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Showing posts from June 1, 2016 News... News...

1.TCS @ 1% will be applicable on purchase of car valued more than Rs 10 lacs and purchase of jewellary for more than Rs 5Lacs with effect from today.
2.SEBI introduces new guidelines for winding-up of depositories.
3.Pay 45% Tax and declare undisclosed Income From 01.06.2016 to 30.09.2016.
4.Krishi Kalyan cess @ 0.5% on all taxable services with effect from Today, 01.06.16 resulting in effective rate of Service Tax @ 15%.
5.CBDT notifies date of Applicability of equalisation Levy with effect from 1st day of June, 2016 as the date on which chapter VIII of the said Act shall come into force.
6.Bad Debt admissible if written off as irrecoverable in books and it fulfills the conditions stipulated in sub section (2) of section 36 of the Act. : CBDT.
7.CBDT notifies Rules for Direct Tax Dispute Resolution Scheme; 31st Dec, 2016 is the deadline to make declaration.
8.No TDS for provident fund withdrawals of up to Rs 50,000 from today, June 1,2016.

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Govt to notify building laws soon, approvals to get easier

Building plan approval process to become centralised, more transparent Besides simplifying the sanction procedure, the notification will decrease the time taken by the authorities to sanction the building plans. Currently, it takes 60 days to get a building plan approved. Chief secretary KK Sharma said on Tuesday that the urban development department has almost finalised the draft of the new by-laws and it is likely to be notified over the next few days. “The process is being simplified. An applicant will just have to fill one centralized online form. The application would automatically be forwarded to the agencies concerned such as the municipal corporation, Delhi Jal Board, fire department, etc. The building certificate will be issued in 21 days,” said Sharma. The move comes in the wake of Unified Building Bylaws for Delhi which were launched by Union urban development minister M Venkaiah Naidu in March. With the new online application form citizens would no longer have to run from one g…

Now, register your businesses through an app

The Delhi government has launched a mobile application that would make registration of businesses in the city ‘instant’. Govt officials said the app will improve Delhi’s ranking among cities with ease of doing business. The“DVAT MSewa”mobileapp was launched by chief minister Arvind Kejriwal at on Tuesday. The application is available on Google playstore. “Earlier, an inspector was required to physically verify the address of a trader applying for registration. Now, that will be done by the app as it would automatically read the co-ordinates of the shop once the picture of the shop is uploaded on the app,” said Kejriwal. Hindustantimes New Delhi,1st June 2016

Black Money Disclosure Window Opens

The four-month disclosure window giving an opportunity to domestic black money holders to come clean by paying tax and penalty of 45% on such assets will open on Wedensday. People who have made money via corrupt means will not be allowed to take advantage of the window. Under the Income Declaration Scheme, persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes, penalty and surcharge totalling 45% at the fair market value. The finmin officials have also held an online 'talkathon' to create awareness about it. The Economic Times New Delhi,1st June 2016

Direct Tax Dispute Resolution Scheme Kicks off Today

STEP BY STEP Govt unveils a slew of schemes to woo investors & help citizens come clean Step may be a breather for Vodafone & Cairn A new dispute settlement scheme will kick in on Wednesday, providing companies such as Vodafone and Cairn that have been hit by retrospective amendment to India's incometax law to tax indirect transfers an opportunity for resolution. The Direct Tax Dispute Resolution Scheme, unveiled in this fiscal's budget, allows for settlement of cases pending in various courts, tribunals, arbitration or mediation under the Bilateral Investment Protection Agreement (BIPA). The scheme provides an opportunity for settlement of cases emanating from retrospective amendment of tax laws, with the companies required to pay just the basic tax demand and get a waiver on interest and penalty. In his budget speech on February 29, finance minister Arun Jaitley had said, “To give an opportunity to the past cases, which are ongoing under the retrospective amendment, I pr…

Google Tax will Vex Local Startups More

EQUALISATION LEVY Onus of deducting and depositing the equalisation evy will lie with the advertisers, increasing their burden The equalisation levy, or the so-called `Google tax', could well end up increasing compliance costs and accounting hassles for Indian companies, especially startups, at a time when the government is pushing the envelope on ease of doing business in the country. While the levy is aimed at indirectly taxing internet giants such as Google and Facebook for the money they make from Indian advertisers, as per the rules announced on Monday , the onus of deducting and depositing the levy will lie with the advertiser. Industry insiders said this will not only increase the accounting hassles for Indian companies but may prove an added burden on them as they will have to pay the levy from their own pockets, though Google has made it clear the internet giant will pay all applicable taxes. Nitin Gupta, CEO at PayU Money, said small companies in particular will find it hard…

Wellness features in health insurance make sense

Insurance companies have started offering additional benefits with their policies. Cigna TTK Health Insurance recently launched a ProHealth Plan that helps individuals deal with problems such as stress, overweight, smoking and irregular sleeping. It also offers an optional ‘health coach’ programme for those with pre-existing diabetes and hypertension. A qualified dietician sets goals for the insured, such as keeping sugar levels in check, weight loss and maintaining blood pressure. “On achieving each goal, an individual accumulates points that can be used to reduce premiums or enroll in other health-related programme,” says Jyoti Punja, chief distribution officer. Similarly, Apollo Munich Health Insurance offers an Optima Restore plan, wherein policyholders can get many benefits, such as customised diet and exercise plan and online health assessment. Bajaj Allianz General Insurance has tied up with about 40 service providers to provide a chat with doctor, chat with specialists for secon…

Sebi tightens rule on restricting investors' redemption requests

Nearly a year after the Amtek Auto crisis hit two schemes of JPMorgan Asset Management Company, the Securities and Exchange Board of India ( Sebi) has said fund houses cant restrict investors redemption request still Rs.2lakh. Themarkets regulator has permitted fund houses a partial restriction on redemptionsinonlyemergency situations, meaningthosewhich couldleadtoasystemiccrisis. In acircular issued on Tuesday, it said recent instances of restrictions on redemption had necessitated arelook at the issue. Under the new norms, effective July 1, on all existing and to- be- launched schemes, no redemption requests up to Rs.2 lakh will be subject to such a restriction. For redemption requests above this limit, the first Rs. 2 lakh may be redeemed. However, asset management companies ( AMCs) cannot use this as an ordinary tool to manage aschemes liquidity. Sebi has specified the situations where AMCs may opt for this, after approval from their trustees and their board of directors. Further, t…

Pay more for phone bills, travel from today

A slew of additional taxes announced in the Budget, including agriculture cess on services, equalisation levy, higher securities transaction tax on sale of options and tax collection at source on cash purchases for goods and services over Rs 2 lakh, will kick in from Wednesday. The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel. The equalisation levy of six per cent on cross-border digital transactions is aimed at foreign multinational digital companies without a permanent establishment in India, such as Facebook, Google, Yahoo and Twitter, making them liable to be taxed in India for their earnings from local advertisers. The levy could potentially drive up costs for advertisers, with the digital companies expected to pass on the extra tax cost. The payment in cash for buying goods and services worth more than Rs 2 lakh, excluding jewellery, will attract one per cent extra tax …