Some recent tax & regulatory updates / news - Jan '16 (2nd fortnight) – on PF, IndAS, Transfer Pricing, Gold Monetisation, CSR, Income by a Trust

(Compiled by RSM India)

1) Govt. removes 5 days grace period for PF contribution by employers – Below is the link to circular dated 8 January 2016 issued by EPF Authorities regarding removal of grace period of 5 (days for payment of PF Contribution by Employers. Now, the employer shall pay the contribution within 15 days of close of every month without any grace period. This circular shall be applicable from February, 2016 (Contributions for month of January, 2016, Payable on or before 15th Day in the month of February, 2016) http://www.epfindia.com/site_docs/PDFs/Circulars/Y2015-2016/WSU_Removal_GracePeriod_35031.pdf

2) Govt. lays out road map for implementation of IndAs for banks, insurance companies and NBFCs http://pib.nic.in/newsite/PrintRelease.aspx?relid=134578

3) Resolution of more than 100 Cases of Transfer Pricing Disputes with USA Under MAP http://pib.nic.in/newsite/PrintRelease.aspx?relid=135867

4) Modifications in the Gold Monetisation Scheme http://pib.nic.in/newsite/PrintRelease.aspx?relid=135751

5) MCA issues FAQs on Corporate Social Responsibility (CSR) http://www.rsm.global/india/sites/default/files/media/RSM%20India/Publications/newsflash_-_section_135_of_the_companies_act_2013_csr.pdf

6) CBDT notifies forms for accumulation of income by a trust http://taxguru.in/income-tax/section-11cbdt-notifies-online-forms-accumulation-income-trust.html

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