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Showing posts from May 18, 2016 News.. News...

1.Online empanelment for concurrent audit of branches of Punjab and Sind Bank started from 16.05.2016- 31.05.2016.
2.HUDCO invites applications from eligible CA firms for certification of accounts for the F.Y 2016-2017.
3.Extension to 10.06.2016 of last date for various MCA e-forms having due date between 25 March to 31 May 2016,with additional fee waiver. MCA Circular no.06/2016.
4.Income declaration scheme 2016 to open from 01.06.16 to 30.09.16. Payments towards taxes, surcharge and penalty to be made by 30.11.16. CBDT press release of 14.5.16.
5.With effect from 01.06.2016, if payment consideration (or any part of it) is received in cash of sale of any goods/ provision of any service (exceeding Rs. 2. lacs), TCS @ 1% should be deducted.

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Regulator wants its penalty discretion back

Plans writing to government for urgent change in the Sebi Act, after nod from board The Securities and Exchange Board of India (Sebi) plans to write to the central government to change the provisions of its securities laws that deal with the quantum of penalty the market regulator can impose. The matter will be discussed at Sebi's board meeting later this week, according to sources. Following a nod from the board, Sebi might write to the government for ‘urgent’ amendments to the Sebi Act, the sources added. The regulator wants to bring in certain clarifications to ensure that the discretion to impose penalties always lies with its adjudicating officers (AOs). The move could impact cases between 2002 and 2014, a lot of which are still pending before the regulator. The Securities Appellate Tribunal (SAT) has also been remanding back matters to Sebi to re-decide and impose higher penalties. “We want to insert a clarification that the discretion to impose a penalty has always remained wi…

Govt Rethinks Aggressive Labour Reforms Push

An interministerial group on labour headed by finance minister Arun Jaitley is expected to meet soon to take a call on how aggressively the government should pursue its agenda of reforms. This comes after attempts to build consensus on big-ticket legis lative changes in labour laws failed because of stiff opposition from the trade unions and the government not enjoying sufficient strength in the Rajya Sabja. “The government will soon hold discussions at very senior le vel in which a decision is likely to be taken as to what extent it should push labour reforms,“ a senior official told ET, requesting not to be identified. The Narendra Modi-led NDA government had last year set up an interministerial group on labour, comprising power minister Piyush Goyal, petroleum minister Dharmendra Pradhan and minister of state in Prime Minister's Office Jitendra Singh to deliberate on all labour law changes with trade unions. However, the group could not manage to take unions completely on board des…

Infra projects' credit system expected soon

Six registered agencies are said to be working collectively to come up with a new ratings system for such projects In a global first, India is set to come out with a new ratings system for infrastructure projects in the coming months, to boost domestic funding and foreign investment in the infra space. Such a move will help prospective investors put money in a project based simply on the merits of the undertaking.
India is also likely to ask the BRICS Bank to adopt the same ratings system, as the multilateral development lender plans to set up a new credit ratings system for infrastructure projects. Six registered credit agencies, including Crisil, CARE Ratings and India Ratings are said to be working collectively to come up with a new ratings system for such projects, Business Standard has learnt. In his 2016-17 Budget speech, Finance Minister Arun Jaitley had said that “a new credit rating system for infrastructure projects which gives emphasis to various in-built credit enhancement st…

Duty abolition on mobile components to impact local manufacturing

Reduction of import duty on various mobile handset components may hurt local manufacturing. While lower import duties may reduce handset prices by up to ten per cent, it may discourage manufacturers to procure such components locally. Budget 2016-17 had increased import duties on various components like printed circuit board (PCB), battery, charger and earphones. The move was aimed at discouraging imports. On May 5, department of revenue under Ministry of Finance withdrew some part of the import duty. Currently, import duty on speakers, chargers/adaptors, battery and earphones stands at 12.5 per cent, compared with 29.44 per cent announced in the Budget. Sources say manufacturers have been lobbying for abolition of the duty since March. Since most companies are not prepared to set up component manufacturing facilities in India, they had asked the government to reduce import duties. However, industry sources say, abolition of the two per cent import duty that was imposed during the Budget…

Singapore pact may be amended soon

Process unlikely to be a long drawn one, say officials
India will amend the Avoidance of Double Tax agreement with Singapore soon. The negotiation process is unlikely to be a long drawn one, since it requires a simple modification, according to officials in the income tax (I-T) department. Indian officials are in the process of reaching out to the Singaporean authorities for the amendment. Singapore will likely get the same two-year transition benefit of 50 per cent capital gains tax like in the case of Mauritius. Limitation of Benefit is much higher in the case of Singapore, a threshold of Rs 50 lakh against Rs 27 lakh for Mauritius. The southeast Asian nation has emerged as the largest contributor of foreign direct investment (FDI) in the last financial year. For the nine-month period between April and December 2015, Singapore accounted for Rs 71,195 crore in FDI against Rs 39,506 crore through Mauritius. The changes to India-Mauritius Double Taxation Avoidance Convention last week has…

New law for celebs endorsing unverified products soon

The Centre is working on a new legislation to replace the existing Consumer Protection Act, which will have penal provisions of ? 50 lakh and five- year imprisonment for celebrities promoting sale of items without verifying the quality, Union Minister Ram vilas Paswan said on Tuesday. The proposed Consumer Protection Bill, 2016, has already been approved by the Parliamentary Standing Committee and would be introduced in Parliament in the next session, the food andconsumer affairs minister said. Business Standard New Delhi,18th May 2016

New review panel for FRBM law

A new committee, led by formerMPand revenue and expenditure secretary N KSingh, will nowreview the Fiscal Responsibility and Budget ManagementAct( FRBM), and suggesta future road map. The government announced the formation of the five- member panel on Tuesday. The other members of the panel are Reserve Bankof India Deputy Governor Urjit Patel, Chief Economic Advisor Arvind Subramanian, formerfinance secretary Sumit Bose, and Rathin Roy, the directorof National Institute of Public Finance and Policy and aBusiness Standard columnist. Business Standard New Delhi,18th May 2016