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Showing posts from September 25, 2015

Updates of the day's.....

Updates Of the Day
1.ICAI has made arrangements for members to apply for permission to vote by post due to permanent infirmity or employment at a place other than the address registered with ICAI, download form from www.icai.org and send latest by 1.10.2015.
2.The Ministry of Communications and I T has notified the revised norms for digital signature.
3.Anti-dumping duty could not be added for computing customs duty, SCD & SAD: [Jaswal Neco Ltd. vs Commissioners Of Customs: Supreme Court.
4.SEBI issued circular under regulation 27(2), which provides for the format for compliance report on corporate governance to be submitted to the Stock exchanges by the listed entities.
5.MCA portal services may not be available tentatively from 24-09-2015 7:00 PM to 25-09-2015 7:00 AM. Plan accordingly.
6.New forms (AOC-4, MGT-7, ADT-2, SH-9) will be available from 25-09-2015 also versions of CRA-4 & CHG-4 are likely to be modified.
7.Amounts collected for conducting Aerobics and Yoga class…

States Seek Right to Tax B2B Transactions

Experts say move can kill the very spirit of the new levy and caution the Centre against any compromise on this front The goods and services tax (GST) is facing fresh turbulence related to a key component of the framework-the rules that will decide where goods or services are to be taxed-potentially impacting the rising ecommerce and e-delivery business. Some states have sought the right to tax business-to-business transactions, a move tax experts say could defeat the very spirit of the new levy and cautioned the Centre against any compromise on this front. “The draft of place of supply rules is under discussion...There are differences over taxation of business-to-business transactions,“ said a government official aware of discussions on the framing of rules. He declined to name the states. A sub-group, having officials from both the Centre and states, of the empowered committee of state finance ministers has been tasked to frame these rules. Place of supply rules will determine where goo…

Pre-filled ITR Forms On Cards to Ease E-filing

As part of efforts to popularise the electronic mode of filing Income-Tax Returns (ITRs), the CBDT is planning to provide “pre-filled“ return forms to filers which will have an automatic upload of data on income and other vitals of a taxpayer. The apex policy-making body of the I-T department is actively working to ensure that this customer-friendly measure can be launched for taxpayers from next financial year. The Economic Times, New Delhi, 25th Sept. 2015

Banks can provide partial credit extension to corporate bonds

The Reserve Bank of India ( RBI) has allowed banks to provide partial credit enhancement (PCE) to bonds issued by corporate entities and special purpose vehicles (SPV) for funding projects, subject to certain riders. “Banks will be allowed to offer PCE only in the form of a non- funded irrevocable contingent line of credit. A view on allowing the PCE as a funded loan facility will be taken in due course, after reviewing the implementation and performance of the contingent PCE offered by banks,” the central bank said. It added the purpose of allowing banks to extend PCE was to enhance the credit rating of bonds issued to enable companies to access funds from the bond market on better terms. The aggregate PCE provided by all banks for a given bond issue would be limited to 20 per cent of the bond issue size. The PCE facility, to be provided at the time of the bond issue, will be irrevocable. The central bank said banks could offer PCE only in respect of bonds whose pre- enhanced rating was …

Reserve Bank restructures loan rescue rules

The Reserve Bank of India has mandated that State Bank of India and ICICI Bank will be part of all the empowered committees of any joint lenders’ forum( JLF) setup by aconsortium for addressing stress in loan servicing. The banking regulator announced this and other measures on Thursday, aimed at hastening decisions in a JLF. These tend to get delayed, as lenders with small erexposure tend to be reluctant on efforts to revive a stressed asset. Business Standard, New Delhi, 25th Sept. 2015

FinMin further softens MAT blow

Exempts foreign companies without permanent base in India with effect from April 2001 After clearing the air on Minimum Alternate Tax (MAT) on foreign portfolio investors ( FPIs), the finance ministry has decided to exempt foreign companies with no permanent establishment ( PE) in India from this tax with effect from the 2001- 02 assessment year. This will pave the way for a relief in favour of Mauritiusbased Castleton from the Supreme Court so far as MAT is concerned, experts said. The ministry will propose an amendment with retrospective effect to Section II5 JB of the Income Tax Act, in this regard. The move came after Finance Minister Arun Jaitley promised investors at a gathering last week that pending tax disputes would be resolved soon. The decision was announced on Thursday at a time when Prime Minister Narendra Modi is in the United States and will interact with top CEOs and the Indian diaspora in Silicon Valley. “We have announced clarity on non- applicability of MAT on foreign …