Saturday, 20 May 2017

Some recent updates that you would not like to miss – 20.05.2017

1.   RBI has said banks cannot refuse to accept faded notes or those with scribbles. Such banknotes had to be treated as “soiled notes“ and dealt with according to the RBI's “clean note policy“.

2.   CBDT has entered into 2 unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government’s commitment to foster a non-adversarial tax regime.

3.   CBDT cannot insist on pre-deposit compounding fee without considering application for compounding: [2017] 80 371 (Delhi HC).

4.   Assesses was entitled to full exemption u/s. 54 when the full amount was invested by the assessee even though the property was purchased in the joint names of the assessee and his brother. Shri Jitendra V Faria Vs. ITO (ITAT Mumbai)

5.   Place of arbitration determines the law that will apply to the arbitration and related matters like challenge to the award, etc. IMAX CORPORATION Vs E-CITY ENTERTAINMENT (I) (P.) LTD. SUPREME COURT OF INDIA.

6.   RBI has decided to fix the minimum Net Owned Fund (NOF) requirement for ARCs Companies at ₹ 100 crore on an ongoing basis with effect from 28-04-2017.

7.   VAT  filing date in haryana state extended till 15th of may, 2017.

8.   Finance ministry has extended the time limit for providing Permanent Account Number (PAN) or Form No. 60 by bank account holders who have not given it at the time of account opening or later to June 30, 2017.

9.   All Banks will remain closed, every Saturday from 1st June onwards. The RBI has approved  5 days Working for Banks. Now Timings will be 9:30 am to 5:30 pm.

10.  Payment of interest on loans taken for setting up industry could be claimed as revenue expenditure: SC [2017] 80 375 (SC).

Have a great day ahead!

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