Skip to main content

Posts

Showing posts from September 14, 2015

Bill of lading not basis of customs duty

Valuation of goods for Customs duty should be done only at the time and place of importation and it should not be based on the bill of lading but on goods arriving in India. The Supreme Court rejected the argument of the Commissioner of Customs that the quantity mentioned in the bill of lading should be the basis of payment of duty, not the quantity actually received in this country. The Customs appellate tribunal had upheld the view of the Customs authorities, but the Supreme Court said that the tribunal had “ lost sight of the first principles”. It stated in its judgment, in Mangalore Refinery and Petrochemicals vs Commissioner of Customs, that the tribunal was wrong in holding that a levy in the context of import duty can only be on imported goods, that is, on goods brought into India from a place outside of India. Till that is done, there is no charge to tax. Explaining the law further, the judgment stated that the taxable event in the case of imported goods is “ import”. The taxa…

I T refunds to be sent in 7 10 days

In what could be a good news for hundreds of thousands of taxpayers, the income tax department will process and send refunds in 7- 10 days as its latest technology upgrade of electronic and Aadhaar- based ITR verification has begun on a successful note. The departments latest initiative to verify an income tax return ( ITR) by Aadhaar or other bank database has received apositive response from ITR filers because of which the taxman, for Assessment Year 2015- 16, was able to process and send the refunds to bank accounts of eligible taxpayers in less than 15 days. "The days are gone when getting an I-T refund used to take months or in some cases even a few years. The new electronic verification e-filing system has proved to be very customer-friendly and as a token of thanks to the taxpayers, the department is working to ensure their refunds are sent in a week's time or a maximum of ten days. Business Standard, New Delhi, 14th sept. 2015

Irdai to make listing a must for large insurers

SBI Life, ICICI Prudential Life and HDFC Life could lead the way The Insurance Regulatory and Development Authority of India ( Irdai) will make it mandatory for large life insurance companies to list within a specific period. So far, none of them, barring one, has shown interest in going to public, even after completing 10 years of operations. According to sources familiar with the developments, privatesector life insurance companies with assets under management ( AUMs) of more than Rs.60,000 crore will be the first ones that will have to list. The three largest insurance companies at present are SBI Life Insurance, ICICI Prudential Life Insurance and HDFC Life. Only HDFC Life has so far shown any inclination to list. As on March 31, 2015, SBI Life had a total AUMof Rs.71,339 crore, HDFC Life had Rs.67,000 crore, and ICICI Prudential Life had Rs.1,00,183 crore. According to Irdai norms, a company has to be in the insurance business for 10 years to be eligible to list on the equity market. …

PMO Seeks to Hasten Labour Reforms

Trade unions say the proposed reforms are pro-corporate and the govt is taking a unilateral approach towards it Within days of Prime Minister Narendra Modi assuring business leaders that the government will create enabling environment for investment, the Prime Minister's Office (PMO) has asked the labour ministry to step on the reforms paddle. Officials of the labour ministry met those of the PMO on Friday , and then a day later they met the top brass of NITI Aayog, the government's policy think tank, to lay down the strategy for action. While the planned labour reform may bring cheer to industrialists and investors, it is unlikely to go down well with trade unions, which earlier this month went on a nationwide strike saying the measures will endanger jobs and make lay-offs easy . A senior government official told ET that the labour ministry made an informal presentation to top offices of the government to convey the reforms undertaken by the ministry and the way for ward. “We a…

SMS for Week ended 13-09-2015

S.No.Message1TODAY (07.09.15) is Extended last date to file Income Tax Returns, as per CBDT order dated 02.09.15. Regards, Webecreator 2No Extension of Due Date for filing ITRs for AY 15-16 by Assessees whose Accounts are required to be Audited & Companies. Press Release of 9-9-15. Rgds,Webecreator 3Today(10.09.15) is Last Date to file ER-1,2& 6 for Excise returns by Non SSI assesses, EOUs,& by units paying duty of more than 1Cr respectively, for Aug,2015.4Contents of Much awaited forms AOC-4 & AOC-4 CFS have been released in Companies (Accounts) second Amendments Rules, 2014 dt. 4.9.15.E-forms yet to be released.5Practising Company Secretary,Chartered Accountant,Cost Accountant are authorised to certify FormAOC-4 & AOC-4 CFS.Companies(Accounts)Second Amendment Rules,20156XBRL Draft C&I Taxonomy 2015 and Draft Business Rules 2015 released for conversion of Financial Statement for FY 2014-15 into XBRL Mode. Regards WebeCreator 7New e-Form CRA-4 (filing Cost Audi…

Sebi Considers Proposal on Cross Currency Futures Pairs

Punters could soon get to trade in cross-currency futures pairs at a much cheaper cost on local bourses. Capital market regulator the Securities and Exchange Board of India (Sebi), which regulates currency derivatives jointly with the Reserve Bank of India (RBI), is mulling a proposal by stock exchanges to offer these pairs in addition to dollarand eurorupee futures they currently offer. “We are considering the proposal as we want to introduce new products and are in discussions with the RBI,“ said a regulatory official aware of the development. “Once the central bank approves it, exchanges could launch cross-currency pairs like dollar-euro, dollar-pound and dollar-yen.“ Currency derivatives were launched first on NSE and the erstwhile MCX Stock Exchange, now MSEI, in 2008.Currently , punters can take a view on how the rupee will move against the dollar, euro, yen and pound on bours es like NSE, BSE and MSEI. Currency brokers like Suresh Nair, director at Admisi Forex, said, if allowed, t…

DDA will maintain property records for a nominal fee

Owners of freehold properties in Delhi will soon be able to maintain their records with the Delhi Development Authority. The authority generally stops keeping ownership records of properties once they are converted from leasehold to freehold. This ‘obligatory’ service being offered by the DDA would simplify the sale and purchase process of properties because it would prevent any buyer from running pillar to post in registrar offices for checking property records, sources said. Property owners can avail of this facility, which will be launched soon, by paying a onetime nominal fee. “In prevailing circumstances, people at times have to pay thousands of rupees to touts in the registrar offices just to verify the title of any property, besides getting a hand on entire trail when the property changed hands. With this facility, the owner will be able to maintain the progeny of property in de-materialized form. Anybody willing to check the property records can get it verified with the DDA,” a se…