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www.caonline.in News...

www.caonline.in News...

1.Interim stay order period is to be excluded for computing limitation period. [VLS Finance Ltd. and Anr. vs. Commissioner of IT and Anr. (SC)].
2.Registration u/s 12AA cannot be denied questioning profit motive. [ MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)].
3.Lok Sabha passed the insolvency and bankruptcy code bill 2016 on 05.05.16, accepting all the amendments proposed by the joint committee of parliament.
4.No need to furnish details of invoice below Rs. 1000 in form GE-II returns of all 4 quarters for F.Y. 2015-16 to be filled by 16.05.2016 notification dated 06.05.16.
5.CBDT prescribes procedure for e-filing of form 15G/15H. Notification no. 7/2016 [F.NO.DGIT(S)/ADG(S)-2/TDS E-filing notification/110/2016 dated 4-5-2016].

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‘Will out defaulters, but not for credit card-like debts’

RBI wants end to bad loans but will not undermine privacy The Reserve Bank is working on a new system for making public the list of wilful defaulters, while a new mechanism is being put in place for out-of-court settlement of bad loan-related disputes, Governor Raghuram Rajan said on Saturday. “As a regulator we have no intent or desire to protect malfeasance... We are very happy to make that list public. In fact my people are working on making sure that we can put that list up in an accessible way and also (of) defaulters against whom suit has been filed because that is already public information,” he said while delivering a lecture here. However, the central bank was in favour of protecting privacy in cases where there is no wrongdoing, he said, adding a blanket edict that everybody’s name should be made public on the website might not be desirable. He further said it might not be correct to flash the name of all and sundry, including those who forgot to pay their credit bills. Such pers…

Centre nudges corporate houses to adopt juvenile homes as part of CSR

The government wants private business houses to adopt shelters for children, a majority of which are in abysmal condition because of sparse funding. Called “Adopt a Home”, the scheme launched by the Women and Child Development (WCD) ministry has sought the help of the corporate sector, business houses, organisations and individuals to run such homes and support the children living there as part of their corporate social responsibility. Inmates living in children homes are either juvenile in distress or in conflict with law. Government officials say that a majority of children homes in the country have been neglected by local administrations. “Also there have been reports galore of how inmates in many of these homes have been abused,” a ministry official said. As part of the scheme, the sponsors can focus on areas such as infrastructure, nonformal, remedial education and vocational training to help children become independent once they are out of the home. Sponsoring higher education for t…

Centre seeks states' views on new mining law

Tomar to hold meeting of state mining ministers on May 27 in Goa Union mines minister Narendra Singh Tomar has called a meeting with his state counterparts to discuss key issues in the mining sector such as states' mining auction preparedness and setting up of District Mineral Foundation (DMF) on May 27 in Goa. Despite problems in auctioning non-coal mineral blocks in the first phase, states told the central government last month that they were ready to auction 82 blocks in the second phase. Nod for captive mine rights transfer likely this week In the first phase, expected to be over by June, states had planned to auction 52 blocks. Till date, only six blocks have been auctioned. This issue is at the top of the agenda for discussion in Goa. States are said to be facing various problems such as land acquisition, court orders, less interest from bidders, etc. Five major mineral-rich states are yet to set up DMF - a local benefit-sharing mechanism - even after a year of the new mining law,…

Widen DBT scheme scope: Centre to secretaries, states

The Centre has asked all its departments and state governments to widen the scope of the Direct Benefits Transfer (DBT) scheme to include all monetary and in-kind transfers to beneficiaries, such as NGOs and others assisting in implementation of the ambitious DBT programme. It has been realised that the scope of the DBT can be expanded to include all welfare or subsidy schemes operated by the ministries and departments of government of India, directly or through implementing agencies, which involve transfer of benefits in cash or kind to individuals, said a communication sent by the Cabinet Secretariat under which the DBT Mission functions. Business standard New Delhi,09 May 2016

Revenue dept taking steps to boost growth, jobs: FinMin

The Finance Ministry on Sunday listed out steps taken by the Revenue Department to boost growth and employment by giving relief to small tax payers, businesses and professionals. In a statement, the ministry said the limit of deduction under Section 80C of Income Tax Act 1961 has been enhanced from Rs. 1 lakh to Rs. 2 lakh per annum, subject to the additional Rs. 50,000 being contributed to NPS. “Revenue Department has taken various steps to give relief to the small tax payers and to the small business and professionals,” it said, while listing out the measures announced in the Budgets of 2015- 16 and 2016- 17. Further, the scope of presumptive taxation regime for small businesses has been extended by increasing the turnover up to Rs. 2 crore. The presumptive taxation benefit is now available for professionals having turnover up to Rs. 50,00,000. As regards corporates, the Revenue Department has lowered the corporate tax rates to 25 per cent for new manufacturing companies. Also, the tax be…