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Updates Of the Day 1.SEBI issued Circular No. CIR/OIAE/001/2015 on Issue of No Objection Certificate for release of 1% of issue amount as per the extant Listing Agreement with the Stock Exchanges. 2.Services directly or indirectly used in relation to manufacture of final products are eligible for Cenvat Credit. [Punjab and Haryana High Court in the case of Bellsonica Auto Components India Private Limited]. 3.MCA has modified the versions of e-Form DIR-3, DIR-6, FC-4, MGT-14, INC-7, INC-22, SH-7, INC-29, DIR-12 and CHG-1 w.e.f 02.12.2015. 4.Valuation as per deeming provision u/s 50C not applicable on mere transfer of rights in land. [ITAT Jaipur held In the case of ITO vs. Tara Chand Jain]. 5.No addition u/s 68 on account of money received on allotment of shares, once identity of investor company established. [Lotus Integrated Taxpark Ltd. vs. The DCIT (ITAT Chandigarh)]. 6.Government notifies new DTAA with Thailand; old DTAA would cease to have effect from 01.04.2016. For more ...

As part of cashless economy push, Centre to create a framework for payments -inter-ministerial, vendor transactions or payments for govt services -to be made electronically Feeling hassled about making a paltry payment of Rs.10 or Rs.5 through net banking or a credit card for a government service? Fret not -such transactions can soon be done through mobile wallets such as Paytm and Mobikwik. The government is creating a framework for all financial payments -inter-ministerial, vendor transactions or small payments by citizens for government services -to be made electronically. This is part of a larger initiative by the Modi government for a cashless, or less cash, economy. The Department of Electronics and IT (DeitY) is spearheading the project, which is on its way to become a major leg of the govern ment's marquee Digital India campaign that is aimed at all-round digitisation in the country. Currently, most government payments and receipts are made by cash or cheque, said...

Tax clarity on monetisation likely this week The finance ministry’s revenue department is likely to issue a clarificatory note within this week on the taxation issues of gold monetisation scheme ( GMS) investors. The clarifications will include exemptions on income tax and long- and short- term capital gains tax. Standard has learnt a number of state- owned banks are in talks with some of the country’s largest and richest temple trusts, including those managing Sabarimala, Sree Padmanabhaswamy, Tirumala Tirupati, Guruvayur, and Puri Jagannath, among others, to part with some of their massive reserves of idle gold for GMS. These and other issues surrounding the gold schemes were discussed at a meeting, which the finance ministry and the Reserve Bank of India officials held with representatives of various banks in Mumbai on Tuesday. The meeting was chaired by Economic Affairs Secretary Shaktikanta Das. “The income tax department may issue clarifications on the tax treatment for...

Securities and Exchange Board of India ( Sebi) on Wednesday sent an email to mutual fund houses seeking information on the commissions paid to distributors. The market regulator has asked fund houses to give details about their commission payout by 3 pm on Thursday. “ We hear informally from Amfi ( Association of Mutual Funds in India) that certain asset management companies are not following the said guidelines ( best practices guidelines for rationalisation of distributor commissions). You are advised to provide the status with respect to the same. Your reply shall reach us by 3 pm tomorrow (Thursday),” said Sebi’s email. The industry body of the mutual fund industry, Amfi, had issued guidelines under its best practices guidelines on March 26 and another lot on June 26, asking fund houses to rationalise fees that are being paid by them to distributors. In the guidelines issued on March 26, fund houses were asked to limit the payment of commission to 100 basis points in the fi...