Corporate Updates – 21-08-2014


Central Board of Direct Taxes (CBDT) extended the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014. Further, CBDT had also clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

Public Provident Fund:

Ministry of Finance, (Department of Economic Affairs) has made amendments in the rules of Public Provident Fund and notified the Public Provident Fund (Amendment) Scheme, 2014 which shall come into force from the date of its publication in the Official Gazette. Through this scheme Higher Investment in PPF is allowed as ceiling limit for investment in PPF has been increased from Rs. 1,00,000/- to Rs. 1,50,000/-.

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