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www.caonline.in News...

1.Sec. 263 not justified due to multiple view on applicability of TDS. [Neo Sports Broadcast Pvt.Ltd v/s CIT (TDS) (ITAT Mumbai)].
2.SCN cannot be issued to debtors until tax liability crystallize. [M/s Quality Fabricators and Erectors v/s The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (HC Of Bombay)].
3.Reverse CENVAT availed on raw material on transfer to sister unit.[Commissioner Of Central excise, Raigad v/s M/S. Ispat Metallics Industries Ltd. & Ors (SC of India)].
4.Vatcom assured date of filing of DVAT return in form 16, 17 & 48 for Q4, 2015-16 has been extend upto 27/05/2016, Circular will be followed. TEAM STBA.
5.Due date for e-filing of form no. 61 for Q4 extended to 31st October, 2016 from 30th April, 2016. CBDT Circular no. 14/2016 dated 18/05/16.

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Telangana to more than double its districts

The Telangana government is planning to split the existing 10 districts into 24-25 smaller ones for administrative convenience. On Monday, chief minister K Chandrashekar Rao said his government would conduct a workshop next month to give a final shape to these proposals. On average, each of these new districts would comprise of four-five assembly segments and 20 mandals (lower-level administrative units). The re-organisaton of districts and mandals will be done scientifically and on the principle of public convenience, the chief minister said. The state government intends to spend Rs 100 crore on building infrastructure such as collectorates and other district-level offices in each of the new district headquarters.  The chief minister said the government was keen to establish new districts by the Dussehra festival in October. The central department of personnel and training had recently raised the cadre strength of IAS (Indian Administrative Service) officers for Telangana on the request o…

Company Law Board hears FTIL plea on modifying interim order

The principle bench of the Company Law Board (CLB) on Monday heard Financial Technologies (India) Ltd’s (FTIL) plea for modification of its interim order on managerial mismanagement of the National Spot Exchange Limited (NSEL) scam. The FTIL-NSEL fraud came under the scanner after the latter failed to repay its investors on commodity pair contracts after July 2013. The subsequent investigations led to the Ministry of Corporate Affairs ordering a forced merger of FTIL and NSEL, its subsidiary, on February 12 to pay back losses suffered to investors of the latter. The government-mandated amalgamation, the first of its kind in India, has since sparked a series of challenges across various courts and tribunals. The order was challenged in the Bombay High Court, which eventually stayed its operation till June 15, pending final adjudication. In the meanwhile, the government had approached the CLB to substitute FTIL's board, for smooth functioning of the amalgamation process. Upon hearing …

India Inc to govt: Focus on GST, ease of doing biz

Urges Centre to build consensus to ensure GST Bill is passed in Parliament Building political consensus for the goods and services tax (GST) Bill and sustaining the momentum on the ease of doing business should be the government's focus in its third year in office, industry leaders said on Monday as the Narendra Modi government nears its second anniversary on May 26. Implementation of GST is expected to increase the gross domestic product (GDP) of the country by about 1.5 per cent. Industry leaders had complained on numerous occasions in the past on the hold-up in passing the GST Bill in Parliament, which they have blamed on politicking between the ruling party and the principal opposition party, the Congress, which wants the GST rate to be a part of the constitutional amendment. Foreign investors, too, have stated concern over the fate of the GST Bill. Minister of state for Finance, Jayant Sinha, however, had recently said the GST bill would be passed in the upcoming Monsoon session…

Draft tax rule for avoiding Vodafone-type cases

The income tax (I-T) department has issued a proposed set of rules for computation of the 'fair market value' of assets for taxing any indirect transfer of assets abroad, to avoid Vodafone-type tax disputes in the future. This comes almost a year after finance minister Arun Jaitley had clarified in the 2015-16 budget that indirect transfer abroad between two companies would draw tax if the value of Indian assets of the company concerned on the specified date exceeded Rs 10 crore and these represented at least 50 per cent of the value of all the assets owned by such a foreign company globally. The budget provision had improved on the arbitrariness in the much-contested retrospective amendment to the I-T Act. Which had said the indirect transfers abroad would be liable to tax in India if the transfer derived value "substantially" from assets located in the country. The rules put out for stakeholder consultation on Monday give out the method of valuation of shares to comp…

Records of Assets Created Under MGNREGA to be Kept in Improved Format

The Narendra Modi government has decided to revamp the way records of assets created under Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA) are maintained so that any inspecting authority can audit them to check the credibility of the scheme. Work done under MGNREGA results in the creation of assets in villages like canals or ponds. With the Centre's focus on the same, all states have been asked to create revamped `fixed asset registers' by June 15 which will be kept at gram panchayats.There was a provision for maintaining an asset register under the original MGNREGA guidelines issued by the UPA government but the present government feels the existing registers are not well-organised.The Ministry of Rural Development has now been asked to give top priority to this matter. “ An up-to-date asset register would serve as audit evidence that any inspecting authority may require, to express their opinion on the credibility of any MGNREGA works,“ the ministry said in a …

I-T for More Info in Cases of Indirect Transfer of Assets

Indian companies that witness any indirect transfer of assets will now have to lay bare minute details of their holdings to Income Tax Department.The government has unveiled a new stringent reporting framework to plug the gap in the system, after tax authorities faced trouble in sourcing information in a number of high-profile tax cases, dealing with indirect transfers. The rules prescribe that information and documents are required to be maintained and furnished to the tax authorities by an Indian entity whose shares are indirectly transferred. Tax experts say companies will have to prepared for exhaustive disclosures. “This information is required to be kept for eight years,“ said Rajesh Gandhi, part ner at Tax, Deloitte Has kins & Sells LLP . “The ex tent of the information and documentation requ ired to be kept by the Indi an concern seems to be ve ry substantial conside ring that such informa tion would not be forthcoming quite easily . Interestingly, any gap in information would…

RBI Caps Customer Liability in Fraudulent Deals

The Reserve Bank India has decided to cap the customers' liability arising out of fraudulent electronic transactions, and has warned banks that they should plug the loophole leading to misselling of insurance products, failing which they would be penalised. “The RBI is examining whether to issue regulatory directions to reduce the liability of the customer on fraudulent transactions arising out of electronic banking transactions,“ said RBI deputy governor SS Mundra, speaking at an event organised by Banking Codes and Standard Board of India. “Between the two -the institution and the customer -the balance of po wer is skewed. The idea is that the liability for the customer should not go beyond a point,“ he said. At present, BCSBI --a quasi-re . 10,000 beyond which a customer is ` not liable for fraudulent ecommerce transactions, provided the customer has notified the bank about it. Stating that misselling has been rampant on insurance products, he said, “Often higher sales targets, cou…