The taxonomy for the Commercial and Industrial Companies have undergone a change owing to the requirements under the Companies Act 2013, and the rules notified thereunder. Accordingly, the Taxonomy Development and Review Committee of XBRL India has finalised the draft taxonomy for Commercial and Industrial Companies based on the notification of the sections under Companies Act 2013, new rules and forms thereunder.
1. NOTIFICATION OF NEW ITR FORMS: CBDT has notified ITR 1, ITR 2, ITR 2A & ITR 4S for AY 2015-16 and amended Rule 12. These forms will substitute the previously notified ITR 1, 2 and 4S forms [Refer Notification No: 49/2015 dated 22/06/2015].
Return data will be allowed to be uploaded but the taxpayer uploading the return will be informed of a possible defect present in the return u/s 139(9). Appropriate notices/ communications will be issued from CPC.
The Income Tax Department has provided free return preparation software in the downloads page as well as facility for online ITR submission for ITRs 1 & 4S which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well.
The Central Government in exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the EPF&MP Act 1952 has notified amendments in Paras 38(1) and 48 of EPF Scheme, 1952 making it mandatory for employers to pay the statutory
This Scheme may be called the Employees’ Provident Funds (Second Amendment) Scheme, 2015. In the Employees’ Provident Funds Scheme, 1952 (hereafter referred to as Principal Scheme), in sub-paragraph ( ) of paragraph 38,‑ (i) for the words by separate hank drafts or cheques, the words electronic through internet banking of the State Bank of India or any other Nationalised Bank authorized for collection shall be substituted.
In this article, I am trying to analyses whether this section 2(b) of Contempt of Court Act is applicable to taxation matters (Direct and Indirect Taxes). There are so many cases, where Adjudicating Authority did not follow the decision given by various jurisdictional Tribunals, High Courts and even Supreme Court or did not follow the binding precedents as decided by the above various courts.
For the purpose of limit prescribed in section 10(23C)(iiiad), Rs. One crore limit has to be considered for each institution separately and not for the assessee as a whole. This is very important to mention that as per section 10(23C)(iiiad) also, the term used is any university or other educational institution
