Corporate Updates – 11-06-2015


CBDT has issued instructions to all Income tax officials with regard to issuance demand notices on account oftax credit mismatch. Grievances have been received by the Board from many taxpayers that in their cases the deductor has deducted tax at source from payments made to them but has failed to deposit the same into the Government account leading to denial of credit of such deduction of tax to these taxpayers and consequent raising of demand. As per the provisions of the Section 205 of the Act, Assessee shall not be called upon to pay the tax to the extent tax has been deducted from his income where the tax is deductible at source and puts a bar on direct demand against the assessee in such cases and the demand on account of tax credit mismatch cannot be enforced coercively.


SEBI has passed orders to provide Exit to the Uttar Pradesh Stock Exchange Limited (UPSE) under the current policy. UPSE is the Fifteenth Stock Exchange to exit under this policy. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised /non operational stock exchanges, inter–alia, including treatment of assets of de-recognised / non-operational exchanges and a facility of dissemination Board for companies listed. Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Uttar Pradesh are being intimated about the exit of UPSE, for appropriate action at their end.

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