Further Extension in Due Date for Filing Quarterly Return of Payment of Interest

The CBDT has notified a further extension in the due date for filing of Quarterly Return of Payment of Interest to Residents without deduction of TDS to 31 January, 2006. This is for the quarters ending 30 June, 2005 and 30 September, 2005.

Clarificatory Notification on ELSS (Notification 259/2005) dated 13 Dec, 2005

The CBDT has issued a clarificatory notification amending the earlier issued 'Equity Linked Savings Scheme, 2005'. The first part pertains to the amendment of the definition of 'year'. A year will now refer to a year commencing from the date of allotment or holding of units (as against the earlier definition of year meaning an year commencing from 1st April) The second part of this amendment inserts a new clause to include open-ended plans. The Unit Trust or other mutual funds can operate one open-ended equity linked saving plan, subject to the prior approval of SEBI. The intention it appears is not to restrict the equity linked saving plans to close-ended schemes only; and at the same time allow the existing open-ended schemes to continue to be operational. Related Links: Full Text of this notification. Original post 'Equity Linked Saving Scheme, 2005 [Notification No 226/2005]'. Full text of original notifiction.

CPE made recommendatory to members of the ICAI who are not in practice

The Central Council of the Institute of Chartered Accountants of India (ICAI), has decided to make the Continuing Professional Education (CPE) recommendatory to the Institute's members who are not in practice with effect from 1st January 2006. Such members who are not in practice are required to earn 10 (Ten) hours of CPE Credit for the calendar year 2006.