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Showing posts from April 28, 2016 News... News...
1.Excess of TDS deposited u/s. 195 eligible for interest u/s. 244A. Circular no: 11/2016– IT.
2.Family pension claim not acceptable if option to join scheme was not exercised. [Ganesh Prasad Mishra vs. Commissioner EPF Organization (Madhya Pradesh HC at Indore)].
3.IASB, ICAI organizing certificate course on concurrent audit at rewari from May 21.For registration: 9812030886,
4.Pre-MEF 2016-17 data verification would be live. Please check at from 27/04/2016.
5.Govt. reduces interest rates on employee provident fund (EPF) from 8.75% to 8.7% for financial Year 2015-16.
6.Today (28.04.16) is last date to file DVAT- 56 (DVAT Return verification form) and DVAT-48(Return of TDS) for quarter ended March, 2016.

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Salaried can't evade taxes in normal cases: ITAT

The Mumbai bench of the Income-Tax Appellate Tribunal, in a recent order, has taken a benevolent view and dismissed the penalty levied by income tax officials on a salaried employee for “concealment of income“.
A punching error by a taxreturn filing portal whose ser vices Richa Dubey had enlisted resulted in under-reporting of her salary income as Rs 2.09 lakh instead of Rs 20.96 lakh in the I-T return. Tax officials treated such underreporting as an attempt to conceal income and hence imposed a heavy penalty on her.
However, the ITAT ruled that at the time of filing of the I-T return, Dubey was five months pregnant and under immense work pressure. Paucity of time had prevented her from checking the content of the I-T return filed. She had relied completely on the services of the portal, blindly signed the e-acknowledgement sent to her by it and forwarded it to the I-T department.
After examining the case and Dubey's circumstances, the ITAT dismissed this penalty on the ground that s…

GST Rollout, Infra Funding an Uphill Climb: Moody's

Implementation of the Goods and Services Tax (GST) and bridging large infrastructure deficit are a difficult task before the Indian government, Moody's Investors Service said on Wednesday.
In a report, Moody's said a history of double-digit inflation, elevated government debt, weak infrastructure and a complex regulatory regime have constrained India's credit profile.
“We also expect that some aspects of the government's policy agenda -such as the implementation of GST and bridging India's large infrastructure deficit will still face an uphill climb,“ it said.
As a positive, Moody's noted that easing of constraints on investment coupled with RBI's inflation targeting and ongoing efforts to clean up bank balancesheets could propel growth.
Moody's has a 'positive' outlook on its 'Baa3' rating on India, which is just a notch above the junk grade. “Our positive outlook on India's rating is based on our expectation of continued but gradual po…

Committee Clears Bankruptcy Law

Budget session will now discuss proposed legislation dealing with wilful defaulters
A joint Parliament standing committee has cleared the proposed bankruptcy law and it's likely to be discussed in the ongoing budget session of Parliament, finance minister Arun Jaitley has said.
Addressing the second meeting of the consultative committee on `NPAs in banking sector' on Wednesday, Jaitley said the government had taken steps to deal with both wilful defaulters and those in trouble due to economic slowdown, according to a statement issued by the finance ministry.
The finance minister also said that SARFAESI Act and DRT Act have been amended to make the recovery process more efficient and expedient.
The SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act and Debt Recovery Tribunal (DRT) Act have also been amended to make the recovery process more efficient and expedient, Jaitley said in his opening remark. He also told the committee …

Labour asks finance ministry to hike EPF rate to 8.8%

FinMin says it only ‘ advised’ on lower rate; labour ministry contests it
 Even as a difference of opinion persists between the finance and labour ministries over the interest rate on the employees’ provident fund ( EPF), the latter is planning to approach the former to revise it.
The finance ministry maintains that it has only “ advised” the labour ministry about a lower interest rate of 8.7 per cent, while the Bandaru Dattatreya- led labour ministry says it was a “ directive”.
“Since the notification has not come, we’ll go to the finance ministry with a request to agree to the EPF board’s decision to give 8.8 per cent interest for 2015- 16,” said a labour ministry official.
The interest rate of 8.7 per cent would enable EPFO to earn Rs.190 crore more surplus compared with what it would have had the interest rate been 8.8 per cent for 2015- 16, according to estimates by EPFO.
However, the finance ministry estimates are bit different, according to which the surplus would be ? 326 more if i…

Long gap between GST panel meetings

With the Centre’s biggest proposed legislative reform, goods and services tax ( GST), roll- out well past the deadline of April 2016, things might have slowed down at state level, too. The empowered committee of state finance ministers has not met to discuss the legislation for five months now.
West Bengal Finance Minister Amit Mitra was elected chairman of the empowered committee in February, after former chairman K M Mani stepped down as Kerala finance minister on graft charges. Mitra is yet to call a meeting.
This is significant, considering the Narendra Modi government is seen escalating efforts for the passage of the constitutional amendment Bill towards the unified indirect tax legislation.
The Union government is making all efforts to enable the GST roll- out, including pushing for passage of constitutional amendment Bill in the Rajya Sabha during the ongoing Budget session.
The Lok Sabha has already passed the Bill, stalled in the other House for want of majority support. After th…