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Showing posts from May 11, 2016

Sharing Location over an App? Make Sure you have a Licence

Proposed Bill will impact technology giants such as Google and Uber as well as millions of Indians using GPS-enabled smartphones to order a pizza or even to call a cab
Runners in Bengaluru's Cubbon park, adventure enthusiasts trekking through the foothills of the Himalayas, startups in Gurgaon seeking customers--all could be in dire trouble if the government has its way on regularising and licensing maps. This could end up becoming a nightmare not just for technology giants such as Google or Uber but also for millions of Indians who use maps everyday to order pizza or call a cab. A draft of the Geospatial Information Regulation Bill, released last week for public comment, says anyone mapping India by using a satellite or aerial platform will need a license from a government security vetting authority (SVA). According to experts, the proposed law will bring into its ambit not just companies or agencies using maps for professional reasons but anybody with a smartphone that is GPS enable…

Sebi to relax norms for online MF investments

TheSecuritiesandExchangeBoardofIndiais consideringdoingawaywiththeRs. 50,000 yearlylimitperfundhouseforinvestingin mutualfundsthroughtheonlineroute. Additionally, KYCRegistrationAgenciesare workingondevelopingasystemtoaccept applicationsonlinewithouttheneedofa PANcard, saidasource. Market regulator Securities and Exchange Board of India ( Sebi) is considering doing away with the yearly investment limit of Rs. 50,000 per fund house through the online route. Also, KYC registration agencies ( KRAs) are developing asystem to accept applications online without the need of a PAN card, said a person aware of the development. PAN is permanent account number — allotted by the income tax department. KYC is the process of a business verifying the identity of its clients. According to Sebi guidelines released two months ago, investors can fulfil KYC norms online by using their Aadhaar card only. ( Aadhaar is an individual identification number issued by the Unique Identification Authority of India ( …

Rs.21,000- cr undisclosed income unearthed in 2 years

Evasion of Rs. 50,000 crore of indirect taxes and undisclosed income of Rs. 21,000 crore had been unearthed in the past two years, the finance ministry said on Tuesday. Listing steps by the government to tackle black money, the ministry said in a statement laws like the Undisclosed Foreign Income and Assets Act were responsible for the development. The Act provided a window for declaring undisclosed income abroad, which was taxed at 30 per cent with an additional 30 per cent penalty. Failure to meet the compliance timeline attracted additional penalty of 90 per cent for a total tax liability of 120 per cent on the undisclosed income abroad. “The value of smuggled goods seized has increased to Rs.3,963 crore in the last two years, a 32 per cent increase over the two previous years,” MoS for Finance Jayant Sinha tweeted on Tuesday. Prosecution rates had also risen 25 per cent, with 1,466 cases lodged, the ministry said. It added key suggestions of the special investigation team on black mo…

Norms to re- negotiate PPP contracts soon

The government is likely to make public its new framework on renegotiation of public- private partnership ( PPP) contracts in a month’s time. The new framework will allow renegotiations based on sector- specific issues, especially for national highways and ports, and will provide greater flexibility to the parties involved. This comes even as another PPP initiative, the proposed Public Utility Resolution of Disputes ( PPP) Bill, has been put on the back burner as the Centre has gone slow on its upcoming legislative agenda. Finance Minister Arun Jaitley had announced a comprehensive review of renegotiations of PPP projects in his 2016- 17 Budget speech. He had also spoken of introducing a new Bill to deal with resolution of PPP disputes. The new framework on renegotiation of such projects is partly based on the recommendations of the panel headed by former finance secretary Vijay Kelkar, and will distinguish quantified bid percentages and qualitative materiality type considerations. “The n…

Mauritius investors to be taxed from Apr 2017

The government has gained the right to tax capital gains arising in Mauritius from sale of shares acquired on or after April 1, 2017, in Indian companies. India and Mauritius on Tuesday signed aprotocol for amendment of a three- decadeold double taxation avoidance agreement. The agreement was signed in Port Louis. During a transition period of two years, the tax will be limited to half the Indian tax rate. The full tax rate will kick in from 2019- 20. “This could bring some disappointment to foreign investors. What was expected widely was exemption on capital gains would continue with some additional conditions. However, it is not as bad as you would imagine,” said Daksha Baxi, executive director, Khaitan & Co. The development could affect investors in the US, many of whom use Mauritius to route money to India. The tax treaty between India and the US does not grant investors credit in the US for taxes paid in India. “This protocol is a result of many years of negotiations between the tw…

www.caonline.in News...

www.caonline.in News...

1.Registration u/s 12AA cannot be denied questioning profit motive. [MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)].
2.Rate of interest on delayed payment of duty as applicable during the impugned period . [Jeevan Diesels & Electricals Ltd. vs. commissioner of central excise, pondichery (Chennai – CESTAT)].
3.PDC is preparing a panel for forensic auditing for CBI. Please visit www.icai.org/www.pdicai.org for details.
4.Pre-multipurpose empanelment form (P-MEF) for the year 2016-17 is now hosted at www.meficai.org. Ensure that your status is updated on or before 25th May, 2016.
5.Forms GNL-1 (Application to ROC) and GNL-4 (addendum for rectification of defects/ incompleteness) revised. Companies (registration offices and fees) amendment Rules, 2016.

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