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Aims to clear products within a month; advisory panels constituted for promoting e- commerce The Insurance Regulatory and Development Authority of India (Irdai) plans to make the approval process for online products simpler and faster. With a separate process for filing applications on these, it says it is trying to ensure they do not undergo the same rigorous process as offline products to get approved, and are approved within 30- 40 days. An insurance product first goes to the regulator, which approves the features and pricing, after which it can be brought to the market for sale. “Offline products take at least four to six months to be approved. The same process might not be viable for an online insurance market, where customers look for new products and riders on a regular basis. Hence, the portfolio requires to be updated every few months,” said the head of products in a mid- size life insurance company. For customers, too, the proposal form would get simpler, with few...

The government appears resigned to the fact that it will not be able to push through labour reforms critical to generating millions of jobs in the remaining five days of the Parliament session. “I am hopeful of tabling the child labour bill only,” labour minister Bandaru Dattatreya said. “I don’t think anything else is possible.” Several opposition parties led by the Congress stayed away from the Lok Sabha for the third day on Thursday after their demands that a central minister and two chief ministers resign ended in the suspension of 25 Congress members on 3 August. The logjam in Parliament has set back one of the top priorities of the government: reforming India’s archaic labour laws to create a better business environment that encourages hiring and improves employment prospects for about 12 million youngsters entering the job market every year. “Employment generation is a priority and our government believes in boosting job creation for country’s youth,” Dattatreya said, ...

1.  Today 07.08.2015 is last day for payment of TDS/TCS deducted/collected in the month of July. 2.  Penalty u/s 271(1)(C) of the Income Tax Act, 1961 cannot be levied merely because the claim of the assessee is found to be incorrect unless it is confirmed that the assessee had any mala fide intention. [CIT vs. Dalmia Dyechem Industries, High Court of Bombay]. 3.  Input credit not reversible in case of remission of duty on destroyed goods. [Joy Foam Pvt. Ltd. vs. CCE, Madras High Court] 4.  CLB allowed petition u/s 74(2) of Companies Act 2013 in CP No. 76/ 2015 in the case of Billcare Limited Pune granting deferment of payment of Public Deposit of Rs 168 Crores by 15 Month. 5.  Today is last extended date of filing of online / hard copy of first quarter return for the financial year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure / enclosures.