to be paid back by the manufacturer or service provider. Subsequently, when such payment of value of input service and service tax is made, the amount so paid back can be re-credited.

ii. According to Rule 3(5B) of CCR, 2004, if the value of any input or capital goods before being put to use on which CENVAT Credit has been taken, is written off or such provisions made in Books of Account, the manufacturer or service provider is required to pay an amount equal to credit so taken. However, when the inputs or capital goods are subsequently used, the amount so paid can be re-credited in the account.

iii. Rule 4(5)(a) of CCR, 2004 prescribes that in case inputs sent to job worker are not received back within 180 days, the manufacturer or service provider is required to pay an amount equal to credit taken on such inputs in the first instance. However, when the inputs are subsequently received back from job worker, the amount so paid can be re-

credited in the account.

3. The matter has been examined. The purpose of the amendment made by Notification No. 21/2014-CE (NT) dated 11.07.2014 is to ensure that after the issue of a document under sub-rule (1) of Rule 9, credit is taken for the first time within six months of the issue of the document. Once this condition is met, the limitation has no further application. It is, therefore, clarified that in each of the three situations described above pertaining to Rule 4(7), Rule 3(5B) or Rule 4(5) (a) of CCR, 2004, the limitation of six months would apply when the credit is taken for the first time on an eligible document. It would not apply for taking re-credit of amount reversed, after meeting the conditions prescribed in these rules

4. Difficulties faced, if any, in implementation of this Circular may be brought to the notice of the Board. Hindi version follows.

F. No. 267/72/2013-CX.8 (Pt)

 

Shankar Prasad Sarma

OSD, CX.8

19 November 2014

TP Case of Shell


HC decides TP issue of undervaluation of shares in favour of shell; follows ratio of Vodafone's case

November 19, 2014

 

On November 18, 2014 the Bombay High Court held in favour of Shell India on the issue of applicability of Transfer Pricing provisions in case of issue of shares. In this regard, the High relied upon decision in the case of Vodafone India Services (P.) Ltd. v. Union of India [2014] 50 taxmann.com 300 (Bombay). It held that Transfer Pricing provisions would not be applicable on alleged undervaluation of shares issued to foreign parent company, as there was no income arising there from. The High Court deleted the Transfer Pricing adjustment and the consequential interest in respect of alleged undervaluation of shares issued by Shell India.

Previously, the Bombay High Court on October 10, 2014 in the case of Vodafone India Services (Supra)held that issue of shares by assessee to its non-resident AE at a price below the fair market value would not give rise to any income from an admitted international transaction and, thus, Indian Transfer Pricing provisions would not be applicable on it.

BMR Legal acted as the briefing counsel on the tax litigation and transfer pricing issues for Shell. Mr. Percy Pardiwala, Senior Advocate, argued on behalf of Shell with the assistance from the BMR's Legal team.

Mukesh Butani, Managing Partner, BMR Legal stated as under:

 a)  "The Shell India case decided by the Bombay HC is a significant development. It follows the earlier judgment of Vodafone insofar as principles are concerned - the principle being that issuance of shares by an Indian company to its foreign parent is not eligible to transfer pricing provisions as there is no income arising therefrom.

 b)  The High Court held today that the legal principle laid down by the Bombay HC applies in the Shell case and rejected the Department's argument that the facts of Shell case were distinguishable from Vodafone's case.

 c)  The said decision is a welcome relief not just for Shell but for all MNC's who have faced the adjustment on share issuance. It is significant to note that the court did not hesitate on exercising its extraordinary power to issue a writ where alternate appeal remedy was available - in this situation as the court felt that the tax department clearly exceeded its jurisdiction to bring to tax a capital transaction."

Gokul Chaudhri, Leader, Direct Tax, BMR & Associates LLP stated as under:

"The Bombay High Court has decisively held that no transfer pricing or tax implications can arise on issue of shares by a subsidiary to its overseas shareholders. Upholding the writ petition of Shell India the court brought to a close the controversy that arose in January 2013 and has since worried investors. This decision follows earlier decision of the court in similar circumstances for Vodafone India. Investors should welcome this bold intervention and clear thinking of the court. Hopefully one of the tax thorns that troubled investors has been removed. Acceptance of this decision by the Government would be helpful to bring closure."

16 November 2014

Section 80C- Bank term Deposit Limit increased to Rs. 1.50 Lakh

Section 80C- Bank term Deposit Limit increased to Rs. 1.50 Lakh

 

NOTIFICATION NO.  63/2014, Dated: November 13, 2014.

S.O. 2906(E). In exercise of the powers conferred by clause (xxi) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments to the the Bank Term Deposit Scheme, 2006, namely:-

1. (1) This scheme may be called the Bank Term Deposit (Amendment) Scheme, 2014. (2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Bank Term Deposit Scheme, 2006, in para 3, in clause (1), for the words "one lakh rupees" , the words "one hundred and fifty thousand rupees" shall be substituted.

[F.No.142/09/2014-TPL]

(Raman Chopra)
Director (TPL-II)

Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii),vide number S.O. 1220(E) dated the 28th July, 2006 and subsequently amended by notification number S.O. 2127(E), dated 13th December 2007

15 November 2014

Bank branch audit panel

Draft Bank Branch Auditors’ Panel for the year 2014-15 has been hosted at http://www.meficai.org/DraftBankBranchAuditorsPanel_2014_15.html. 

14 November 2014

Company Law Settlement Scheme (CLSS) further extended

Ministry has, on consideration of 2014) upto31st December. 2014.
Ci requests received from various stakeholders, has decided to extend the Company Law Settlement Scheme (CLSS rcular NO 44/2014 DAted 14.11.2014 

13 November 2014

FD in Court- NO TDS

No TDS liability of bank under sec. 194A on interest accrued on FD made by litigant on directions of Court

November 13, 2014[2014] 51 taxmann.com 253 (Delhi)

IT: Where litigant deposit FD with the bank on directions of Court, he ceased to have any control or proprietary right over those funds. Although FD was drawn in the name of the Registrar General, he was neither the recipient of the amount credited to that account nor the interest accruing thereon. There was no assessee to whom interest income from the FD could be ascribed, thus, bank was not liable to deduct tax under section 194A on interest accrued on such FD.

Facts:

(a)   The petitioner ('UCO Bank') accepted a Fixed Deposit ('FD') made by litigant as per directives of the Court. The bank did not deduct tax on accrued interest on such FD as it was in name of Register General of Court as custodian and the actual beneficiaries were not known, as the matter was sub-judice.
(b)   Thus, the issue that arose for consideration of the High Court was:

  • Whether the bank would be liable to deduct tax under section 194A on interest accrued on such FD where the assessee was not ascertainable and the person in whose name the interest was credited was also not a person liable to pay tax under the income-tax Act ('the Act')?

The High Court held in favour of assessee as under:

(1)   The words "credit of such income to the account of the payee" occurring in section 194A of the Act necessarily imply that deduction of tax bears nexus with the income of an assessee. In absence of an assessee, the machinery provisions for deduction of tax to his credit were ineffective. The expression "payee" under section 194A of the Act would mean the recipient of income whose account was maintained by the person paying interest.
(2)   In the instant case, although FD was made in the name of the Registrar General, the account represented funds which were in custody of the Court and the Registrar General was neither the recipient of the amount credited to that account nor the interest accruing thereon. Thus, the Registrar General could not be considered as payee for the purpose of section 194A of the Act.
(3)   There was no assessee to whom interest income from the FD could be ascribed; no person could file return claiming the interest payable by bank as income. The machinery provisions of recovering tax by deduction of tax at source would not be applicable in absence of an ascertainable assessee.
(4)   The litigant who was asked to deposit the money in the court ceased to have any control or proprietary right over those funds. The amount deposited vested in the Court and the depositor ceased to exercise any dominion over those funds. It was also not necessary that the litigant who deposited the money would be the ultimate recipient of income. The person to whom funds would be granted was to be determined by orders passed subsequently. Thus, petitioner-bank was not required to deduct tax under section 194A on interest accrued on FD made by the litigant.

12 November 2014

POA- Capital Gains


CAPITAL GAINS
In favour of: Assessee

Capital gains on sale of property cannot be assessed in the hands of power of attorney holder, when no consideration was paid to the actual owner at the time of execution of the power of attorney and the assessee had acted merely as an agent, since there was no transfer to or enabling enjoyment of property in favour of agent in any manner so as to attract Section 2(47)(vi).

High Court Of Madras
Commissioner Of Income Tax Vs C. Sugumaran : (2014) 90 CCH 0173 ChenHC
Decided On: Nov 03, 2014

 


NBFC-Revised Regulatory Framework


RBI tightens norms for NBFCs

In a bid to bring non-banking financial company (NBFC) norms in line with those of banks, the Reserve Bank of India (RBI)  unleashed tighter rules for NBFCs. According to the new guidelines, NBFCs will require higher minimum capital, have less time to declare bad loans, and a board-approved fit and proper criteria for director appointments.The new norms, which will be implemented in a phased manner, are made applicable for NBFCs that manage funds worth Rs 500 crore and for those that accept public deposits. The central bank will also start granting fresh NBFC licences.

10 November 2014

3 CB CD utility

FYI - CBDT on 06-11-2014 released Revised Form 3CA-3CD & Form 3CB-3CD filing utility along with updated Schema. Revised Utility is is now available for e-Filing.

Download Revised Utility updated on 06th November for Tax Audit Report for AY 2014-15.

09 November 2014

CBDT to I-T officers: make proper tax assessments

The Central Board of Direct Taxes (CBDT) has directed supervisory officers to play a more proactive role in ensuring that high-pitched assessments without proper basis are not made by the Income-Tax Department.
Also, such officers should ensure that lengthy questionnaires or summons without due application of mind are avoided, CBDT said in a circular to its field officers.
This instruction is seen as yet another effort on part of the CBDT in moving towards a non-adversarial tax regime.
Though less than one per cent of returns filed are selected for scrutiny, this area of work has often drawn adversarial comments.
Supervisory officers have now been directed to ensure inspections and reviews are undertaken in accordance with guidelines issued. This must be done to enable capacity building within the department and accountability of the officers.
The CBDT has highlighted that enquiries arising in limited scrutiny cases selected on the basis of AIR/CIB/26AS information will ordinarily be restricted to that information.
Senior officers have been directed to ensure that appeals are filed only on the merits thereof and not merely on the tax effect involved.
It has also been decided that in multi-CCIT Charges, reference before High Court would be taken by two CCITs.
The CBDT circular also lays emphasis on cleanliness in office, punctuality, timeliness in appointment and avoiding unnecessary adjournments.
All supervisory authorities have been directed to enable an effective grievance redressal system in their jurisdictions.

CBDT to create non-adversarial tax regime
The Central Board of Direct Taxes (CBDT) has directed supervisory officers to play a more proactive role in ensuring that high-pitched assessments without proper basis are not made by the income tax department.
Also, such officers should ensure that lengthy questionnaires or summons without due application of mind are avoided, CBDT said in a circular to its field officers.
This instruction is seen as yet another effort on part of the CBDT in moving towards a non-adversarial tax regime.
Though less than 1 per cent of the returns filed are selected for scrutiny, this area of work has often drawn adversarial comments.
Supervisory officers have now been directed to ensure inspections and reviews are undertaken in accordance with guidelines issued. This must be done to enable capacity building within the department and accountability of the officers.
Senior officers have been directed to ensure that appeals are filed only on the merits thereof and not merely on the tax-effect involved. All supervisory authorities have also been directed to enable an effective grievance redressal system in their jurisdictions.
The CBDT circular also lays emphasis on cleanliness in office, punctuality, timeliness in appointment and avoiding unnecessary adjournments.
  
Kerala High Court on Service tax on Restaurants

Division Bench of Kerala HC upholds Single Judge order, service tax levy on serving food & beverages in AC restaurant, hotel, inn, guest house, club or camp-site u/s 65(105)(zzzzv) & (zzzzw) of Finance Act unconstitutional; Post 46th Constitutional amendment, supply of food & other articles for human consumption in restaurants a 'deemed sale' under Art 366(29-A) and no service involved therein; Said activity enumerated in Entry 54 of List II of Seventh Schedule and States alone have legislative competence to impose tax on whole consideration received; Further, relies on SC decision in Godfrey Philips India Ltd to hold that hotels, inn, clubs, guest-house enumerated in Entry 62 of List II, taxable as 'luxuries' by State legislature; Rejects Revenue's reliance on SC ruling in Tamil Nadu Kalyana Mandapan Assn. to contend that Art. 366(29-A)(f) only permits State to impose tax on supply of food & drink, conceptually, supply of services not included within definition of "sale and purchase of goods"; Said judgment deals with mandap-keeper's liability to service tax, cannot be equated with supply of food & beverages by a restaurant; Vide introduction of Art. 366(29-A), characteristics of restaurant transaction have changed for the purpose of imposition & levy of tax, hence European Court's ruling in Faaborg-Gelting Linien A/S vs. Finanzamt Flensburg cannot be relied upon; Differs from Bombay HC ratio in Indian Hotels and Restaurant Association & Anr., since whole consideration for supply of food (including service part of transaction) is exigible to State tax by virtue of constitutional definition, Union cannot characterise the same transaction as 'service' for levy of service tax  : Kerala HC

CPE requirement for 2014-2016

CPE HOURS REQUIREMENTS FOR THE BLOCK PERIOD OF 3 YEARS (1-1-2014 TO 31-12-2016) TO BE COMPLIED WITH BY DIFFERENT CATEGORIES OF MEMBERS

A. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: 
a) Complete at least 90 CPE credit hours in a rolling period of three-years. 
b) Complete minimum 20 CPE credit hours of structured learning in each calendar year. 
C) Out of the 90 CPE Credit Hours as mentioned above, 30 CPE credit hours can be completed either through Structured or Unstructured learning (as per Member’s choice). 
 
B. All the members (aged less than 60 years) who are not holding Certificate of Practice and all the members who are residing abroad (whether holding Certificate of Practice or not) are required to: 
(a) Complete at least 45 CPE credit hours either structured or unstructured learning (as per Member’s choice) in rolling period of three-years 
b) Complete minimum 10 CPE credit hours of either structured or unstructured learning (as per member’s choice) in each calendar year. 
 
 C. All the members (aged 60 years & above) who are holding Certificate of Practice, are required to: 
a) Complete at least an aggregate of 70 CPE credit hours of either Structured or Unstructured Learning (as per member’s choice) in a rolling period of three years 
b) Complete minimum of 10 CPE credit hours being an aggregate of either Structured or Unstructured Learning in the first calendar year i.e. 2014. 
c) Complete minimum of 20 CPE credit hours being an aggregate of either Structured or Unstructured Learning (as per member’s choice) in the second and third calendar years i.e. 2015 & 2016 

04 November 2014

Non Submission of C Form-Interest

Interest chargeable from 'Return Date' on Form "C" non-production, not 'Assessment' under CST Act

 

HC quashes Tribunal order, interest chargeable from the date of furnishing monthly returns in case of default in furnishing 'C' Form declarations claiming concessional rate under Central Sales Tax (CST) Act; Tribunal misread SC judgement in J. K. Synthetics wherein liability to pay tax and interest thereon was held to arise only after adjudication and not earlier to it; In instant case, assessee aware of liability on inter-state sale, hence tax paid pursuant to assessment order ought have been paid alongwith return, as prescribed under CST Act; Having failed to do so, State deprived of revenue and hence, interest payable from the date when assessee became liable to pay tax to compensate the delay; Rejects assessee's contention that no interest payable absent provision in CST Act, Sec 9(2B) r/w Sec 36 & 37 of Karnataka VAT Act makes it very clear that power conferred to levy interest flows from statutory provision  : Karnataka HC

04/11/2014

The ruling was delivered by Justice N. Kumar and Justice B. Manohar.

Ms. S. Sujatha appeared on behalf of the Revenue, while assessees were represented by Ms. H. Vani, Mr. T. Surya Narayana and Mr. T. Rajaram. 


[TS-499-HC-2014(KAR)-VAT]

02 November 2014

Interest U/s 234 A Stayed


Madras High Court Stays Clause 7 of CBDT Order dated 26-09-2014 regarding Extension of ITR Due Date AY 2014-15 with Levy of Interest u/s 234A

 

 

Earlier on 26-09-2014 CBDT, following the direction of the Gujarat High Court had extended the due date for Income Tax Returns (ITR) filing from 30th September, 2014 to 30th November, 2014 for assessee covered under tax audit us 44AB of Income Tax Act, 1961.

However, the clause 7 of CBDT order dated 26-09-2014 provided that assessee shall have to pay interest under section 234A for the period of the extension granted.

Clause 7 of CBDT Order is reproduced hereunder:

7. There shall be no extension of the "due date" for the purposes of Explanation 1 to section 234A (Interest for defaults in furnishing return) of the Act and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.

Now, it is reported that the Madras High Court has granted a stay on the operation of the clause 7 of the said order of CBDT and has issued a direction to Income Tax to accept returns without interest.

The full details of the order are awaited.

Empanel as Concurrent Auditors

BANK OF MAHARASHTRA invites online applications from practicing firms of Chartered Accountants, in the prescribed format, who are willing to...