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Showing posts from August 19, 2016

I-T dept won't question registered valuer's report

The valuation report from a registered valuer will not be questioned by the income tax department for disclosures made under the domestic black money compliance scheme, the CBDT clarified on Thursday . “The valuer is expected to furnish a true and correct valuation report in accordance with accepted principles of valuation. In case of any misrepresentation, appropriate action as per law shall be taken against the registered valuer,“ said the fifth set of FAQs. CBDT had received representations from stakeholders to provide an option to value the immovable property on the basis of the registered value. “After due consideration, the rules have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of property ,“ the FAQs said. The Times of India, New Delhi, 19 August 2016

CBEC to meet e-tailers on GST roll-out concerns

The Central Board of Excise and Customs (CBEC) will chair a meeting this week with e-commerce companies over their apprehensions about the Goods and Services Tax (GST) and to fine-tune and improve the law. While e-tailers have broadly welcomed the government's effort to implement the GST, clauses such as tax at source, which would impact small scale sellers and increase compliance burden, have been bothering these companies. According to the tax head of a top e-commerce firm, major pain points also include filing tax forms before buying goods more than Rs 5,000 in select states.  The companies are trying hard to convince the government to do away with these rules in the final GST law .“The government's intent to bring GST is welcome but some clauses seem to have not been looked at carefully . We have already provided feedback on major pain points for us and the meeting is expected to deliberate further on these issues. If these clauses remain in the final law, then a lot of i…

Budget to get slimmer after GST rollout

GST Council To Fix Rates, Govt To Focus On Policy The Union budget is set to get thinner once the Goods and Services Tax (GST), a vital indirect tax reforms that aims to develop a common domestic market and cut out multiple levies, rolls out in the months ahead.
Experts say Part B of the budget, which is the most awaited section, will in all probability sport a very trimmed look after GST becomes a reality. And, after the announcement of Direct Tax Code (DTC), length of the budget will be further trimmed, prompting the government to focus on policy announcements and detail outcomes of various proposals. The changes on account of GST are expected to reflect from the 201819 budget. “Part two of the budget where you have the tax rates will be reduced by more than 50% and you will only have direct tax rates,“ said Dhirendra Swarup, a former expenditure secretary . “I don't know in what form DTC will come. And the GST rate will be recommended by the GST Council which will be then be f…

DIPP to Set Credit Fund Norms for Startups

LEG-UP FOR STARTUP FUNDING The fund will help in the flow of venture debt from the formal banking system Startups are one step closer to being able to borrow money , with the Department of Industrial Policy & Promotion (DIPP) given charge of framing guidelines for a credit guarantee fund for them.
“Earlier, the matter was being dealt with by the department of finance. We have started the work and it should be finalised by September,“ a senior government official said. The DIPP is part of the ministry of commerce & industry . After suggestions from stakeholders including startups, venture capital funds and angel investors, the govern ment is looking at ways of increasing the availability of finance to startups.The credit guarantee fund would help in the flow of “venture debt from the formal banking system,“ the official said. The Startup Action Plan announced by Prime Minister Narendra Modi in January said that a credit guarantee mechanism through the National Credit Guarantee…

Tax on Unaccounted Income Now Payable in Cash as Well

Govt wants RBI to ask banks to allow over the counter payment of tax under the scheme in cash Those disclosing unaccounted wealth under the income declaration scheme (IDS) will have the option of paying the tax on such income in cash, the income-tax  department has clarified through a fifth set of frequently asked questions (FAQs).
The I-T department has also said tax authorities will not question the valuation reports of the accredited valuers, clearing more doubts about the four-month long scheme that closes on September 30. The government has requested the Reserve Bank of India to issue instructions to banks to allow over the counter payment of tax under the scheme in cash. “It is clarified that no adverse action shall be taken against the declarant by Financial Intelligence Unit (FIU) or the I-T department solely on the basis of the information regarding cash deposit made consequent to the declaration under the scheme,“ the department has said. The declaration will attract a total… News... News...
1. NIRC of ICAI is organising Workshop on GST on 22 August at Institution Technia, Madhuban Chowk, Rohini, Delhi and on 24th August 2016 at ICAI Bhawan, Vishwas Nagar, Delhi. For details  Visit
2. On STBA representation dated 09.08.2016 the following problems resolved by the Delhi VAT Department.
a) DSC made optional.
b) In Item code with rate of 12.5% the option of others would now be working.
c) Restaurant & Halwai dealers under composition Scheme can now file returns without filing commodity  in Annex-2B..
d) C forms can now be uploaded even if dealer has not filed the return for Q-1 2016.
e) Labour & service charges can now be filled in Annex 2A/2B without item Code.
3. SEBI has launched electronic mode for payment of penalties, disgorgement as well as settlement amounts.
4. Indian Overseas Bank invites application for empanelments of concurrent audit. The firm or its prop/partners have not been the subject of inquiries in the …