Taxation Updates July 2015

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    CBDT Notification No. 50/2015 dated 24th June 2015 regarding permitted business relationship a Chartered Accountant can have with his client to maintain independency.

    Loans advanced by partner to firm does not fall in the purview of Sec. 269SS.[ M/s Muthoot Financiers group firms vs. CIT (Delhi High Court)].

    RBI Circular No. 12 dated June 25, 2015, RBI clarifies that now authorized dealer banks need not require case-by-case approval of RBI for borrowing overseas funds.

    RBI clears 2nd and 4th saturday off for banks. w.e.f. 15.07.2015. First Saturday off will be on 25th July.

    Online Payment of EPF mandatory with effect from 5th May, 2015.
    The service tax applicable w.e.f. 1st June, 2015 is as follows:
    Restaurant – 5.6%
    Hotel lodging – 8.4%
    Vehicle rent – 5.6%
    Hall with catering – 9.8%
    Catering – 8.4%
    Building repairing – 9.8%
    Civil contract with material – 5.6%
    Building residential – 3.5%
    Building commercial – 4.2%
    GTA transports – 4.2%
    All other Services – 14%

    Request to join motivational talk (2-5 PM) and Cultural and Felicitation Program (6-9 PM) followed by dinner on the eve of CA Day on 30 June 2015 at Talkatora Stadium, New Delhi.

    The ‘Chartered Accountants Day’ celebrations of the ICAI will be held at 4.00 PM. on 1st July, 2015 in the `Convention Hall’, Hotel Ashok, Chanakyapuri, New Delhi.

    Request to join Blood Donation Camp, Tree Plantation and Marathon on July 1 at 9 AM onwards, organised by NIRC of ICAI at ICAI Bhawan, Vishwas Nagar, Delhi.

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