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Showing posts from August 20, 2016 News... News...
1. Tomorrow 21.08.16 (SUNDAY) is the last date for deposit of ESI for the month of July, 2016.
2. Since there is nothing in the Limitation Act to ascribe a broader meaning to the expression ‘court’ used in it so as to include within it the Company Law Board, no particular limitation period can be prescribed for application under sub-section (4).[ Sulochana neelkanth kalyani vs. Takle invest co. ( HC Bombay)].
3. MCA issues The Companies (Share Capital and Debentures) Fourth Amendment Rules, 2016, effective from 12.08.16. MCA Notification dated 12.08.16.
4. GST provisional registration for existing Service tax, VAT etc assesses for 6 months.  Final registration after submitting necessary details.
5. Those disclosing unaccounted wealth under (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).
6. CBDT Notification Reg.  Adoption of Indexed Stamp Duty…

Regulator liberalises commodity hedging limits

Subject to available liquidity, the policy will now permit higher limits, to corporate participants

The Securities and Exchange Board of India (Sebi) has liberalised hedging limits for genuine players in the commodity derivatives market. Subject to available liquidity, the policy will now permit higher limits, to corporate participants, too.

However, they have to prove their underlying assets and requirements, based on which, their earlier record and any other factor deemed appropriate, an exchange can decide their limit. The new norms take effect from September 29.

Ajay Kedia, director, Kedia Commodities, said: “For big players like corporate clients, especially in the agri commodity segment, this facility will be very useful. We can expect them to now come to the market for their risk management.”

Exchanges shall verify the documentary evidence before granting a hedging limit.

Many companies were also asking for permitting hedging in near-month contracts, not allowed in the earlier regim…

Deduction benefit under section 35AC only till March 31

Section 35AC of the Income Tax Ac, provides for a deduction in computing the business income of an assessee

The Centre on Friday said the benefit of deduction under section 35AC of the Income Tax (I-T) Act will only be available till March 31, in respect to the payments made to association or institution approved by the National Committee for carrying-out any eligible project or scheme.

"It may be noted that requests received after December 31, 2016, for the grant/modification/extension of approval beyond March 31, 2017 under section 35AC of the Income-Tax Act shall not be considered/entertained by the National Committee," the Finance Ministry said in a statement.

Section 35AC of the I-T Act, 1961, provides for a deduction in computing the business income of an assessee, of the amount paid by him to a PSU or a local authority or to an association or institution approved by the National Committee for carrying-out any eligible project or scheme.

Moreover, it said the Section 35AC,…

Chambers point out ambiguity in GST Bills

Assocham says non-inclusion of electricity will lead to significant economic distortions

Industry chambers met Revenue Secretary Hasmukh Adhia and pointed out certain loopholes in the draft model goods and services (GST) law and the constitution amendment Bill on the new indirect taxation regime such as ambiguity over exclusion of electricity from GST.

An Assocham delegation, comprising Anita Rastogi, partner Indirect Tax PricewaterhouseCoopers, pointed out that since entry 53 of List II of the Seventh Schedule of the Constitution of India has not been deleted by the constitution amendment Bill, there is no restrictive covenant under the Bill seeking to exclude levy of GST on electricity unlike in the case of alcohol, petroleum products. However, contrary to this, the Centre's view before the Rajya Sabha Select Committee on GST indicates that inclusion of electricity is not envisaged in GST.

The chamber said non-inclusion of electricity will lead to significant economic distortions. …

1.3L disclosed zero income in 2011-12

Over 35,600 individuals filed returns showing annual income of over Rs 1 crore with at least 1.3 lakh disclosing zero income during financial year 2011-12, data released by the government on Friday showed.

Those reporting zero income in their returns were those who accounted for tax breaks against investments such as provident fund and public provident fund as well as home loans, which helped reduce the total income to under Rs 1.8 lakh, which was threshold for the levy of tax in the lowest bracket.

Another 36 lakh tax payers, or 12.5% of the 2.89 crore individuals who filed returns disclosed income of up to Rs 1.5 lakh, while over 37% were in the Rs 1.5-2 lakh range.

But the number which is under watch is those in the higher brackets as only 14 lakh or less than 5% of the entire taxpayer base was in the top bracket of 30%. But this segment paid nearly 75% of the total income tax. The government has initiated a number of steps to track those failing to disclose income. 

The Times of India…

Handset Makers Demand 10% Duty Differential in GST

Say it's needed to keep Make in India for mobile phones attractive

Handset makers have demanded that the government keeps at least 10% duty differential in the goods and services tax regime to ensure that Make in India proposition for mobile phones remains attractive, emphasizing that sop for local manufacturing be continued for another decade.

Mobile phone makers have proposed nil or 1% Central GST and State GST at merit rate of 5% on all phones and tablets, whether imported or made locally , and on inputs, parts and components.

“The industry is extremely concerned how things will pan out in GST, particularly in connection with investments into manufacturing of mobile phones and components,“ Pankaj Mohindroo, chairman of the Fast Track Task Force (FTTF) said in a letter to electronics and information technology secretary Aruna Sundarajan Friday , highlighting apprehensions regarding further investments by companies, till duty differential principle was settled. “An early clarificati…