CBDT has directed that the time limit of six months is to be strictly followed by the Assessing Officer while disposing off the applications filed by the assessee/deductor/collector under section 154 of Income Tax Act, 1961 Vide Instruction No. 01/2016 dated 15.02.2016

The CBDT has directed Assessing Officers to pass rectification orders in writing and serve a copy on the assesseee and not just make an entry on the AST system. CBDT's Instruction No. 02/2016 dated 15.02.2016

MCA: Draft Companies (Accounting Standards) Amendment Rules, 2016 and Companies (Indian Accounting Standards) Ammendment Rules, 2016 placed at MCA Website for public comments latest by 01/03/2016.

CBEC: Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016 has been introduced w.e.f. 01-04-2016 vide Notification No. 04/2016-ST dated 15-02-2016 read with ‘Section 15A-Obligation to Furnish Information Return’ of the Central Excise Act, 1944.