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Showing posts from November 23, 2015

Govt to simplify I-T return forms

The government is looking to further simplify income tax return forms to help taxpayers fill them without seeking help from experts and the revenue department has set up a committee in this regard. The committee, according to sources, will be headed by a joint secretary level officer and would include chartered accountants and tax experts. "The tax department is trying to further simplify the return form so that no outside help is needed by those who want to file returns on their own," a source said. ALSO READ: Income tax reforms that will make life less taxing The effort would be to come out with a simple formula for indexation to help assessees compute capital gains on sale of assets, the source added. "The Committee would also look into the possibility of reducing the number of pages in the return form," the source said. The Income Tax department had in June come out with a simplified tax return form for salaried class. Filers now have to disclose the total number of …

Updates of the day...

Updates Of the Day
1.Government had proposed to implement its decision to phase out corporate tax exemptions and deductions by profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers etc.
2.Finance minister launched the “e-Sahyog” pilot project of the Income-tax.
3.If percentage of commission earned from AE transactions is higher than AE transactions no addition can be made. [ITAT held in Sumitomo Corporation India Pvt. Ltd].
4.Form DS-2 mandatory for goods vehicles entering Delhi. File online/via SMS. Penalty of Rs. 50,000/-for non-compliance. Visit www.dvat.gov.in for details.
5.RBI allows Regional Rural Banks to provide internet banking to customers. Government issues draft rules to replace Trademarks Rules, 2002; Objections/suggestions to the rules shall be sent to Additional Secretary to the Government of India, Ministry of Commerce & Industry, DIPP.
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Norms to curb tax evasion by Indian multinationals soon

Place of effective management guidelines to affect pharma, energy, and manufacturing In an attempt to tighten loopholes to deter tax evasion by Indian multinational companies, the government is set to come out with guidelines on place of effective management ( POEM) in the coming few days. This will consider companies with effective control in India a resident liable to pay tax in the country. The norms will affect companies in sectors like pharma, energy, manufacturing, software. Meanwhile, companies have started restructuring operations to ensure that key decision- making is done outside the country and decisionmakers are out of the country at the time of decision- making to ensure compliance with POEM. “The POEM guidelines are almost ready. They should be out in the coming few days. We are aware of industry concerns. All new things have some complications, but the guidelines will offer sufficient clarity to companies regarding compliance. We have incorporated suggestions from industry.…

Govt looks to curb domestic circulation of black money

To widen mandatory quoting of PAN, scope for annual information returns After cracking down on unaccounted money stashed abroad by Indians, the government is now working to curb domestic flow of black money, by plugging gaps in regulations. At present, the Central Board of Direct Taxes ( CBDT) is looking to rationalise income- tax rules; the move includes widening of coverage for mandatory quoting of permanent account number ( PAN) for specified transactions. Also, it is considering expanding the scope of mandatory annual information returns ( AIRs) for third- party agencies, to capture greater information, in line with the government’s efforts to build a large database for checking tax evasion and the flow of black money in the economy. “To curtail the flow of domestic black money in the economy, we are working to strengthen capture of information by rationalising two rules under the income- tax act — mandatory issuance of PAN card and the mandatory annual information returns ( 114B and…

Govt May Consolidate Pvt Sector Employee Benefits

Work in Progress Revamp of social security laws on the cards to help improve ease of doing business, build support for labour reforms Private sector workers need not stay on in their jobs for fear of losing gratuity benefits and working women can look forward to six months of maternity leave soon as part of the government's plan to consolidate all employee benefits. The government is looking at a complete overhaul of social security laws to substantially enhance benefits to the country's more than 400 million workers besides improving the ease of doing business in India, measures it sees as building support for other labour reforms in the works, said a senior official. The labour ministry is finalising the social security code that would amalgamate half a dozen laws to simplify social security regulations besides allowing working women to avail longer maternity leave and make gratuity portable. The key laws that will be subsumed under such a social security code include the Employ…

Winter session unlikely to see GST breakthrough

Even as the government gets ready for Parliament’s winter session, which begins on Thursday, whether or not the constitution amendment Bill for implementation of the goods and services tax ( GST) will be debated and passed in the Rajya Sabha during this session remains uncertain. A meeting of the ruling National Democratic Alliance (NDA) will be held on Tuesday to make sure the Treasury benches are on the same page. Strategy meetings will also be held for floor coordination and the sequence in which Bills will be brought in the two houses, besides an all- party meeting before the session. Among the Bills that are pending in the Rajya Sabha are the Child Labour ( Prohibition and Regulation) Amendment Bill, 2012; the Real Estate (Regulation and Development) Bill, 2013 ( as reported by a select committee of the Rajya Sabha); the Prevention of Corruption ( Amendment) Bill, 2013, the Anti- Hijacking Bill, 2014; the GST Bill ( the Constitution Amendment Bill, 2014) as passed by the Lok Sabha…

Govt May Consolidate Pvt Sector Employee Benefits

Work in Progress Revamp of social security laws on the cards to help improve ease of doing business, build support for labour reforms Private sector workers need not stay on in their jobs for fear of losing gratuity benefits and working women can look forward to six months of maternity leave soon as part of the government's plan to consolidate all employee benefits. The government is looking at a complete overhaul of social security laws to substantially enhance benefits to the country's more than 400 million workers besides improving the ease of doing business in India, measures it sees as building support for other labour reforms in the works, said a senior official. The labour ministry is finalising the social security code that would amalgamate half a dozen laws to simplify social security regulations besides allowing working women to avail longer maternity leave and make gratuity portable. The key laws that will be subsumed under such a social security code include the Employ…