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Showing posts from May 3, 2016 News... News...

1.Due Date for filing TDS returns changed from 1st June 2016.

June Quarter: 31st July

Sep quarter 31st October

Dec quarter 31st January

March quarter 31st May

2.Revised Income Tax rules & Forms for in-house research & development facility. Notification no. 29/2016-IT dated 28/04/2016.

3.In absence of contumacious conduct penalty U/s. 271C not leviable. [ITO (TDS), Vs. Pushpanjali Hospital and Research Centre Pvt. Ltd. (ITAT Agra)].

4.Property TDS Payment due date extended to 30 days. Notification no. 30/2016-IT dated 29/04/2016.

5.Now, deductor is liable to furnish of evidence of claims by employee for deduction of tax under section 192 of IT Act, 1961. Notification no. 30/2016 dated 29.04.2016.

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Sebi sticks to deadline for MF pay disclosure

The Securities and Exchange Board of India ( Sebi) has told mutual fund ( MF) houses there will be no extension of its earlier order to them for disclosing the remuneration of their top executives. The deadline for disclosure was Sunday but several fund houses had not complied, saying there was lack of clarity on the issue. There would be no extension, members were told on Sebi’s behalf by the Association of Mutual Funds in India ( Amfi) on Monday. Anyone who’d not complied by Sunday would have till endMonday to do so. Further, the regulator asked fund houses not to put unnecessary and unhelpful filters while providing the information to investors. For instance, some fund houses were asking for several details from investors such as folio number, registered phone number, PAN card number, registered e- mail IDs, bank account number and date of birth, among others, for accessing the information of remuneration. Sebi also allowed fund houses to indicate employee stock options for different y…

Sebi may ease norms for AIF investments

Decisions likely at board meeting to take place on May 20 The Securities and Exchange Board of India ( Sebi) is likely to relax rules for investing in alternative investment funds ( AIFs) on the suggestions of an expert panel headed by Infosys founder NR Narayana Murthy, said sources close to the development. A decision is likely at Sebi’s board meeting scheduled for May 20. AIFs are funds established or incorporated in India for the purpose of pooling capital by Indian and foreign investors for predetermined investing. The rules apply to all AIFs, including those operating as private equity funds, real estate funds and hedge funds. The minimum ticket size for investing in AIFs is ? 1 crore. Individuals with an annual income of ? 50 lakh are allowed to invest in these vehicles. The Sebi board is likely lower these criteria. The Murthy panel submitted its report to the market regulator in January. It proposed a favourable tax environment for investors, promoting onshore fund management, and…

RBI proposes margins on non- centrally cleared derivatives

The Reserve Bank of India ( RBI) on Monday proposed to charge margins on over- the- counter derivatives not cleared by a central counter- party. A central counter- party like Clearing Corporation of India Ltd ( CCIL) takes margins from both parties and guarantees a deal. In the absence of this, parties entering into a contract set aside margins between themselves after signing standardised agreements. India is part of an effort to set global standards to ‘ ring- fence’ the economy from risky derivatives that encourage excessive and opaque risk- taking. By these standards, all over- thecounter derivatives should be traded on exchanges, if possible, or such contracts should be cleared by a central counterparty. So, non- centrally cleared derivatives should be subjected to higher capital requirements and attract margin requirements. Apart from de- risking the system, this will also promote central clearing, RBI’s discussion paper said. “ For the time being, it is proposed to apply the margin…