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Showing posts from September 24, 2015

Updates of the day....

Updates Of the Day
1.ICAI invites application for Empanelment of “Writers” for CA examination. Detailed guidelines hosted at www.icai.org
2.Service Tax Return (ST-3) for April 2015 to September 2015 period will be made available for e-filing by the assessees in both offline and online modes. The last date for filing the returns for the said period is 25th October, 2015.
3.Dispatching of notice at incorrect address could not be deemed as service of notice and accordingly entire proceedings are liable to be set aside for violation of principles of natural justice. [Ventrapathi Financial Services vs. Suprintedent of Central Excise: Andhra Pradesh high court.]
4.Due to server problem DS-2 cannot be fill, hence if anybody want to bring the goods, he can bring the goods and file DS-2 after correction of server problem.
5.Notice u/s 148 issued to address in PAN data base which is no longer occupied by assessee. Assessee not precluded from pleading that notice served to wrong address. Also e…

Education poverty eradication draw most firms CSR funds

Apart from these, ensuring environmental sustainability is another cause that firms have focused on The government’s efforts to reduce illiteracy, poverty and environmental damage have received a shot in the arm with companies focusing their corporate social responsibility (CSR) spending on similar activities. Promoting education and eradicating poverty received the maximum funds in the year ended 31 March, according to the annual reports of the top 100 companies by market capitalisation on the National Stock Exchange of India (NSE) as analysed by NextGen, a Bengaluru-based CSR management firm. Of the 100 companies, the annual reports of 85 were available by 14 September, the analysts’ cut-off date for accepting data. The CSR rules, 2014, under the Companies Act, 2013, mandated that firms spend an average of 2% of their previous three years’ profit on 11 activities listed by the government in Schedule VII of the Act. An analysis of the 85 companies, carried out by CSR management firm Nex…

Govt to Simplify Foreign Loan Norms Liberalise FDI Policy

Central bank issues draft framework on easing ECB rules, seeks public response on it by Oct 11 India is looking to make it easier for companies to borrow overseas and is also set to start work on simplifying rules for foreigners to invest in the country, a top finance ministry official said, outlining key reforms in the works that needn't necessarily wait for next year's budget. Economic affairs secretary Shaktikanta Das also pledged more structural policy changes, while ruling out any plans for a stimulus package, which he said would create more problems than it would solve. He said the government wanted to roll out the goods and services tax (GST) at the earliest and added that India has enough buffer stocks to cope with any shortfall in the harvest due to a rain-deficient monsoon. The Reserve Bank of India (RBI) issued a draft framework on liberalising external commercial borrowing (ECB) norms on Wednesday . The proposals are based on discussions between the finance ministry …

Get tax relief on second house if not on rent

Though final decision rests with the assessing officer, keeping the proof that those efforts to get a tenant went in vain can help Many people with a second non- rented property resign themselves to the fact that they have to pay income tax on the amount they have supposedly received. This amount is the higher of the municipal rates and the market rate of a similar property in the same locality. There is a way out. According to tax experts, if you have not rented out the property and can provide sufficient proof that you tried but did not get a tenant, the taxman may give you relief. If a person has tried to let out the house but failed to do so despite genuine efforts, he or she can claim deduction as vacancy allowance under Section 23( 1)( c) of the Income Tax Act. “ To ensure that such claims are accepted, a person needs to preserve the proof of efforts made. For example, a clipping of an advertisement in a newspaper, listing details of the house on property websites, and pictures of …

Reserve Bank Proposes easier ECB norms

Draft paper allows wider set of investors, higher limits Hours after Economic Affairs Secretary Shaktikanta Das said in New Delhi that the government was in discussions with the Reserve Bank of India ( RBI) to ease some of the rules for external commercial borrowings ( ECBs), the central bank came out with a draft paper that allowed Indian companies to raise funds from a wider class of lenders. The RBI said companies wouldnow be able to borrow up to $50 million in ECBs with threeyear maturities and more than $50 million for five- year maturities, from the earlier $ 20 million. According to the proposal, companies can now take the ECB route for raising 10- year funds which is capped at five years now. Overseas regulated financial entities, pension funds, insurance funds, sovereign wealth funds and similar other long- term investors are included in the list of recognised lenders for long- term funding into India. The draft paper also said the central bank would now allow real estate invest…