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Showing posts from March 5, 2016

Third tranche of gold bond scheme to open on Tuesday

The government today said it will launch on Tuesday the third tranche of the gold bond scheme, through which it has raised about Rs 1,050 crore in the earlier rounds.

"Applications for the bond will be accepted from March 8, 2016 to March 14, 2016. The Bonds will be issued on March 29, 2016," said a Finance Ministry statement.

The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL) and designated post offices, it added.

The government had launched the first tranche of sovereign gold bond scheme in November for which it got subscription for 915.95 kg of gold worth Rs 246 crore. In January, it came out with the second tranche and received subscription for 3,071 kg gold amounting to Rs 798 crore.

The funds raised through the Bonds will form part of the government's market borrowing programme.

Further, Budget 2016-17 has proposed that redemption of sovereign gold bonds by an individual be exempt from capital gains tax.

It also provided that long-te…

Labour Min Leads Effort in GoI for PF Tax Rollback

Concerns conveyed to `highest levels', issue `under active consideration'

The labour ministry, leading the effort inside the government on articulating opposition to the Budget's taxation proposals on the employees' provident fund (PF) scheme, has conveyed these concerns to the highest levels, officials familiar with the matter told ET.

The Budget has proposed that 60% of accumulated PF should be taxed at time of withdra wal, with the clock starting from April 1 this year (corpus accumulated before that won't be taxed), and that employers' contribution above Rs.1.5 lakh a year should not be tax-free.

These officials, who did not want to be identified, said there has been brainstorming sessions inside the government between various departments and employees' grievances about their savings being taxed is now “firmly on the official agenda as a matter that needs looking into“.

“The issue is under active consideration,“ a labour ministry official said. The official…

Ministry, SEBI Panel to Study Comments on Changes to Co Law

The government is likely to set up a committee comprising representatives of the ministries of law and corporate affairs, Sebi, and RBI to study more than 3,000 objections and comments received on the report of the high-level panel formed earlier to review the issues arising out of implementation of the Companies Act, 2013.
In its report submitted last month, the panel had suggested more than 50 changes in the law.

The government had then called for public comments on these recommendations.

“We'll shortlist the com ments before we move forward with amendments and clarifications on Companies Act, 2013. We'll move cabinet to get amendments cleared, after which the amendments bill will go to Parliament,“ a senior government official said.

The official further said, “Since it's a multi-ministry exercise and requires professionals from various fields, the corporate affairs ministry has suggested that a committee be formed to look into the comments and suggestions received from peop… News... News...

1.STT on sale of options is increased from 0.017% to 0.05%. Finance Bill,2016.
2.Arrears of rent or unrealized rent to be taxed in the year of receipt u/s 25A. Finance Bill,2016.
3.In order to promote more Domestic Start Up Companies (eligible start ups) the tax rate for such companies is reduced to 25% + surcharge & cess subject to certain restrictions. Finance Bill, 2016.
4.Sec.206AA : Higher TDS not valid where benefit of DTAA available.[M/s. Wipro Ltd. vs. ITO (ITAT Bangalore)]
5.Sec. 271AAA : No penalty where demand paid before penalty order.[DCIT vs. M/s. Tapadia & Kasliwal Associates (ITAT Pune)]
6.Client codes modification permissible having no shifting of profits. [ITO vs. M/s Pat Commodity Services P. Ltd. (ITAT Mumbai)]
7.Sec. 263 : Revision valid where no enquiry/verification of provisions.[M/s Crompton Greaves Ltd. vs. CIT (ITAT Mumbai)]

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