Corporate Updates 22 April 2014

CBDT: 

CBDT has issued guidelines for laying down Standard Operating Procedure (SOP) for Verification/Correction of Arrear Tax Demand by the Assessing Officers. Now, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite documentary evidence of tax/demand already paid. The SOP is expected to mitigate the long standing grievances of taxpayers by way of reduction/deletion of tax demands as it has special provisions for dealing with the tax demand upto Rs. 1,00,000/- in the case of Individuals and HUFs in order to accommodate certain extra ordinary situations.

DIPB: 

Department of Industrial Policy and Promotion (DIPB), has issued Consolidated FDI Policy which is effective from 17-04-2014. The present consolidation subsumes and supersedes all Press Notes / Press Releases / Clarifications / Circulars issued by DIPP, which were in force as on April 16, 2014 and reflects the FDI Policy as on April 17, 2014. Anything done or any action taken or purported to have been done or taken under the rescinded Press Notes / Press Releases / Clarifications / Circulars prior to April 17, 2014, shall, in so far as it is not inconsistent with those Press Notes / Press Releases / Clarifications / Circulars, be deemed to have been done or taken under the corresponding provisions of this circular and shall be valid and effective.