Corporate Updates – 21-08-2014


Central Board of Direct Taxes (CBDT) extended the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014. Further, CBDT had also clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

Public Provident Fund:

Ministry of Finance, (Department of Economic Affairs) has made amendments in the rules of Public Provident Fund and notified the Public Provident Fund (Amendment) Scheme, 2014 which shall come into force from the date of its publication in the Official Gazette. Through this scheme Higher Investment in PPF is allowed as ceiling limit for investment in PPF has been increased from Rs. 1,00,000/- to Rs. 1,50,000/-.

Corporate Updates – 08-08-2014

Employees Provident Fund

Employees Provident Fund Organisation (EPFO) has observed that many employers split the total wages payable to their employees into several allowances which are excluded from the final computation of wages as per Section 2(b) of the Employees Provident Fund & Miscellaneous Provisions Act, 1952. It has been decided to have inspection of all those establishments where the employers have deducted PF contribution on 50% of total wages paid to their employees. All officers have been instructed to complete the inspection by 31-08-2014 and to submit the report in the prescribed performa by 07-09-2014.

Income Tax

The Finance (No.2) Bill, 2014 as placed by the Hon’ble Finance Minister in Parliament on 10-07-2014 is assented by the President of India on August 6, 2014 and now enacted into Finance (No.2) Act, 2014.

Corporate Updates 02 June 2014


Version of the following forms has changed effective today w.e.f 2nd June 2014 in view of addition of Telangana State. All stakeholders are kindly requested to plan accordingly :
Forms under Companies Act 2013: CHG-1; CHG-4; CHG-6; CHG-9; DIR-3; DIR-6; DIR-12; FC-1; FC-2; FC-3; FC-4; GLN-1; GNL-3; SH-7; INC-1; INC-2; INC-3; INC-4; INC-6; INC-7; INC-21; INC-22; INC-23; INC-28; MR-2; MGT-6; MGT-14; RD-2; ADJ;
Forms under Companies Act 1956: Form 20B; Form 21A; Form 22; Form 23C; Form 23D.
LLP Forms: Form 1LLP; Form 8LLP; Form 12LLP; Form 14LLP; Form 15LLP; Form 25LLP; Form 27LLP; Form 29LLP.
Other Forms: Bank ACC; Refund; Investor Complaint Form.


The Provident Fund Office has allowed companies to cap their per-month Provident Fund contribution to employees at Rs. 6,500. At present, companies contribute an amount equal to at least 12 per cent of an employee’s basic salary towards his / her PF. Now When an employer is deducting and depositing Employees’ Provident Fund contributions upon more than the prescribed salary, he can reduce it to Rs. 6,500 per month and in that event, section 12 of the Employees’ Provident Funds & Mis­cellaneous Provisions Act providing bar for not to reduce wages will not be attracted. However, option is available for the employees to contribute beyond the statutory wage ceiling if they so desire subject to the conditions enumerated under para 26(6) of the Employees’ Provident Funds Scheme, 1952.

Corporate Updates 15 April 2014


The Central Government vide NOTIFICATION NO. GSR 225(E) [F.NO.2/7/2012-NS-II], DATED 13-3-2014 fixes an amount of initial minimum subscription of Rs. 100 for every individual desirous of subscribing to PPF for the first time either on his own or on behalf of a minor of whom he is the guardian. Earlier there was no minimum fixed amount of deposit for opening of PPF account. Further, online/electronic payments in PPF Account have been allowed if account holder is maintaining account with a Bank or Post Office working on Core Banking Platform.


The Reserve Bank of India on 10th April 2014 placed on its website Draft Report on Working Group on Pricing of Credit. Comments/feedback on the recommendations of the draft report may be sent by May 16, 2014 by email or by post to the Principal Chief General Manager, Reserve Bank of India, Department of Banking Operations and Development, Mumbai-400001.