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Showing posts from April 16, 2016

US, India Agree to Cooperate on Checking Tax Evasion

India and the US have agreed to enhance cooperation on tackling offshore tax evasion through information sharing and joint audits, while intensifying efforts to combat money laundering and terror financing. Finance Minister Arun Jaitley , on the second day of his seven-day visit to US, met US Treasury Secretary Jacob J Lew for the Sixth Annual US-India Economic and Financial Partnership (EFP) here on Thursday and agreed to a dialogue by competent authorities on the two sides to raise engagement on tackling tax evasion.
The US also extended support to National Investment and Infrastructure Fund (NIIF) in a bid to help India raise resources and fund infrastructure growth, said a Joint statement after the meeting. “We are committed to continued collaboration and sharing of experience in tackling offshore tax evasion and avoidance, including joint tax audits & tax examination abro ad. We look forward to the Competent Authorities of the two countries engaging in bilateral dialogue to mo…

Government mulls sovereign gold bond issue around Akshaya Tritiya

The government is planning to issue the fourth tranche of sovereign gold bonds around Akshaya Tritiya, according to sources in the know. Akshaya Tritiya, which falls on May 9 this year, is an important day for the bullion market as people consider buying gold on that day as auspicious. In the past two years, gold demand on this day stood at 25-30 tonnes. In 2013, around 50 tonnes of gold was estimated to have been sold on Akshay Tritiya. The government has issued three tranche of sovereign gold bonds so far, with a total subscription of around 5,000 kg. Of this, the second tranche accounted for around 60 per cent. The third tranche evoked very poor response because it was issued in March last year when investors were more focused on investing in tax-saving products and gold price was also at Rs 2,900 a gram for bonds, which was considered quite high. Prices are around that level now, but with Akshaya Tritiya round the corner, gold prices are likely to moderate. Already, prices have seen a…

Sebi may soon revisit start-up listing norms

The Securities and Exchange Board of India (Sebi) may soon review its framework for listing of start-ups, including e-commerce firms, while incorporating suggestions from various stakeholders to make this platform much more vibrant. The Institutional Trading Platform (ITP) is yet to see any start-up listing ever since an easier set of compliance and disclosure requirements was notified in August 2015. These norms have been put in place to encourage Indian start-ups and entrepreneurs to remain within the country rather than go abroad for funds. Under the rules, start-ups can list on the separate ITP of stock exchanges such as BSE and NSE. The platform is open to only institutional investors and high networth individuals (HNIs), while retail investors have been excluded in order to safeguard small investors against a higher level of risks associated with this platform. Many start-ups believe that the current listing norms are unattractive for them to list in India. Moreover, not a single com…

www.caonline.in News...

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1.DVAT amendment in Form 16, 17, 30, 31 w.e.f. 12.04.2016 under DVAT (Amendment) Rules, 2016.
2.NSDL releases e-TDS/TCS RPU version 1.5 from FY 2007-08 onwards on 13/04/2016.
3.CBEC issued instructions to its office that file and notes on the file should not only be concise but should also contain the details of minutes recorded in a case. Fixing/ re-fixing of personal hearing is a vital step towards the disposal of the case by the quasi judicial / appellate authority.
4.CBDT has released ITR before the start of the A.Y. for the A.Y. 2016-17 and released e-filing utility of all the ITRs within 15 days from the start of A.Y.

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