Corporate Updates – 19-09-2014


The Central Government has constituted an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the various persons repute to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said Act. All the members of the committee shall hold office for a period of one year from the date of publication of this notification in the Official Gazette or till the constitution of National Financial Reporting Authority (NFRA) under section 132 of the Companies Act, 2013, whichever is earlier.


CBDT after extending the last date for submission of Returns has now extended the last date for payment of second instalment of advance tax for companies and first instalment of advance tax for others for FY 2014-15 (AY 2015-16) from 15th September, 2014 to 15th December, 2014 in case of all the tax payers in the State of Jammu and Kashmir. These taxpayers can now pay their September 2014 instalment of advance tax by 15th December, 2014 without entailing any consequential interest for deferment.

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