Corporate Updates – 31-07-2015


Central Board of Direct Taxes amends the Income Tax Rules, 1962, which may be called the Income Tax (Tenth Amendment) Rules, 2015 and shall be deemed to have come into force with effect from the 1st day of April, 2015. Through this amendment, CBDT has released the new versions of Income Tax Returns for various assessees. Following forms have been released FORM ITR-3 (For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship), FORM ITR-4 (For individuals and HUFs having income from a proprietary business or profession), FORM ITR-5 (For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7), FORM ITR-6 (For Companies other than companies claiming exemption) and FORM ITR-7 (For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E)).


RBI has reviewed the guidelines on Restructuring of Advances given by NBFCs. In terms of the extant instructions, NBFCs may restructure loans, subject to the extant prudential norms on restructuring of advances, by way of revision of DCCO beyond the time limits and retain the ‘standard’ asset classification. In order to facilitate revival of the projects stalled primarily due to inadequacies of the current promoters, it is advised that if a change in ownership takes place any time during the periods or before the original DCCO, NBFCs may permit extension of the DCCO of the project up to two years in addition to the periods, as the case may be, without any change in asset classification of the account subject to the conditions stipulated in the following paragraphs. NBFCs may also consequentially shift/extend repayment schedule, if required, by an equal or shorter duration. Further, NBFCs should establish that implementation of the project is stalled/affected primarily due to inadequacies of the current promoters / management and with a change in ownership there is a very high probability of commencement of commercial operations by the project within the extended period and also the viability of the project should be established to the satisfaction of the NBFCs.

News from NIRC of ICSI

NIRC of ICSI is celebrating its 44th Foundation Day as NIRC Day on Friday, the 31st July, 2015 and a special program for members and their families is organised on theme "Ignite the Fire Within -Rediscover Yourself" from 5:30 PM onwards at the Air Force Auditorium, Subroto Park, New Delhi. Participants is free for members and their families.

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