INCOME TAX – TDS: 

The Hon’ble Allahabad High Court held that if Income Tax Authorities have denied refunding the TDS on the ground that the refund would only be granted when the TDS matches with the details mentioned in Form 26AS and since the mismatching is not attributable to the assessee and the fault solely lay with the deductor. The Court further finds that the assessing officer was under a duty to verify whether or not the deductor had made the payment of the T.D.S. in the government account. The petitioner has suffered a tax deduction at source, but has not been given due credit inspite of the fact that he has been issued a TDS certificate by a government department. We find that a case has been made out for grant of a mandamus for refund of the TDS amount & interest due thereon.

RBI: 

RBI has introduced the Liberalised Remittance Scheme (LRS) for resident individuals by increasing in the limit from USD 75,000 to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both. Further, the Scheme should not be used for making remittances for any prohibited or illegal activities such as margin trading, lottery, etc.. All other terms and conditions shall remain unchanged.

INCOME TAX: 

CBDT mandates e-filing of reports prescribed under Sections 10AA, 44DA, 50B and 115VW w.e.f April 1, 2014 and notification and notified the Income-Tax (Sixth Amendment) Rules, 2014. Further new versions of Income Tax Return Forms like Form ITR-3, Form ITR-4, Form ITR-5, Form ITR-6 and Form ITR-7 for different assessee’s are also substituted and made available for filing of Income Tax Returns for the Assessment Year 2014-2015.

RBI: 

RBI has observed that a few Urban Cooperative Banks (UCBs) have been sanctioning high value loans to Public Sector Undertakings (PSUs) by admitting them as nominal members or otherwise. However the objective of UCBs are primarily to meet the credit needs of the society by providing loans and advances to low/middle income groups (small borrowers) and Grant of high value loans to PSUs is not consistent with the co-operative principles and dilutes the cooperative character of UCBs. All UCBs are advised, as a matter of principle, generally not to grant large value loans to Public Sector/Government Undertakings.

LLP – RBI: 

RBI has made changes in the Regulation for Overseas Direct Investments and notified Limited Liability Partnership (LLP), registered under the Limited Liability Partnership Act as an “Indian Party” under clause (k) of Regulation 2 of the Notification ibid. Accordingly, an LLP, may henceforth undertake financial commitment to / on behalf of a JV / WOS abroad in terms of the extant FEMA provisions under Regulation 6 (and regulation 7, if applicable) of the Notification ibid. The AD banks shall report the financial commitment/s undertaken by an LLP in Form ODI Part I and II and also other reporting (APR, disinvestments, etc.) as per the extant reporting requirements.

INCOME TAX :

CBDT has revised PAN Application Form 49A and 49AA w.e.f from 16.05.2014 vide its Notification. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card printed the name of his / her mother. But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card. In case Applicant do not exercise his/her option than by default Father’s name will get printed on PAN card.