Corporate Updates – 15-12-2015

CBDT

CBDT has introduced the New facility of pre-filling TDS data while submitting online rectification. The new simplified process of online rectification of incorrect TDS details filed in the Income Tax Return. Errors due to incomplete TDS details in rectification applications were leading to delays in processing of such applications thereby causing hardship to the taxpayers. To avoid this inconvenience, a new facility has been provided for pre-filling of TDS schedule while submitting online rectification request on the e-filing portal to facilitate easy correction or up-dating of TDS details. This is expected to considerably ease the burden of compliance on the taxpayers seeking rectification due to TDS mismatch. Earlier taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the IT Department. Errors due to incomplete TDS details in rectification applications were leading to delays in processing of such applications thereby causing hardship to the taxpayers.

DGFT

The Director General of Foreign Trade had prescribed a procedure to be followed for claiming rewards under MEIS where exports had been made through EDI generated shipping bills between 01.04.2015 to 31.05.2015. Subsequently representations have been received from exporters and trade & industry that such procedure should also be made applicable to exports made beyond 31.05.2015. Accordingly, DGFT has prescribed the procedure to be followed where exports have been made between 1.6.2015 to 30.9.2015 through EDI generated shipping bills, and where the exporter has inadvertently marked “N” in the “reward item box” but has declared his intention in the affirmative on the shipping bill. Further, the exporter shall submit EP copy of shipping bills and reward may be issued by concerned RA after confirming declaration of intent on physical EP copy of the shipping bills.

43rd National Convention of Company Secretaries

The 43rd National Convention of Company Secretaries, on the theme "Make in India – Innovate, Excel and Grow" shall be held on Thursday, December 17, 2015 to Saturday, December 19, 2015 at Kempinski Ambience Hotel, 1, CBD, Maharaja Surajmal Road, Near Yamuna Sports Complex, Delhi – 110032. NIRC of ICSI has announcedSpecial Discount of Rs. 1,000/- to Corporate Membersof NIRC for attending 43rd National Convention. For Registration and Attractions of the 43rd National Convention of Company Secretaries, please visit www.icsi.edu.

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