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Showing posts from September 1, 2016 News... News...
1. CBDT Extends due date for quarterly furnishing of Form 15G/155H.
2. NCLT has issued an order under the provisions of the Rule 89 of NCLT Rules, 2016 has approved the format of daily cause list.
3. COM VAT issued the notification:
a) Order dated.31/8/16 enhancing DVAT Refunds jurisdiction of AO's, Addl. Com/JC's & Spl.Com.
b) Notification. No.658 dated 24/8/16 reg. Withdrawal of mandatory requirement of filing DVAT return with Digital Signatures.
c) Circular No.13 dated.31/08/2016 extending the Q1 2016-17 DVAT returns up to 10/09/2016.
4. Goa has become 15th state to ratify the GST Bill after Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Telangana, Mizoram, Sikkim.
5. Under GST, refund of ITC allowed at end of Tax Period for exports & where ITC accumulated due to input tax rate higher than output tax rate.

Small businessmen wary of retro tax demand under GST mechanism

The Goods and Services Tax (GST) has been heralded as India's biggest reform since the 1991 liberalisation but one aspect of it has made certain small businesses nervous. Given that it will be virtually impossible to escape the tax net once the new levy is implemented, will this make them fair game for authorities investigating evasion in previous years? That fear is pushing many to make use of the government's black money window that closes at the end of the month. Prime Minister Narendra Modi, in fact, pointed to abuse of the current system in his Lok Sabha speech on GST. "We all know how the system of kacha bill and pakka (fake and real) bills operate. But GST will bring an end to the fake bills as traders will provide the real bills and accounts so that they benefit (in getting input tax credit)," Modi had said on August 8. All businesses — manufacturers, distributors, retailers — will have to register on the GST network. The levy is expected to be in place next yea…

Sebi suspects money laundering by brokers in NSEL scam

The Securities and Exchange Board of India (Sebi) has come across fresh evidence indicating that as many as five brokers might have used the 'exchange mechanism' to launder money in the Rs 5,574-crore National Spot Exchange (NSEL) scam, according to the audit report submitted to it. The third-party auditor appointed by Sebi has submitted its audit finding to the regulator, said a person with direct know of the matter. The market regulator had on April 4 given brokerages 60 days' time to have their books vetted by them. "We are examining the audit report we received in the matter. Accordingly, we would issue showcause notice to the respective entities," said a Sebi official. According to the audit findings, these five brokers have allegedly sold the products of NSEL with the promise of assured returns of 16 per cent. The report contains the fund flow analysis, which apparently shows a clear nexus between brokers, NSEL and defaulting clients, said the person cited abov…

CBDT issues circular endorsing validity of e-declarations

The CBDT has issued an order endorsing the legal validity of the e-declarations made under the ongoing domestic black money window, known as the Income Declaration Scheme (IDS). With only a month left for the IDS to close on September 30, the Central Board Of Direct Taxes(CBDT) said for those entities who make declarations of their domestic untaxed assets in the online mode, the Commissioner rank officer of its Central Processing Centre (CPC) in Bengaluruwill be "deemed" as the authority for receiving such declarations under the relevant sections of the I-T Act. Business Standard New Delhi,01th September 2016

New RBI norms to make FY17 costlier for large firms

Large borrowers in corporate India should be ready for higher interest rates on their incremental borrowing from April 2017, as the Reserve Bank of India (RBI) plans to raise the provisioning requirement in this regard. In 2015-16, India’s top non-financial companies paid an average interest of 7.6 per cent on their borrowing. This could potentially rise to 8.7 per cent, based on average current yields on listed rupee-denominated corporate bonds (see table). RBI has proposed that banks set aside higher provision for new lending to companies defined as ‘large’. Covered are those with fund-based sanctions from the total banking system of Rs 25,000 crore at any time during 2017-18; Rs 15,000 crore at any time during 2018-19 and Rs 10,000 crore at any time from April 1, 2019 on. At the end of the past financial year, 21 non-financial companies in the BSE 500 had bank borrowing of Rs 10,000 crore or more, of which eight owed more than Rs 25,000 crore to banks. These eight would have to look b…

Obligation for the Month of September

Event DateActApplicable FormObligation06/09/2016Service TaxChallan No.GAR-7E-Payment of Service Tax for Aug by Cos07/09/2016Income TaxChallan No.ITNS-281Payment of TDS/TCS deducted/collected in Aug07/09/2016Income TaxForm No.27C(TCS)Submission of Forms received in August to IT Commissioner10/09/2016ExciseER-1Return for Non SSI assessees for Aug10/09/2016ExciseER-2Return for EOUs for Aug10/09/2016ExciseER-6Return by units paying duty >  1 crore (CENVAT + PLA) for Aug10/09/2016D-VATDVAT-48Return of TDS for Jun quarter in DVAT-4812/09/2016D-VATBE - 2Advance information for 2nd fortnight of Sep of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc.14/09/2016Income TaxForm 16BIssue of TDS certificate in case of payment /credit made in Jul for purchase of property u/s 194IA.15/09/2016D-VATDVAT-20E-payment DVAT TDS for  Aug15/09/2016Income TaxChallan No.ITNS-280Payment of Advance Income Tax : Companies(45%), & Others : (30%)15/09/2016Providend FundElectronic Challa…