Corporate Updates – 15-01-2015


CBDT has amended & notified the Income Tax (Dispute Resolution Panel) (First Amendment) Rules, 2014 which shall come into force on 1st January, 2015. The Board shall constitute panels at headquarters and assign three Commissioners of Income-tax to each panel as Members for the purpose of transfer of cases of eligible assessee from one panel to another panel under their jurisdiction. Transfer of cases will take place after an opportunity of being heard in being given to the assessee and after recording the reasons, for transfer a case.


RBI has earlier decided to implement Cheque Truncation System with effect from January 1, 2015 by Dispensation of the requirement of forwarding of government cheques in physical form to government. However, it has now been decided to postpone the implementation of discontinuation of P2F. The revised date would be advised shortly by the RBI in this regard and till that time old system will continue.


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