Corporate Updates 03 June 2014


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 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.

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