Pension Fund Regulatory and Development Authority (PFRDA) permitted fund managers to invest in Basel III-compliant Tier-I bonds of banks.
“It is clarified that additional Tier-I bonds compatible under Basel III issued by scheduled commercial banks in accordance with the RBI guidelines are to be considered as debt instruments eligible for investments under the debt category of all NPS schemes provided they are rated as investment grade by at least one rating agency,” PFRDA said in a notification.
The Gujarat High Court directed the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income-tax returns (ITR) to 30 November 2014 for assessees who are subject to tax audit under Section 44AB. The court order comes with a rider. The extension given will be subject to payment of interest on self assessment tax. The Court order followed two writ petitions filed by Rajni Shah & Associates and All Gujarat Federation of Tax Consultants challenging the CBDT directive on the deadline for furnishing tax audit report.