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Showing posts from June 21, 2016 News... News...
1. NIRC of ICAI is organizing a workshop on TDS on 22 June at 5PM at Hindi Bhawan, ITO, Rouz Avenue, Delhi and Workshop on VAT on 23 June at 5PM at ICAI Bhawan, Vishwas Nagar, Delhi. For Register and Pay at
2. Offshore supply of equipments not taxable in India. [M/S Nortel Networks India International Inc. vs. DIT].
3. Interest U/s. 244A on excess self assessment tax payment cannot be denied. [CIT vs. Birla Corporation Limited].
4. SEBI invites applications from CA firms, for empanelment to take up assignments relating to forensic audit of SEBI registered RTA/STA.
5. CBDT clarifies that the higher turnover threshold of Rs. 2 crores for non-audit of accounts is granted only to assesses, opting for presumptive taxation scheme u/s 44AD.
6. Today (21.06.16) is last day for e-payment of DVAT and CST for the month of May, 2016.

Presumptive tax: No audit for up to 2-cr turnover

Small businesses with a total turnover of up to Rs. 2 crore will not be required to get their accounts audited, if they opt for presumptive taxation scheme, the finance ministry said on Monday. “The higher threshold (up to Rs.2 crore) for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD,” the ministry said. Hindustan Times New Delhi,21st June 2016

Interest rates on small savings schemes unchanged

The government has kept interest rates unchanged for various small savings schemes for the July-October quarter of 2016-17. The finance ministry said in a statement on Monday that interest rate on one-year deposits for July-October quarter of the current fiscal has been kept unchanged at 7.1%. Similiarly, interest rate on two-year time deposit, three-year time deposit and five-year time deposit were kept at 7.2%, 7.4% and 7.9%, respectively. Likewise, interest rate on Public Provident Fund scheme, Kisan Vikas Patra scheme and Sukanya Samriddhi Scheme were kept at 8.1%, 7.8% and 8.6%, respectively. Hindustan Times New Delhi, 21st June 2016

Labour Min Lines up Update of 4 Key Laws

Readies amendments for Cabinet approval after last week's meeting of top officials of PMO as well as the ministry The labour ministry has lined up amendments to at least four key laws for the Cabinet's approval in a renewed push to labour reforms by the BJP-led NDA government after the revised foreign direct investment norms unveiled on Monday. This comes after a meeting between the officials of the ministry and the Prime Minister's Office (PMO) last week. “PMO has asked labour ministry to send the key legislations for consideration,“ a senior government official told ET, requesting not to be identified. The idea is to line up enough legislations for Parliament's approval in the upcoming monsoon session, he said. The first of several legislations that could soon get a go-ahead by the Union cabinet is the Shop & Es tablishment Act, which will pave the way for retailers to remain open round the clock. The idea was backed by finance minister Arun Jaitley in his budget speec…

Annual report delayed is annual report denied

It is the annual general meeting ( AGM) season. The annual ritual of conducting the shareholder meetings, complete with tea, coffee, samosas and some incidental work such as passing of resolutions, begins somewhere in June and goes on till September. An integral part of the season is the annual report, prepared in great detail and released to the shareholders. It would contain audited annual accounts and the balance sheet, it had details about remuneration of key managers and even details of sexual harassment cases reported. Till now, it even contained the notice and agenda of the AGM. The old listing regulations required that the AGM notice be posted on the stock exchanges 21 days in advance. Thus, the annual report became available in the public domain well before the AGM. Shareholders and other stakeholders had enough time to study the report and prepare themselves to face the management and ask relevant questions at the AGM. Though at many AGMs this process is reduced to a joke by the…

FDI Shower To Douse Rajan Fire

The National Democratic Alliance ( NDA) government on Monday morning swung into action to liberalise foreign investment rules in nine sectors — aviation, pharmaceutical, defence, food trading, retail and television broadcasting, animal husbandry, broadcasting carriage services and private security agencies, branding it as a gateway for job creation and Make in India. The announcement came two days after Reserve Bank of India (RBI) Governor Raghuram Rajan’s announced his decision not to seek a second term. Prime Minister Narendra Modi met select Union ministers and secretaries soon after 10 am to discuss relaxation of foreign direct investment ( FDI) caps. The way for Cupertino- based Apple Inc to open stores in India has also been cleared, to some extent. Sources in the government indicated that liberalisation of FDI norms was on the cards but the high- level meeting was advanced by a few days to allay investors’ sentiments following the news on Rajan’s exit. Soon after the meeting that l…