Skip to main content

Updates of the Day

1. E-filing utility of ITR Forms 3, 4 and 7 have been made active by CBDT. Kindly proceed to filing your returns. Remaining ITR forms 5 and 6 shall be made active soon.

2. 04.08.2015 is Last date to file D-VAT return for Q1 ending on June 2015 for the financial year 2015-2016 in forms DVAT-16, DVAT-17 and DVAT-48. Circular No. 16 of 2015-2016 dated 27.07.2015.

3. Availment of CENVAT credit on activities relating to business is allowed. [RSWM Limited. vs. CCE, CESTAT - New Delhi].

4. Modified versions of MCA Forms 20B, 23AC, 21A, 23ACA, 66, 23ACA(XBRL), 23B effective from 01.08.2015 cannot be used for F.Y. 2014-15 read with general circular 08/2014.

5. Delhi Government increased Luxury Tax Rate from 10% to 15% (w.e.f. 01.08.2015).

6. The Central Government has made amendment in the Customs Table, against S.No.10A, in column (3), now the words “functional Director or the Chief Executive Officer, as the case may be,” has been substituted.

7. NIRC of ICAI is organising workshop on FEMA on 5 and 6 August from 4PM - 8PM at IMA, ITO, New Delhi. Fee 500/- (Per Day). No fee for NIRC Annual Members.

8. CASLB of ICAI hosted Exposure Drafts of the Accounting Standard for Local Bodies (ASLB) 2, 'Cash Flow Statements' for comments. Visit http://www.icai.org/

Comments

Popular posts from this blog

SC order on RBI circular: More options for banks to tackle defaulting firms

Lenders also have the option of restructuring the loans Lenders to companies which are under stress could now have three options to deal with them if they default on loans: take a haircut as part of a one-time settlement, restructure the loans for a longer tenure as they did when corporate debt restructuring schemes were allowed, or go to the Insolvency and Bankruptcy Code (IBC) for redress. These changes in the options available to lenders come, according to PE funds and bank lawyers who are involved in the IBC process, in the wake of the Supreme Court on Tuesday setting aside the 12 February RBI circular, which allowed a 180-day window to banks to resolve a company default.But they can still find a resolution. According to a Reserve Bank of India circular, a loan becomes a non-performing asset when banks cannot find a way of recovering their money in 90 days. In short, banks still have a window to resolve the default. Lenders can take a haircut as part of a one -time settlement of du…

April GST collections at new high despite rate rationalisation in December

Goods and services tax (GST) collection touched a record high in April, exceeding Rs 1 trillion for the third time in four months. The mop-up was 10 per cent higher over the previous year. Gross collection for the month was Rs 1.13 trillion, said the finance ministry. Despite the recent rate rationalisation in December, a rise in collection was reported. Of the total collected, the CGST (central GST) contributed Rs 21,163 crore, the SGST (state GST) Rs 28,801 crore, the IGST (integrated GST) Rs 54,733 crore (including Rs 23,289 crore on import) and cess Rs 9,168 crore (including Rs 1,053 crore on import). After settlement of the IGST and the balance IGST in a 50:50 ratio between the Centre and states on a provisional basis, the CGST stood at Rs 47,533 crore and SGST at Rs 50,776 crore. The CGST target in the Union Budget for 2019-20 is Rs 6.1 trillion. “The April collection indicates the tax base is increasing gradually, with GST getting stabilised with measures such as e-way bills and…

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…