CA Online

www.caonline.in News... 1. Bank of Baroda invites proposal for appointment of concurrent auditors of the bank for Branches/RBOs/CBOs/Other Units vide RFP for 545 of its Branches, 22 CBOS, 13 RBOs and 3 Other Units Last date : - 21/07/2016. 2. ICAI is inviting applications for empanelment of faculties for GMCS-OT-ITT and advanced ITT courses. Last date 15 July 2016. Link http://bit.ly/28PuF0k. 3. As per new guideline given by RBI spelling should be written in LAKH not LAC on cheque and Bank Mandate. 4. Under the 'Income Declaration Scheme' tax of forty-five per cent of such undisclosed income is there. The IDS is effective from June 1, 2016 and will remain open up to September 30, 2016. The declarant is required to pay tax up to November 30, 2016. In the recent FAQs issued on June 30, 2016 the CBDT has clarified that once the person had declared undisclosed income, no question will be asked from where such income or tax is coming from. So the effective rate of tax will be 3...

Makes It Easier To Use Convertible Notes A recent notification issued by the ministry of corporate affairs (MCA) makes it easier for startups to access funds via the convertible note route. This notification is part of the all-round initiatives planned by the government to strengthen the startup ecosystem in India. Funds received by a startup amounting to Rs 25 lakh or more by way of a convertible note, in a single tranche from a person, will not be treated as a `deposit'. The convertible note is to be either converted into equity or repaid within a period of five years.The Companies (Acceptance of Deposits) Rules have been accordingly amended via a notification dated June 29. Owing to this relaxation, the stringent rules relating to informing the registrar of companies (RoC) or creating a deposit repayment reserve in the books of accounts will not apply to the startup receiving funding via convertible notes. However, it should be noted that the relaxation is available only...

Government may not cut excise duty on petrol and diesel in the near-term if it accepts the suggestions made in the approach paper submitted by Chief Economic Adviser for maintaining status quo when oil prices can climb by another $15 a barrel. CEA Arvind Subramanian last month submitted an approach paper to the Finance Ministry on scenarios to deal with a rise in crude oil prices. Sources said the CEA suggested status quo on excise duties till oil prices clim to $65 per barrel, from the present $49 levels. Hindustan Times New Delhi,04th July 2016

After a quick walk- through the CGO Complex in New Delhi, one can find the multi- storey block that used to house the erstwhile Company Law Board ( CLB), which has now evolved into the principal and ancillary benches of the newly constituted National Company Law Tribunal ( NCLT). Even though the official address of this new tribunal includes a further two floors of the same administrative building when compared to its predecessor, not much seems to have changed on the ground at least as of now. The walkways and courtrooms are still very much as they used to be and the atmosphere of the area seems blissfully unaffected. Even any signage of the new institution is conspicuously absent, for what is pitted to be the bold new future of company law litigation in the country — after a wait of 13- odd years. The tribunal is in many ways still work in progress. Several provisions of the Companies Act, 2013 that pertain to NCLT are yet to be notified. While the infrastructure remains the sa...

Individuals with taxable income in India above the basic exemption limit should file their returns by July 31 Though non-resident Indians (NRIs) earn their living abroad, their obligation to file tax returns in India doesn't end. With the July 31 deadline for filing returns barely a month away, NRIs need to gear up to file their return if they have income in India that exceeds the basic exemption limit. Determine tax residency status: An NRI first needs to determine his tax residency status, that is, whether he falls in the category of resident or non-resident Indian (NRI) for tax purposes. While there may be no ambiguity regarding the status of an NRI who has lived abroad for a long time, those who have moved abroad recently or have returned to India after a long stay abroad need to ascertain their residency status properly. Residency status for tax purposes is decided by the number of days of physical stay in India during a financial year. According to tax laws, an indivi...

Indians who work abroad invest their money back home. In fact, these remittances from non-resident Indians (NRIs) have allowed us to bridge the foreign exchange deficit caused by our unbridled love for gold. On its part, the government has also ensured that its remittance and tax laws facilitate investments in India. Investments made from non-resident external (NRE) accounts are fully repatriable. Interest on NRE accounts is also tax-free. NRIs have responded with remittances of Rs 3,50,000 crore ($48 billion) last year. However, the income tax (I-T) department creates many hurdles in taxing the remittances made to Indian NRE accounts on technical grounds. While some NRIs have access to professional advice and can avoid these, most others are caught. Consider the curious case of merchant navy personnel (called shippies in local jargon). They serve on Indian and foreign ships in international waters and are usually away for more than six months in a year. They are classified as no...

Making a case for increasing the taxpayer base, Finance Minister Arun Jaitley has said the government's intention is to keep taxation rate “moderate“ and emphasised that tax department needs to start trusting the assessees. He also said all grey areas are being made clearer on taxation and the tax department. “Ease of communicating with tax department is going to continue. All grey areas, unclear areas I think by virtue of clarifications and notifications are now in creasingly becoming clear,“ Jaitley said. In the last few months, procedures have been simplified and the “assessees have never seen such an easy and friendly approach of the taxation department,“ he noted. His remarks also come against the backdrop of various initiatives being taken to ensure the tax system becomes more friendly towards taxpayers. Listing out various measures aimed at simplifying the procedures, Jaitley said dispute resolution mechanism has been put in place at the appeals stage with respect to t...

Non-governmental organisations (NGOs) not furnishing annual income and expenditure statement for two consecutive years will face a penalty totalling 10 per cent of foreign contributions received by them or Rs 10 lakh, whichever is less, the home ministry has said in a gazette notification. A penalty equivalent to five per cent of the total foreign funds received in a year or Rs 5 lakh will be imposed for non-furnishing of annual return, after one year up to two years after December 31 every year. According to an official estimate, less than 10 per cent of nearly three million registered NGOs across the country file their annual income and expenditure statements or annual returns. Registration under Foreign Contribution Regulation Act of around 15,000 NGOs were cancelled by the government in the last two years for not furnishing annual returns. A penalty of four per cent of the total foreign contribution received during the financial year or Rs 2 lakh will be imposed for failu...