CA Online

Enthused by the passage of bills, including real estate, parliamentary affairs minister M Venkaiah Naidu said on Wednesday he was confident that the pending GST bill can also get Parliament’s nod in the second part of the budget session. However, he castigated Congress for pressing an amendment to the President’s address in the Rajya Sabha. Referring to the passage of 10 bills by both Houses, he said, “If we can pass real estate bill, I do not think there is a problem in passing GST bill in next part of the budget session” and noted happily that disruptions of proceedings have substantially come down. Training guns on Opposition for pressing amendments to the Motion of Thanks to the President’ s address in Rajya Sabha, he said this is an embarrassment to Opposition, particularly the Congress and not to the NDA government. It accused the main Opposition party of “depriving” millions of people of basic education even after 68 years of Independence. Leader of Opposition in Rajya S...

The High Court of Uttarakhand has granted an interim stay to Flipkart on the levy of an entry tax in the state, its lawyer said, a development that is likely to lead other ecommerce companies as well to seek legal remedies against a government decision that they term discriminatory. Wednesday's interim order -which will be in force until the court makes a final decision -allows Flipkart to not pay any entry tax for now, lawyer Chetan Joshi said. “The company will have to, however, provide a bank guarantee in the event of some tax demands that arise,“ he told ET over the phone from Nainital. Details of the interim order are yet to be made public. The next hearing is on April 27. The entry tax is imposed on goods that come from outside the state.On Monday, ET reported that Flipkart has sued Uttarakhand for its decision to impose a 10% entry tax on goods purchased through ecommerce. The company had filed the petition in February through logistics arm EKart Logistics. Flipkart ar...

Cong, Left might move court to challenge LS speaker's ruling on Aadhaar as money Bill On a day the authenticity of information on the Lok Sabha website came under a cloud, the Opposition on Wednesday embarrassed the government in the Rajya Sabha by recommending to the Lok Sabha as many as five amendments to the Aadhaar Bill. The Lok Sabha sat till late in the evening to discuss the Bill and rejected the amendments after a walkout by several Opposition parties. The Lok Sabha passed the Bill in its original form. It is rare in the history of Parliament for the Upper House to have recommended amendments to a money Bill. The Aadhaar Bill was certified as a money Bill by the Lok Sabha Speaker, which meant that the Upper House could only ‘recommend’ amendments, which are not binding on the Lok Sabha. According to the Constitution, the Speaker’s veto on the issue cannot be challenged. But, the Communist Party of India (Marxist) chief Sitaram Yechury said in the Upper House that le...

The real estate regulatory Bill, passed by the Lok Sabha on Tuesday, would safeguard the rights of consumers against delays in completion of housing projects, the Confederation of Indian Industry said on Wednesday, and sought a single- window and timebound approval system for realty projects. Busienss Standard, New Delhi, 17th March 2016

The changed norms relate to minimum participation criterion in the funds, advance ruling mechanism and diversified nature of the funds The income tax department has eased its existing norms to woo offshore fund managers located in India. The changed norms relate to minimum participation criterion in the funds, advance ruling mechanism and diversified nature of the funds. The Budget for 2014- 15 had announced some income- tax exemptions to fund managers by amending the permanent establishment (PE) norms. The rules were changed to the extent that the mere presence of a fund manager in India does not constitute PE of the offshore fund. This implies these fund managers are exempt from corporate taxation in India. However, these efforts have so far not been able to impress offshore fund managers such as Citi, Morgan Stanley, JPMorgan and others, as conditions for availing the tax exemptions are rather stiff. One of the fund managers says the fund has to have at least 25 members at...

As you are aware that returns furnished by the assessees during the FY 2014-15 are pending for processing under section 143(1) and the limitation date for the same is 31-3-2016. In this regard, to facilitate the processing of returns which are otherwise not possible to be processed on AST due to various technical and non-technical reasons the Online TMS functionality is being enabled from 15-3-2016. The technical and non-technical reasons are broadly categorized as under: 1.1 Category 1 : In this category of cases, the PAN is genuine and the returns are not processed in the CPC/AST due to technical hindrances as mentioned below. (i) PAN under migration. (ii) PAN is deleted in de-duplication process. (iii) PAN is under de-duplication or restoration. 1.2 Category 2: In this category, either the PANs are invalid or the returns cannot be processed in the given PAN. The reasons are as under: (i) Invalid PAN mentioned in the return. (ii) PAN is not available. (iii) Name in ...

If A Blanket Ban On Patenting Of Computer Programme Related Inventions Is Put In Place, It Will Hit Innovations The government's major initiative announced by the Prime Minister Narendra Modi on January 16 has prepared the ground for an innovation-friendly atmosphere in the country . The last two decades saw the growth of the IT industry in India, making a huge contribution to our economy . However, the IT industry was acting more as a back office for various international businesses and the investment on innovative products was lacking. The time has now come to convert India's strength and progress in IT into creation of innovation-based products and services. It is one thing to create customized processes for businesses and it is completely another thing to create a branded product that can be used by businesses universally. The government's ambitious plan to promote innovation is a step in the right direction. However, the patent office does not think so. The rec...

Will Amend Cos Act To Allow Multi-Layer Investment Entities, Hike Penalty On Auditors Finance minister Arun Jaitley on Wednesday proposed fresh amendments to the Companies Act to do away with the restriction of routing funds through only two layers of investment companies as well as seeking government approval for managerial remuneration. The amendments moved in the Lok Sabha have also sought to increase penalty for auditors by linking certain fines to the size of the offence and eased rules for private placement of shares. In general, the tone of the amendments -the second since the law was enacted towards the end of UPA rule in 2013 -is to make life simpler for India Inc -be it in providing loans to directors, calling board meetings or restrictions on appointment of an auditor of a company that has links with its “relatives“. The corporate sector had cited the new Companies Act, which replaced the 1956 law, as an example of how it was tough to do business in the country , whi...

www.caonline.in News... 1.Empanelment of members to act as observers at the examination centers for the CA examinations May/ June 2016 from 17th March to 31st March 2016. 2.Captively consumed goods partly cleared to DTA to be valued u/s 4.[Eastman Spinning Mills (P) Ltd. vs. Commissioner of Central Excise, Madura (CESTAT Chennai)]. 3.Physical brand embossing not must to be called as branded goods. [M/s. Titan Industries Ltd. vs. Commissioner of Central Excise,Chennai-III (CESTAT-Chennai)] . 4.Section 271B : No penalty on club having bonafide belief of mutuality. [M/s Koramangala Club vs. ITO (Karnataka High Court)]. 5.Section 24 : Interest for property acquisition allowed despite use in construction. [Mrs. Samiksha Mahajan & Mrs. Anita Rani vs. ACIT (ITATDelhi)] . 6.Cenvat credit of service tax paid on Freight for Sale on for Basis. [Commissioner of Central Excise, Dehradun vs. M/s. Hindustan Zinc Ltd. (CESTAT Delhi)]. For more News Like us on https://www.facebook.com/cao...