CA Online

www.caonline.in News... 1. In exercise of the powers conferred by sub-sections (1) and(2) of section 469 and section 148 of the Companies Act, 2013, the Central Government further amends the Companies (cost records and audit) Rules, 2014, namely:-Companies (Cost Records and Audit) Amendment Rule 2016 2. MCA21 will remain temporarily unavailable from 9:00 PM (16 July) to 9:00 AM (17 July). Stakeholder are advised to plan accordingly. 3. Imposition of penalty on account of a discrepancy in the ‘batch numbers’ and ‘date of manufacture’ is unjustified.[M/s Hindustan Coca Cola Beverage Pvt Ltd vs The Commissioner, Commercial Taxes]. 4. No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies.[Batlivala & Karani Securities (India) Pvt. Ltd. Vs. DCIT (ITAT Kolkata)]. 5. On Thursday, CBDT directed the income- tax department to “ expeditiously” issue refunds worth Rs. 5,000 for past three assessment years to provide...

Capital market regulator Securities and Exchange Board of India ( Sebi) on Friday directed clearing corporations to not accept fixed deposit receipts ( FDRs) from banks as ‘ collateral’, issued by them or clearing member of stock exchange. Sebi has observed that some banks that are also a trading members on the stock exchange and clearing corporation have placed FDRs issued by themselves as collateral with the clearing corporation. “Trading/ clearing members who have deposited their own FDRs or associate banks shall replace such collateral, with other eligible collateral as per extant norms, within a period of six months from the date of issuance of the circular,” Sebi said in a circular on Friday. Sebi directed clearing corporations to take necessary steps to put systems in place and make necessary amendments in the existing regulations. Sebi’s risk management review committee suggested that there is a need to align the risk management practices in Indian markets with global principl...

Proposed ban on cash transactions above Rs.3 lakh may hit luxury goods, jewellery sales, real estate You have just received cash as gift on your wedding and decide to buy that Rs.3.5 lakh Chanel bag you have been eyeing fora while. You walk into a treat a five- star hotel and pull outawad ofcash. Butthe sales person refuses to accept it and insists that you either pay by card or transfer money online. It could soon become a reality if the government accepts there commendations of the Special Investigation Team (SIT) on black money headed by Justice MB Shah( retired) and ban cash transactions above Rs.3 lakh. This could impact sales of luxury goods, ranging from branded hand bags to cars and designer watches.“ No longer will people be able to walk into a luxury showroom and pay for these ultra expensive items by cash,” says Amit Maheshwari, partner, Ashok Maheshwary & Associates. Not only that. If you are planning a do, and wanting to pay the decorator, cook, make- upartist, music...

Government is expected to cross the Rajya Sabha hurdle in getting the crucial GST bill passed during monsoon session, but the other important bill that has been on the PM's priority list -the Compensatory Afforestation Fund (CAF) bill -looks set to get stuck as the Congress decides to move an amendment to it in the RS. The bill, passed in the Lok Sabha in May, is meant to unlock nearly Rs 42,000 crore that has been lying unspent for years. This amount, deposited by user agencies which divert forest land for non-forest purpose, is supposed to be utilized to mitigate impact of diversion of the forest land through afforestation. “Yes, I am moving the amendment for sure (on party's behalf)“, said Congress Rajya Sabha MP and former environment minister Jairam Ramesh. The Congress had made its intention clear in May when Ramesh had written to the then environment mini ster Prakash Javadekar, listing its objection to the bill in its present form. Javadekar had, however, said that the...

The Income-Tax Appellate Tribunal's Mumbai bench has held that a taxpayer can't be denied investment-related tax benefits if he doesn't get timely possession of a house in which the reinvestment was made, due to a builder's fault . The I-T Act provides for benefits relating to capital ga ins tax, where sale proceeds of any asset other than a house (section 54F) or sale proceeds of a house (section 54) are reinvested in a residential house property in India. There is no capital gains tax if the purchase price of the residential property in which the reinvestment is made exceeds the sale proceeds. In other cases, the capital gains, and thus the tax outgo, is proportionately reduced. There are conditions to be eligible for such tax-breaks. The original asset (or house) that has been sold must have been held by the taxpayer for more than three years (long-term capital asset). Also, the residential house property in which money is being reinvested has to be purchased within...