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Showing posts from October 12, 2015

Updates Of the Day....

Updates Of the Day
1.Finance ministers from India and other G- 20 countries have endorsed the final detailed plan for putting in place a coherent and transparent global tax regime.
2.The dealers are entitled to ITC on the purchase of DEPB which is used in making payment of custom duty. Jagriti Plastics Limited and N.F. Impex Private Limited. Dated 01.10.2015.
3.Delhi Government announces award scheme named as 'Bill Banvao, Inaam Pao'. Government is of opinion that it is expedient in the interest of revenue to introduce an award scheme.
4.Difference between stamp duty value and sale price being lesser than 10%, section 50C will not applicable. [ITAT Kolkatta vs LGW limited.]
5.No penalty on additions sustained on alleged Bogus purchase for mere non-production of parties. ITAT Ahmedabad in the case of [M/s Ruchi Developers vs. ITO.]
6.Losses cannot be set-off against Bogus /unexplained cash credit Income. Kerala High Court in the case of [M/s Kerala Sponge Iron Ltd. vs. CIT.]

Panel wants minimum wages for domestic helps

Some of the key recommendations include fixation of wages for domestic workers as per the Minimum Wages Act, which could be divided on hourly basis, keeping in view the number of hours of duty performed by them. Minimum wages, weekly offs, medical leave, mater nity benefits and other social security measures are some of the key recommendations of an expert committee formed to improve the working conditions of domestic workers in the Capital. The panel has also suggested insurance cover for domestic workers and their families. The special committee under the chair manship of Delhi assembly deputy speaker Baadana Kumari submitted its report to labour minister Gopal Rai on Friday. The committee has recommended that the gover nment should decide on immediately formulating a legislation and/or rules and regulations for domestic workers. It should contain exhaustive provisions on the working conditions, wages and other social security steps as well as punitive measures for employers who do not …

Govt asks industry to list top 5 tax issues

First- of- its- kind move where I- T dept will offer informal view on contentious tax issues The income tax department has issued letters to industry asking them to provide their top five contentious tax issues. The department will, in turn, send across its informal position on these matters to avoid litigation in future. This view will be uniformly held — right from the chief of the Central Board of Direct Taxes ( CBDT) to the assessing officer. This is the first instance where the government is being proactive in offering its position in accordance with the Income Tax Act to resolve contentious tax issues. “We have asked industry associations (to flag five taxation issues they would want clarity on),” said Anita Kapur, chairperson, CBDT in an email response to Business Standard’s queries. This is in line with the efforts to bring in transparency and predictability in the taxation regime of the country, Kapur added. Revenue Secretary Hasmukh Adhia had met representatives of the Confedera…

Firms might get more time to comply with 30% sourcing

The clause on mandatory sourcing from India, part of the single- brand retail policy, might be tweaked again. About three years after 100 per cent foreign direct investment ( FDI) was permitted in single- brand retail by the United Progressive Alliance ( UPA) government, there are indications that the sector might get more time to implement the contentious sourcing norm. Currently, a company with more than 51 per cent FDI and seeking to operate under asingle- brand banner has to start complying with the 30 per cent sourcing norm within five years of the entity getting incorporated in the country. The sector wants the sourcing clause to kick in five years after a company sets up its first store. It is learnt the government is considering relaxing the rulebook in a bid to implement “ease of doing business”. If the clause is changed, major foreign brands such as Ikea, H& M, Adidas, Nike and even Apple would benefit. Ikea, the biggest FDI proposal so far in single- brand retail, is expec…

Stakeholders View on 3 GST Reports Sought by Oct End

Finance Ministry has invited stakeholder comments on the three reports of the empowered committee of state finance ministers on Goods and Services Tax (GST) by the end of this month. The three reports of the Empowered Committee, pertains to registration, payment process and refunds in the GST regime. The reports will be available on the official website from tomorrow afternoon. “Comments and views are invited on these business processes by October 31, 2015,“ a finance ministry statement said. The draft model CGST, SGST and IGST laws, along with GST business processes for filing of returns, shall also be put up for inviting comments of stakeholders in due course, it added. “The government intends to introduce the GST in the country at the earliest,“ the statement added. GST seeks to subsume many indirect taxes at the central and state-level. The proposed GST envisages taxation of the same taxable event, i.e., supply of goods and services, simultaneously by both the Centre and the s…