Anita & Rajeev Associates

22/08/2014

22/08/2014

Update:

1. No audit committee meetings using video conferencing etc for
board approval of stand alone or consolidated financial statement
by board. Companies amendment rules, 14-08-2014.

2. Honourable Supreme Court in the case of CIT vs Reliance Petro
products Pvt. Ltd has held that Penalty U/s 271(1)(c) of the
Income Tax Act cannot be levied merely because an amount is not
allowed or taxed as income

3.Section 188 (Related Party Transaction) after amendment dated
14th Aug 2014 in the companies (Meeting of the board and its
powers ) Rules 2014 is applicable on both Private Company and
Public Company Approval from Board shall required for the
transactions of a company with Related Parties which are not in the
ordinary course of business. for more detail please click on the link
http://www.mca.gov.in/Ministry/pdf/NCA_Rules_16082014.pdf

21/08/2014

UPDATES:

1. CBDT extends last date for furnishing Tax Audit Report to 30th November. Audit Report submitted before 24th July in old format will be valid.

2.No automatic extension of due date of IT returns of Companies & Other Audit cases, which remains 30-09-2014. Extension only for tax audit report till 30-11-2014.

3. Revised form 3CA-3CD & form 3CB-3CD along with updated schema is now available for e-Filing.