The Supreme Court of India held that Where two assessees, namely, 'GSFC' and 'GACL' received acid through common pipeline from Reliance Industries and said acid came first to premises of 'GSFC', where handling facilities were installed, and from there it was shared between 'GSFC' and 'GACL' in ratio of 60:40 respectively and further by an agreement handling facilities expenditure was shared equally by both parties, payment of handling expenditure which was made by 'GACL' to 'GSFC' was share of 'GACL' and it could not be treated as common service provided by 'GFSC' to 'GACL' in order to levy service tax upon 'GSFC'.

The Indian Railways will soon switch from cash to accrual-based accounting. The national transporter has engaged ICAI, the apex body of chartered accountants, to handhold, guide and prepare a Management Information System (MIS) for the same. The reforms will focus on right costing and right pricing and would enable provision of improved services, stronger financial health and a healthy operating ratio. The move will help in determination of true cost of services and online availability of costing data, which will lead to enhanced transparency.

The Institute of Chartered Accountants of India (ICAI) has asked the government to put in place a more transparent process in selecting auditors in banks. The chartered accountants' institute had also suggested that the Banks Board Bureau should frame norms for appointing the central statutory auditors.

The standing committee felt "justifiable relief" was necessary for private companies and subsidiaries of foreign companies as only 1.6 per cent of total number of unlisted companies are required to rotate their auditors as per the criteria prescribed under the Companies Act 2013. ICAI Recommendation as per the committee will now be crucial.

Firms and establishments that have not registered their employees under the Employees Provident Scheme (EPS) 1952, on or after April 1, 2009 and are required or entitled to become members before January 1, 2017, will be given amnesty and will have to pay a token fine of only Re 1 after filing a declaration, the Employees Provident Fund Organisation (EPFO) has said. 

Service charge on a food bill is not compulsory and a customer can pay only if satisfied with the experience.

Registrar of Companies has to give at least a month's time to the parties concerned before striking off the name from the register of companies, according to norms issued by the government.The provisions related to power of registrar to remove name of a company from register of companies have been notified

Under the Pradhan Mantri Awaas Yojana (Gramin) or PMAY, the Centre will directly transfer about Rs 1.30 lakh and Rs 1.50 lakh in accounts of the beneficiaries staying in plain areas and hilly areas respectively. This is in addition to 6.5% interest subsidy upto Rs. 6 lacs loan for 15 years to Economic Weaker Section (EWS) - income upto Rs. 3 lacs p.a. and Low Income Group (LIG) - income upto Rs. 6 lacs p.a.

The Reserve Bank of India allowed banks to issue Prepaid Payment Instruments (PPIs) to unlisted firms and public bodies. Only listed companies could avail this facility earlier. Banks can offer the PPI facility to only those organisation that have an account with them and after obtaining an undertaking that they are not availing of the facility from any other bank.