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Showing posts from March 16, 2016

New CA course will make entry tough for students

Aspirants aiming for a qualification in chartered accountancy from the Institute of Chartered Accountants of India (ICAI) may soon have to gear up for changes in the CA curriculum. Currently, the different levels of the CA course are Common Proficiency Test (CPT), Intermediate (Integrated Professional Competence) Course (IIPCC) and the final course. The entry-level test is named CPT and is currently designed in the pattern of entry-level tests for engineering, medical and other professional courses. Students who are in the final year of their graduation can also register for the IIPCC on provisional basis. The last leg of the CA course is the final course, designed to impart expert knowledge in financial reporting, auditing and professional ethics, taxation, corporate laws, system control, strategic finance and advanced management accountancy. As per the proposed changes, the three levels would be called foundation, intermediate and final. The weightage given to some of the level 1 subj…

National courts of appeal not possible or desirable Centre

We want to initiate a debate on this, though the government does not support it. Today, 98% of our time is wasted in reading files related to traffic offences or chequebounce cases. We might dismiss them finally, but we still have to give our time. The Supreme Court asked the Centre on Tuesday to explore the possibility of having national courts of appeal in four regions across the country even as the government opposed the idea saying it was neither possible nor desirable. Such courts, if established, would decide appeals arising out of high court verdicts — a function performed exclusively by the Supreme Court at present. The proposed courts would be below the Supreme Court and above high courts. Under the present system, litigants go directly to the top court against decisions of a high court, leading to piling up of 60,000-odd cases in the Supreme Court. A bench headed by Chief Justice of India TS Thakur asked attorney general Mukul Rohatgi to submit his proposed arguments on the mov…

Jewellers Assured Zero Interface with Taxman Over Excise Duty Levy

Keen to allay the apprehensions of jewellers over the 1% excise duty on gold ornaments, the government has promised “zero interface“ with the tax authorities and no inspection of premises after registration “Some jewellers have begun to come forwa rd to register,“ AK Gupta, chief commission er, excise, told reporters on Tuesday. “We ha ve promised them that no one would visit the ir premises.“ Jewellers went on strike after the levy was announced in the Budget. Chief commissioners of all zones have be en directed by the Central Board of Excise ANIRBAN BORA and Customs to send out a strong message th at there will be no return of the inspector raj Gupta said authorities will also not seek any declaration of stock held before the Budget. Finance minister Arun Jaitley had on Mon day made it clear that the levy was a precurs or to the goods and service tax (GST), rejecting demands for a roll back. He had proposed the excise duty on jewellers having a turnover of over Rs.12 crore, thereby ke…

Lok Sabha Clears Real Estate Bill

The Lok Sabha on Tuesday passed the Real Estate (Regulation and Development) Bill, clearing the way for a regulatory mechanism for the real estate sector to protect the rights of homebuyers and ensure timely delivery by builders. Rajya Sabha had passed the long-awaited bill, which has been pending since 2013, last week. It will now be sent for approval to the President of India and then it will become a law. “I did my duty. States are given power. Now states should follow it up with timely approvals...#RERABill,“ urban development minister Venkaiah Naidu tweeted after the bill was passed in the lower house. “Single window approval system is being developed for ensuring timely completion of housing projects #RERABill,“ he tweeted. Under the provisions of the bill, builders cannot advertise and sell homes till all approvals are in place and the project is registered with the regulatory authority that will be set up in every state, alongside appellate tribunals for dispute resolution. Even…

Tax Exemption Could Revive MF Interest in PTCs

MFs' income from PTCs will not be taxed, FIIs can also invest Finance Minister Arun Jaitley's clarification in the Budget for 2016-17 that mutual funds' income from pass through certificates or PTCs will not be taxed has ignited hope of a revival in demand for such securities after a dip in volumes in the past couple of years. Fund managers are, however, awaiting the fine print in the Finance Bill, particularly to confirm that the tax on income from PTCs will have to be paid for by investors and not by mutual fund trusts. The finance minister also said in his budget proposals that the government will allow foreign institutional investors to invest in PTCs. PTCs are securities issued to investors against mortgagedbacked loans of non-banking finance companies and banks. These loans are securitised and sold to an investment entity , such as a mutual fund, thereby transferring the future cash flows to the buyer of the security for a price. “Mutual funds were big investors in thes…

Pay interest on savings account quarterly RBI tells banks

The Reserve Bank of India ( RBI) has asked banks to pay interest on savings bank accounts on a quarterly basis or shorter duration, a move which will benefit crores of savings account holders. At present, the interest is credited in savings bank accounts on a half- yearly basis. The interest rate on a savings bank account is calculated on a daily basis since April 1, 2010. “Interest on savings deposits shall be credited at quarterly or shorter intervals (on domestic savings deposits),” RBI said in a circular issued on March 3. While public sector banks offer four per cent interest on savings deposits, private players offer as much as six per cent. In 2011, the central bank had decided to give freedom to commercial banks to fix savings bank deposit rates, the last bastion of the regulated interestrate regime. While giving banks this freedom, RBI had said a uniform rate would have to be offered on deposits of up to Rs.1 lakh. On higher amounts, banks are allowed to offer differential rates …

www.caonline.in News...

www.caonline.in News...

1.New case cannot be made out after issuance of show cause notice and after passing the adjudication order. Both the lower authority have wrongly denied the Cenvat credit on the capital goods.[ M/s. Maharashtra Power Transmission Structures Pvt. Ltd. vs CCE, Thane I - 2016 (3) TMI 433 - CESTAT MUMBAI].
2.CBEC notifies date of applicability of rules for removal of goods at concessional rate of duty. Notification No. 22/2016 – Central Excise (N.T.).
3.Integrated declaration under Indian Customs single window. Circular- 10/2016-Custom Duty.
4.Penalty u/s 271(1)(c) cannot be levied when returned income is accepted as it is. [Sh. Praveen Garg vs. ACIT (ITAT Chandigarh bench)].
5.ITAT bound to follow binding decisions of jurisdictional high court. [HDFC Bank Ltd. vs. DCIT (Bombay High Court)].
6.Disallowance of expenses on estimation is not allowed. [ITO vs. M/s Buildcon Engineers (ITAT Ahmedabad)].

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