Skip to main content


Showing posts from April 30, 2016 News... News...

1.Updation of SCOMET list classifying export and import Items. Notification no. 05 / (2015-2020).

2.TDS on commission paid to non-resident for services rendered outside India. [ CIT vs. Farida Leather Company (Madras HC)].

3.Today (30.04.2016) is due date to file excise return for F.Y. 2014-15 in ER-5 (By units paying duty above 1Cr) & ER-7 (by other units).

4.Today (30.04.2016) is due date to deposit TDS deducted during March, 2016. TDS statements for Q4 by all deductors to be filed by 15.05.2016.

5.MCA clarifies that the companies (AS) amendment rules, 2016 dated 30.03.16, to be applicable from F.Y.2016-17. Circular no. 04/2016.

For more News Like us on Or Subscribe on mail visit :

Defaulters May Be Checked For Anomalies in Pf Payments

The government could check the records of loan defaulters categorised as “wilful” to examine if they have been regular in giving out employee benefits including provident funds (PF) to their staff.

The Employees’ Provident Fund Organisation (EPFO) recently set up an investigation team to check if Vijay Mallya-promoted Kingfisher Airlines (KFA) was irregular in PF  payment.

The labour ministry, which is the nodal ministry for EPFO, may also take up the issue.

“We want to rule out discrepancies in payment of employee benefits by other defaulter companies as there were complaints in the case of KFA have come to the fore,” said an official source. “The focus has only been on KFAbut the fact is that there are several other companies in a similar situation or even worse.”

It has been underlined, recently, by a consultative committee attached to the finance ministry that there was need to bring in more transparency in revealing the names of the defaulters whose loans have been written off by the…

Deposit money to fast-track hearings, SC tells companies

In a first, the Supreme Court ordered corporate entities on Friday to deposit money for an early hearing of their dispute that pertains to rights over cricket-match information.

A bench headed by Chief Justice of India TS Thakur directed Star India and BCCI to make a pre-deposit of Rs.50 lakh each, noting corporate cases were consuming a lot of judicial time. “People file cases and take chances here without realising what will happen,” the bench said.

It asked three respondents — Idea Cellular, Akuate Internet and OnMobile Global — to together deposit Rs.50 lakh, rejecting their contention that they should not be penalised for defending the case.

The order came a day after Attor ney General Mukul Rohatgi floated the idea of charging pre-deposits in corporate cases. Opposing the creation of National Courts of  Appeal in four regions, Rohatgi had on Thursday said the top court should adopt a self-regulatory mechanism to reduce pendency of cases.

There are 60,000 cases awaiting a final decis…

FinMin blinks on PF decision

Raises interest rate to 8.8% for this year, but advises labour ministry to create reserve fund

In a third flip- flop, the government has decided to reverse its earlier decision of reducing the interest rate on Employees’ Provident Fund deposits for 2015- 16 and  instead keep it at 8.8 per cent, in line with the stand of the Central Board of Trustees ( CBT) of the EPF Organisation ( EPFO).

The labour ministry had tried to persuade its finance counterpart to give in and the consultations worked, said labour minister Bandaru Dattatreya. The CBT had  recommended 8.8 per cent in February; on Monday, the minister had informed the Lok Sabha that the finance ministry was approving only 8.7 per cent —a CBT decision has to be ratified by the latter on this issue.

It was probably the first such occasion when the finance ministry had so disagreed.

There have been other retreats in recent days on EPF decisions. Such as on the earlier decision to tax 60 per cent of PF money on withdrawal and also on th…

Half of smaller firms not paying taxes: Govt

Fifty per cent of the smaller firms are not paying taxes and the government is keeping atab on such entities to ensure there is no tax evasion, the Lok Sabha was told on Friday.

Minister of State for Finance Jayant Sinha said the government has taken "revolutionary steps" to ensure there is no tax evasion and steps have been taken to increase tax collection.

Things have improved as far as prevention of tax evasion is concerned, he said while replying to questions. Referring to smaller firms, Sinha said 50 per cent of these do not pay taxes and the government is keeping a watch to ensure there is no evasion. To ensure compliance, stringent action is being taken, he said.

The minister said there are 250 million households in the country, out of which 180 million are in the rural areas.

Business Standard, New Delhi, 30 April 2016

Only 18,358 individual taxpayers declared income of over Rs.1 cr in FY12

Income-tax data released by FinMin after 15 years

Only 0.06 per cent of the total individual tax assessees fall in the ‘super rich’ category, with annual salary of Rs.1 crore or more and could be liable to pay the   additional surcharge for the wealthy, according to the income- tax data released by the finance ministry on Friday.

Of the total 28.7 million individual tax assessees in 2011- 12, only 18,358 earned Rs.1 crore a year, the data showed. The data bring to light the trend in income tax   filings. Although, many among these would not qualify for the ‘ super rich’ surcharge — introduced in 2013- 14 for the first time by then finance minister PChidambaram  — as it is levied on taxable income and not total income. The surcharge on the wealthy has consistently risen from 10 per cent in 2013- 14 to 12 per cent in 2015- 16 and 15 per cent in 2016- 17. However, the super rich tax is not only imposed on individuals but also firms.

Of the total Rs.3.89 lakh crore direct tax payable in 2011…