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Showing posts from July 30, 2015

Amendments to six green laws to be ready by Oct Nov

Despite lawmakers’ severe criticism of a high-level committee that has recommended an overhaul of India’s main environmental laws, environment minister Prakash Javadekar on Wednesday said amendments to country’s six green laws would be ready by October-November. The environment ministry formed a high-level committee led by former cabinet secretariat TSR Subramanian in August 2014 to review India’s six major environmental laws—Environment (Protection) Act, 1986, Forest (Conservation) Act, 1980, Wildlife (Protection) Act, 1972, the Water (Prevention and Control of Pollution) Act, 1974, the Air (Prevention and Control of Pollution) Act, 1981 and the Indian Forest Act 1927. The idea was to bring them in line with current requirements in the country. The committee in its report in November 2014 recommended a major overhaul of the environmental sector. But it came under severe criticism from opposition parties as well as activists who alleged that it has done a hurried job without proper consu…

Govt to study impact of MAT on firms under new accounting regime

As corporate India gears up to switch to a new accounting standard ( Ind- AS) from FY17, the government has set up a committee to assess the impact of minimum alternate tax (MAT) on companies under the new accounting regime. The committee, supervised by the Central Board of Direct Taxes ( CBDT), has experts from the Institute of Chartered Accountants of India ( ICAI), taxation and senior officials of the tax department as its members. The committee will look at ways to resolve the differences, arising in MAT computation when a company adopts the International Financial Reporting Standards- compliant Ind- AS. Several industry bodies had earlier made a representation to the CBDT that the issue of higher incidence of MAT on companies that follow the new accounting standard was making them cagey. Speaking at a conference on financial reporting, Rajesh Kumar Bhoot, director, CBDT, said the committee was expected to submit its report by October. Tax experts said companies that were covered und…

Cabinet clears the decks for GST regulating e commerce

GST bill will be amended to say that states will be compensated ‘for 5 years’ rather than up to five years The National Democratic Alliance (NDA) government set the stage for ambitious reform legislation to roll out the goods and services tax (GST), with the cabinet on Wednesday signing off on amendments to the GST bill to be tabled in the Rajya Sabha. The cabinet also approved a proposal to set up a fund to kick-start stranded infrastructure projects and a bill to replace the Consumer Protection Act, 1986, which would bring e-commerce companies under the consumer protection and competition laws, aimed at safeguarding the interests of online shoppers. The cabinet accepted most of the changes in the GST legislation proposed by a Rajya Sabha select committee that submitted its report to Parliament last week, seeking to break an impasse on the bill that’s seen as one of the most important tax reforms in post-independence India. The government has agreed to change the language proposed in the…

Govt Seeks Explanation From Companies Not Having Women Directors

Initiating action for non-compliance, the Corporate Affairs Ministry has asked many unlisted companies to explain why they have not appointed women directors on their boards as mandated under law. Thousands of corporates are required to have at least one woman director on their boards under the provisions of the Companies Act, 2013. Noncompliance can attract penalties. The ministry has decided to initiate action after noticing that many companies are yet to comply with the woman director norms, according to sources. The Registrar of Companies (RoC) has started issuing show-cause notices to unlisted firms in this regard, sources said. Certain class of unlisted companies were required to have at least one woman director on their boards by March 31, 2015. Most provisions of the new law for companies came into effect from April 1, 2014. After receiving their responses, the ministry would decide on appropriate action against such companies and under the Act, penalties can also be imposed. As p…

Consumer protection Bill cleared

The Cabinet on Wednesday gave its nod to a new Consumer Protection Bill, which seeks to replace the Consumer Protection Act, 1986 and proposes to set up a regulatory authority having the powers to recall products and initiate class action suit against defaulting companies, including e- tailers. The Bill assumes importance as there is growing concern over the safety of consumer products and services, especially after the Maggi controversy. Sources say the Bill might be introduced in the ongoing session of Parliament. The move comes in the backdrop of complex products and services in ecommerce, which has rendered consumers vulnerable to new forms of unfair trade and unethical business practices. Business Standard, New Delhi, 30th July 2015

Updates Of the Day !!!!!

1. Deduction u/s 80IA (4) of IT Act cannot be disallowed, merely on the ground that assessee is not the owner of infrastructure facilities [ En-Vision Enviro Engineers (P) Ltd. vs DCIT]

2. CBDT extends due date of filing wealth-tax return from July 31, 2015 to Aug. 31, 2015. [Notification No. (F.NO.328/08/2015-WT), Dated 27-07-2015].

3. Government clears GST amendments, states to be compensated for 5 years.

4. Due date of filing return for the persons engaged in e-commerce business under DVAT- extended up to 30-09-2015. The said notification prescribed the form and due date of return as form EC-II and EC-III to be filed quarterly by 10th day of the following month extended.

5. SEBI has proposed treating brokers of commodity exchanges on a par with their counterparts in equity exchanges.

6. A Chartered accountant in practice can also practice in corporate form. The council permits a CA in practice to practice in corporate form also subject to compliance of guidelines.
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