Updates

Clarified that Residents can purchase Immovable Property abroad under overall limit of US 125000 per FY. [RBI/2014-2015/132 AP(DIR Series) Circular 5 of 17-07-2014]. Budget 2014 Grants Power of Survey to the Income Tax Department for verification of TDS defaults. Odisha High Court has granted stay on the recovery of late fee charged under section 234E of the Income Tax Act 1961. In separate cases Bombay, Rajashthan, Kerala and Karnataka High Court has already stayed the Recovery till the final verdict in the case. RBI released on its website the Draft Guidelines for ?Licensing of Payments Banks? and ?Licensing of Small Banks?. The RBI has sought views/comments on the draft guidelines from all interested parties and general public byAugust 28, 2014. Relief u/s 11 is available to hospital in respect of income from pharmacy run by it with in the hospital premises[Franciscan Sisters of St. Joseph Society vs. JCIT, ITAT ? Chennai]. Only those members can't vote on special resolution to approve a contract or arrangement for which they are related parties [MCA Circular 30 of 17-07-2014].