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Showing posts from June 23, 2016 News... News...
1. Amendment in rule 114H of Income tax Rules, 1962-Circular-Dated: 22-6-2016.
2. Income tax (15th amendment) Rules, 2016 – Amendments in Due diligence requirement – Notificatiobn  no-48/2016-dated  20-6-  2016
3. No TDS under the Chapter XVII of the income-tax Act, 1961 on the payments of the nature specified in clause (23DA) of section 10 of  the said act received by any securitization trust as defined in clause (d) of the Explanation to section 115TC - 46/2016 - Dated 17-6-2016 - Income Tax vide Notification no. 46/2016.
4. Revenue could not deny sec. 80-IB relief once approval was granted by prescribed authority –HC (Gujarat).
5. Additional quota of 2 lakh MT for import of rough marble and travertine blocks to authorisation holders in terms of Notification      No. 11    dated 21/6/2016 - DGFT.

Penal action against defaulters whose names made public by I-T dept: Jaitle

Finance minister Arun Jaitley on Wednesday said the income-tax department would take penal actions only against those wilful defaulters whose names have been made public by tax authorities. “The names of wilful tax defaulters have been published by the I-T department. There are about 63 names, subject to verification. These include persons who are not traceable. Action will be taken against them.” Jaitley also said it would be wrong to club the names of wilful defaulters with those against whom the tax department has disputes. The I-T department regularly comes out with a list of tax defaulters, with a view to ‘naming and shaming’ them. The list, which is posted on the department’s website, includes names of defaulting individuals or entities, their last known addresses, Permanent Account Number (PAN), amount of arrears, last-known source of income, and the assessment years for which they have not paid their tax dues. Hindustan Times New Delhi, 23th June 2016

CBDT Pulls up Taxman for Grievance Redressal Record

CBDT has pulled up the Income Tax department for having an “unsatisfactory“ record of grievance redressal despite the subject being monitored by the government on a priority basis. Officials said Central Board of Direct Taxes (CBDT) Chairman Atulesh Jindal has written a terse letter to the supervising chiefs of the IT across the country asking them to immediately review taxpayer's complaint cases in their respective regions, ensure redressal and undertake “administrative action“ against erring officials in this regard. The Economic Times New Delhi, 23th March 2016

Gains from Penny Stocks Not Bogus

Tax tribunal gives reprieve to investors, says gains not bogus just because Sebi is probing irregularities in the segment Investors holding penny stocks have got a reprieve from the Income-Tax Tribunal. The body has ruled that gains from penny stocks cannot be termed as bogus just because the Securities and Exchange Board of India (Sebi) is probing into possible irregularities in these stocks. Recently, investors who have tried to claim the benefit of longterm capital gains from penny stocks, have come under the radar of tax officials. “If payment is by cheque and delivery of shares is taken, then long-term capital gains tax cannot be treated as bogus,“ the tribunal said. The tribunal's ruling was on a case where the assessee had shown sale proceeds of shares in the scrip Ramkrishna Fincap as a long-term capital gain and claimed exemption. Further, the assessee had claimed to have purchased this scrip at Rs. 3.12 per . 155.04 share in 2003 and sold it for ` per share in 2005. Tax off…

IT dept to take steps to boost TDS collections

Buoyed by a steady growth in collections from tax deducted at source (TDS), the Income Tax department now plans to undertake multiple steps to "augment" revenue from this category and minimise tax avoidance. The department plans to undertake meetings with various stakeholders like company deductors and chartered accountants to ensure that due taxes under this category are deposited accurately and on time. Business Standard New Delhi, 23th June 2016

NPS an option for conservative NRIs

Before taking advantage of the facility, they should weigh the currency and tax implications The Pension Fund Regulatory and Development Authority (PFRDA), which regulates the National Pension System (NPS), has extended the eNPS facility to non- resident Indians ( NRIs). So far, NRIs could enrol for NPS by visiting abank branch, but now they can do so online from the country of their residence, provided they have an Aadhaar or PAN card. Before an NRI decides to invest in the scheme, she should weigh the pros and cons. One advantage is that NPS is a dedicated retirement product. “ The principal cant be accessed, so it does not get used for any other purpose and remains safe for your retirement,” says Vishal Dhawan, chief financial planner, Plan Ahead Wealth Advisors. Access to an Indian financial advisor is difficult for NRIs. The auto choice option, which automatically manages the asset allocation to equity and debt with change in age, is an efficient solution for them. The NPS is also a…

Sebi eases trading requirement in currency derivatives

To ease trading requirements in the currency derivatives segment, the Securities and Exchange Board of India (Sebi) on Wednesday said position limit linked to open interest will be applicable at the time of opening a position. Such positions will not be required to be unwound in the event of a drop of total open interest in a currency pair at the stock exchange, the Securities and Exchange Board of India ( Sebi) said in acircular.

However, in such scenario, the eligible market participants will not be allowed to increase their existing positions or create new positions in the currency pair till they comply with the applicable position limits. In view of risk management or surveillance concerns with regard to such positions of the market participants, Sebi said stock exchanges may direct the market participants to bring down their positions to comply with the applicable position limits within the time period prescribed by the bourse. Currency derivatives are Future and Options contracts wh…

Bad debts responsible for low credit growth: RBI guv

Opposes using RBI reserves to recapitalise banks
Reserve Bank of India Governor Raghuram Rajan on Wednesday said bad debts, rather than high interest rates, impinged on public sector banks ( PSB)’ ability to lend and a regulator has no say on how a credit decision is taken but at best raise red flags and force balancing measures. “Bankers sometimes turn around and accuse regulators of creating the bad loan problem. The truth is bankers, promoters, and circumstances create the bad loan problem,” Rajan said at an interactive meeting with industry and trade in Bengaluru, organised by Assocham. “The regulator cannot substitute for the banker’s commercial decisions or micromanage them or even investigate them when they are being made. Instead, in most situations, the regulator can at best warn about poor lending practices when they are being undertaken, and demand banks hold adequate risk buffers,” said Rajan. Rajan has been criticised a number of times for not letting interest rates fall in a…