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Showing posts from August 25, 2015

CBEC must aim at 22% growth in service tax

Concerned over low service tax realisation, Revenue Secretary Shaktikanta Das on Monday asked the Central Board of Excise and Customs to analyse revenue mop- up sectorally and ensure that it grows 20- 22 per cent this financial year. “ We need to analyse why service tax growth hovers around 16 per cent.... I would expect growth at least 20- 22 per cent.” Business Standard, New Delhi, 25th August 2015

Sebi paves way for FMC merger

The Securities and Exchange Board of India ( Sebi) on Monday paved the way for the merger of the markets regulator with the Forward Markets Commission ( FMC). According to a press release issued by Sebi, its board has cleared the norms for commodity exchanges and brokers. “Major compliances include norms related to net worth, shareholding, composition of the board, corporatisation and demutualisation and setting up various committees, turnover and infrastructure,” Sebi said. To ensure a non- disruptive transition, Sebi has prescribed atimeline for aligning with the different provisions of the Securities Exchanges and Clearing Corporations ( SECC) regulations. Regional commodity exchanges would have to be corporatised and demutualised within three years of the merger. Currently, commodity exchanges don’t have a separate clearing corporation for contracts, a requirement under the Sebi Act. The markets regulator will give commodity exchanges up to three years to comply in this regard. Nation…

Updates of the Day

1. Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA [CIT vs. Salgaonkar Mining Industries Pvt. Ltd, (Goa High Court)]

2. The revenue could not assail the finding returned by the CIT(A) in favour of the assessee in an appeal preferred by the assessee before the tribunal, limited to the issue decided by the CIT(A) against the assessee. [CIT vs. Divine Infracon P. Ltd, Delhi High Court]

3. CBDT Instruction No. 5 of 2014 revising monetary limit to Rs. 4 lakhs for filing appeal before tribunal shall apply to pending appeals also. Since monetary limit of appeal filed by revenue was less than Rs. 4 lakhs, same was to be dismissed [ Gurudayal Sontosh Kumar [2015] 60 24 (Kolkata - Tribunal)]

4. Today 25.08.2015 is the last date for filing of DVAT return for the 1st quarter ending on 30.06.2015, both online and hard copy return.

5. CBEC has made Custom Duty Free Allowance to Rs. 45000 for Passengers of Indian origin and foreigners of over 10 y…