Updates:-

1.MCA has introduced the Integrated e-form for Incorporation of Companies (INC 29). Some of its features are:

· INC 29 is only an option. It means existing incorporation process also continued.

· Now Company can be incorporated within 24 working Hours of filing INC 29 with MCA portal 

· Registration fees is Rs. 2000 plus other fees depending upon the Capital of the company.

· PAN is automatic generated after approving company registration.

· Section 8 Company not included in this process.

· If form is rejected then we will get refund after follow normal process of Refund.

· Maximum DIN allotted in INC 29 is only 3.

· INC 22 filed separately.

· MOA/AOA could be filed, physically signed, scanned and attached to the form.

2.HC : Denies Sec 10A-benefit treating HCL's 31 units as separate-undertakings under 13 STP licenses [TS-195-HC-2015(DEL)]

3.HC : Rental income from unsold flats by real-estate developer, a house-property income [TS-224-HC-2015(BOM)]

4. IT: Claim of expenditure against payment of compensation - Short notice payment for termination of Toll Manufacturing Agreement - compensation was a business contractual obligation of the assessee and therefore the expenditure was incurred for business as well as commercial expediency of the assessee – ITAT Mumbai in Dystar India Pvt. Ltd. Vs DCIT Mum (Published on 28-04-2015).

5. IT: Exemption / eduction u/s 54F - more than one residential house - assessee claimed that old proerty was gifted to minor daughter through an oral HIBA - Since the gifts are held to be valid the assessee cannot be regarded as owner of two residential house - exemption allowed - ITATBangalore in Smt. Sajida Begum Vs ITO, Blr (Published on 28-04-2015).

6. IT: Addition u/s 69C - Neither during the course of search at Litika Group nor during the course of survey at assessee's premises nor during the enquiries made after survey reveal that assessee had transferred cash of ₹ 3.99 crores to Litika Group - provisions of Section 69C are not attracted - ITAT Mumbai in DCIT Mum Vs M/s VHB Life Sciences Ltd.(Published on 28-04-2015).

7. IT: Section 263 does not empower the CIT to thrust upon his view on the Assessing Officer. Revision u/s 263 is possible only if both the conditions i.e. the order passed by the Assessing Officer is erroneous and it is prejudicial to the interest of the Revenue are satisfied. - ITAT Panajiin Zuari Maroc Phosphates Ltd Vs CIT, Panaji Goa (Published on 28-04-2015).

8. IT: Where assessee made investment in shares with intention to earn dividend income, merely because she liquidated its investment within a short span of time which had given better overall earning to her, it could not be concluded that assessee was doing business in shares and profit arising from sale of shares was taxable as business income

9. Min. of Home Affairs cancels registration of 8,975 foreign-funded NGOs for not filing their annual returns

10. CIT couldn't withdraw registration of trust without pointing out any commercial activity carried out by trust

11. Reporting requirements CARO, 2003, now removed in CARO, 2015
Trading or dealing in shares and securities
If the company is dealing or trading in shares, securities, debentures and other investments, whether proper records have been maintained of the transactions and contracts and whether timely entries have been made therein; also whether the shares, securities, debentures and other securities have been held by the company, in its own name except to the extent of the exemption, if any, granted under section 49 of the Old Act;

12.TRACES advises against use of DSC of another person to submit online corrections etc after changing PAN of authorized person and then reverting back to old PAN.

13. CBDT has issued instruction dated 24th April 2015 to FIIs receiving income exempt from tax by availing benefit in Double Taxation Avoidance Agreements (‘DTAAs’), since the issue involved in such cases is limited, so claims should be decided expeditiously.

14. Nominee and independent directors to be excluded by Banks / FIs from data of  NPAs and loss assets of 1 crore and more to credit info companies, except in rarest circumstances.

15.Extension to 15.05.2015 of last date for e-filing and filing paper copy of DVAT 16, DVAT 17 and DVAT 48 with annexures etc for Q4 of 2014-2015. [DVAT Circular 2 of 27.04.2015].

16. Exemption U/s. 54F cannot be denied if assessee having 2 houses, gifts one house to her spouse prior to transfer of long term capital asset other than residential house  Smt. Maya A. Ajwani Vs. ITO (ITAT Mumbai), I.T.A. No. 7091/Mum/2012, Date of Pronouncement  dated 10.04.2015.

Key Dates:-

Due date for deposit of Tax deducted/collected for the month of MARCH, 2015 : 30.04.2015

Excise Return ER-5 for FY 2014-15 by units paying duty > 1 crore (CENVAT + PLA): 30.04.2015

Excise Return ER-7 for FY 2014-15 by other excise units: 30.04.2015