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Updates Of the Day 1.Major changes in requirements of Form 15 CA & 15 CB and foreign remittances under sec 195: 1) Rule 37 BB of the IT Rules amended to strike a balance between reducing the burden of compliance and collection of information. 2) No Form 15CA & 15CB will be required to be furnished by individual for remittance which do not require RBI approval. 3) List of payments which do not require submission of Forms 15CA & 15CB has been expanded from 28 to 33 including payments for imports. 4) CA certificate in Form No. 15CB will be required in payments made to non-residents which taxable and the amount during the year exceeds Rs.5 lakh. The amended Rules will become applicable from 01.04.2016. 2.Provision of mandatory reporting of fraud by auditor is effective from 14.12.2015. MCA. 3.CBEC also raises limit of filing of appeal by department to 10 lakhs and 15 lakhs before CESTAT and High court. For more News Like us on https://www.facebook.com/caonlineofficial

Come, Make in India! PM Modi's aggressive push to revive an ailing manufacturing sector, has found  resonance with India Inc. The Make in India program includes major new initiatives designed to facilitate investment, foster innovation, protect intellectual property, and build best-in-class manufacturing infrastructure. Keeping “Make in India” as the central theme, the Institute of Company Secretaries of India (ICSI) today organised a curtain raiser press conference on the occasion of the ensuing 43rd National Convention of Company Secretaries which is scheduled from the 17th till the 19th of December 2015. The National Convention would deliberate threadbare the issues related to Make In India as even after one year of the launch of this flagship programme of the Government of India the professional fraternity is left wondering as to what direction to take, what is happening in the business environment or industry and how to make the most of opportunities that present themselve

Move will help defunct exchanges to apply for voluntary exits The Securities and Exchange Board of India (Sebi) will soon spell out exit route for commodity exchanges.The move will pave the way for closure of defunct ones to apply for voluntary exits. At present, there are 12 commodities exchanges, of which six are nationalised,while the rest is regional. If an exchange is not working for a year or has annual trading turnover on its platform of less than Rs.1,000 crore will be asked to wind-up,sources said. Some exchanges is learnt to have asked Sebi for voluntary exit. Former commodities market regulator Forward Markets Commission (FMC) had also suggested some names to the government as it did not have the power to derecognise any exchange. The regulator is likely to ask commodities exchanges to give back members' money and return margin amount. Of the six national electronic commodity exchanges, three have suspended trading so far. The oldest of the three functioning

Govt would drastically prune the list of exemptions The government would soon roll out a final draft of the goods and services tax (GST) bill and drastically prune central exemptions, a senior finance ministry official said on Thursday. "The government will roll out the final GST draft paper in the public domain very soon," said Rashmi Verma, special secretary in the department of revenue, at a conference organised by the PHD Chamber of Commerce. Verma added the government would drastically prune the list of exemptions, now being enjoyed by business. The Centre's excise duty exemption list of around 300 items will be reduced to 90 items, in line with exemptions allowed by states from value-added tax. States exempt unprocessed goods and those consumed by the poor like fruit, vegetables, salt, grain and coarse fabric. The list of services exempt from levy will be reduced to include only essential services like health and education. Reduction in exemptions wo

Banks to compute lending rates under new rules to pass on RBI rate cut benefits to borrowers In a bid to force lenders to effectively pass on policy rate cuts, the Reserve Bank of India ( RBI) on Thursday said from April 1, 2016, banks must review their lending rates frequently, and reflect changes in their cost of borrowing. But customers taking loans at any given point cannot reset the terms before a specified period agreed upon at the time of the contract, usually a quarter or a year. The new lending rates, named Marginal Cost of Funds- based Lending Rate ( MCLR), will be computed based on banks’ marginal cost of borrowing, or incremental cost of funds, rather than the average cost of funds that banks have used so far. This means, that if a bank’s cost of borrowing is eight per cent now but tomorrow the incremental cost of funds becomes 7.5 per cent, the marginal cost of borrowing for the computation purpose will be 7.5 per cent, rather than the average of the two. The r