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www.caonline.in News... 1.Rate of ST for the package tour increased from 3.625% to 4.35%. 2.AC Bus service by Road Transport Corporation taxable @ 6% from (01.06.2016). 3.Krishi Kalyan Cess @ 0.5% on gross value of taxable services (from 01.06.2016). Total ST rate @ 15% 4.Today is last date for filing of DVAT returns in form DAVT 16, 17 and 48 for Q-4 2015-16 which was extended up to 16.05.2016 vide circular no. 02 dated 28.04.2016 5.The Income declaration scheme, 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income and Pay 45% Tax and declare undisclosed Income from 01.06.2016 to 30.09.2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Regulator’s to- do list includes guidelines on traceability mechanism, food recall portal and final notification of product approval regulations Almost after a year of no food product being pulled out of the market, the regulator has decided to bring a comprehensive recall policy this financial year. The last big food recall was in June 2015, of Nestlé India’s Maggi noodles. The Food Safety and Standards Authority of India ( FSSAI) had ordered the removal on reports that it contained traces of lead and monosodium glutamate. Subsequent lab tests cleared Maggi and the product is now back on retail shelves. In the making for five years, the draft procedure for a food product’s recall was put up for public comment on the body’s website last year by FSSAI, where it has remained. Its latest newsletter lists “ final notification of recall regulations’’ as among the 12 important things it plans for 2016- 17. Other items include guidelines on a traceability mechanism, a food recall port...

When you assumed office, you might have set various timelines for yourself to achieve some goals. How will you rate yourself? And, what do you think remains to be done? I won’t get into the business of rating myself. It is for others to do. But, I would, in general, discuss what the situation was then and now. You see, the past two years have had several difficult challenges. The most difficult one arose out of two or three factors. We took over when the economy had lost its credibility — there was policy paralysis, we had fallen off the global radar, people did not expect too many significant changes and improvements, decision making was considered inherently more difficult. Doubts such as will we fall off the BRICS ( Brazil, Russia, India, China and South Africa) used to be raised. And, during these years, a grim global scenario continued. That had a huge impact on demand. So, the external situation created alarge number of challenges on demand, the private sector, exports, and...

Plan to set up NDB Institute to spot projects for utilising New Development Bank funds will be discussed too After the BRICS Bank, the five-member bloc of emerging nations is considering setting up a credit ratings firm in its efforts to challenge western hegemony in the world of finance. The credit rating agency for emerging markets, as it is tentatively called, is likely to take shape at the BRICS Summit to be hosted by India in October. The idea of a non-western ratings firm for the emerging markets has been in discussion among the leaders of the BRICS nations -Brazil, Russia, India, China and South Africa -for the past few years, said officials with knowledge of the plan. Another proposal to be taken up during India's presidency at the BRICS is setting up of the NDB Institute in India to research on and identify projects for utilising the $100 billion that the New Development Bank (NDB) formed by the BRICS nations has in its disposal. The big three -Moody's, Fitch and...

WAITING FOR RIGHT DOSE The new policy attempts to foster innovation by giving incentives but it still lacks specifics, while a US drugmaker pushes for joint hearings of patent disputes India's National Intellectual Property Rights (IPR) policy announced on Friday lacks specifics and won't be enough to foster innovation, some powerful lobby groups domestic as well as foreign ­ have said. Some experts said the policy is an attempt to calm the nerves of India's trade partners ­ especially the US ­ but has left stakeholders wanting more. “From what I have seen and compared to the earlier draft, we welcome the policy.But the national IPR policy is not the end of conversation, but the beginning of it.We see that the policy signals that it is not desiring to address those issues thorny issues which we had expressed. The document is lacking on specifics, there are no details,“ Patrick Kilbride, executive director of the US Chamber of Commerce's Global Intellectual Prope...

Says no "serious apprehension" of investors shifting base to other tax havens due to imposition of capital gains tax on investments via island nation With a revised Mauritius pact in place to check roundtripping, Finance Minister Arun Jaitley on Sunday said investors must pay taxes on money earned in India and ruled out any depletion of foreign direct investment (FDI) due to imposition of capital gains tax on investments through the island nation. He asserted that India no longer needs any “tax-incentivised route“ to attract foreign investments as India economy is now “strong enough“ and said there was no “serious apprehension“ of investors shifting base to other tax havens due to the re-drawing of the decades-old tax treaty with Mauritius -the biggest source of foreign investments into India. By checking round-tripping of funds, the amendment would help boost domestic consumption, Jaitley added. After toiling for almost a decade to redraw the tax treaty with Mauritiu...

Union Labour Minister Bandaru Dattatreya hassaid the Employees ' Provident Fund Organisation (EPFO) may invest more than Rs.6,000 crore in equity market during the current financial year. The minister, however, added that a final decision will be taken by the Central Board of Trustees at the next meeting. Last year, EPFO had invested about Rs.6,000 crore through SBI Mutual Fund's two ETFs (exchange-traded funds) -one linked to BSE's Sensex and the other NSE's Nifty . “It (investments into ETFs) may increase over last year because it will yield benefits in the long run even if there is no benefit in the short term. Last year, we had invested Rs.6,000 crore.This year, we may invest more than that. There was discussion with bankers and investment managers and officials from BSE and NSE,“ said Dattatreya. The finance ministry had last year notified a new investment pattern for EPFO, allowing the body to invest a minimum of 5% and up to 15% of its funds in equity or ...

CENTRAL BANK'S relaxation of rules likely to broaden shareholder base and lead to better quality governance Wealthy individuals and finance companies can pick up more equity in private banks while non-state lenders struggling to make money could emerge as acquisition targets for those on the hunt, following the Reserve Bank of India's recent relaxation of rules aimed at shoring up capital and encouraging consolidation. Analysts said lenders of interest may include IndusInd Bank, Yes Bank, Kotak Mahindra Bank, Karur Vysya Bank, Lakshmi Vilas Bank, Tamilnad Mercantile Bank and Dhanlaxmi Bank. Banks and investors could not be immediately reached for comment. Foreign institutions that hold 5% or less in private sector lenders have already started thinking about raising their stakes, said two executives with knowledge of the matter. “The move from RBI could broaden the shareholder base and may in turn lead to better quality governance since there would be active investors on...

WATCH OUT Agreement doesn't explicitly cover convertible instruments, but if converted after April 1, 2017, these may stand to lose tax benefit There will be no free ride for those wanting to invest in India through quasi equity investments such as convertible debentures via Mauritius under the recently amended treaty between the two countries, officials said. Those holding such instruments would do well to convert them into shares before April 1, 2017, to enjoy the exemption on capital gains tax, or grandfathering, that's available until then. “The date of acquisition will be the date on which an entity or individual comes to own shares and not the date on which investment in the instrument was carried out,“ said a finance ministry official. Tax experts said this interpretation will have an adverse impact on PE firms. Stating that private equity firms commonly use convertible instruments for greater flexibility on returns and control, tax experts called for a formal circ...