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Showing posts from August 14, 2017

over 9.3 crore PANs linked with Aadhaar: I-T department

over 9.3 crore PANs linked with Aadhaar: I-T department
More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said .Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of about 30 crore PAN card holders, about three crore linkages were done in June and July. "By August 5, which was the last date for filing Income Tax Returns (ITRs), over 9.3 crore PAN-Aadhaar linkages have been registered by the I-T department," he said. According to the officer, the tally is expected to grow as the Central Board of Direct Taxes (CBDT), the policy-making body of the department, has already extended the last date for linking the two unique numbers till August 31. The government had made the PAN-Aadhaar linking mandatory for filing ITR and obtaining a new Permanent Account Number (PAN) from July 1. The CBDT has said that for the purpose of e-filing of returns (by August 5), it would be sufficient to quote Aadhaar or ackno…

Unmasking Shell Companies

Unmasking Shell Companies Legal experts say a stricter definition of ‘beneficial interest in a share’ under company law and strengthening of the monitoring mechanism of listed entities may help prevent abuse of shell companies Two recent events, though unrelated, could have a wide-ranging impact on the abuse of shell companies for money laundering and tax evasion. The first is a provision in the Companies (Amendment) Bill, 2017, that was recently cleared by the Lok Sabha. It proposes to define, for the first time, the term “beneficial interest in a share”.  It further makes it mandatory to maintain a register of persons with a significant beneficial interest in a company. The other event is the Securities and Exchange Board of India (Sebi) setting up a committee on “fair market conduct” to suggest measures to improve surveillance of the markets. “The Companies (Amendment) Bill, 2017, gives an extremely wide and inclusive definition of ‘beneficial interest in a share’ that recognises all t…

Importer has ‘no-fault’ liability to pay

Importer has ‘no-fault’ liability to pay The Supreme Court has ruled that a port trust can demand demurrage and other charges from the importer even if the entity was unable to clear goods for no fault or negligence on its part. Even if the Customs authorities had detained the goods, which action was later found to be illegal, the charge must be paid. The court stated so while setting aside the judgment of the Bombay High Court in the case, Mumbai Port Trust vs Shri Lakshmi Steels. The court said neither can any shipping line involved in such an instance be burdened with the detention charge, nor the Customs department. The judgment explained: “The Customs authorities can be directed to pay the demurrage/detention charges only when it has proved that their action is absolutely mala fide or is such a gross abuse of power that the officials should be asked to compensate the importer for the extra burden which he has to bear. Even if an importer feels that it has been unjustly dealt with,…

Govt to amend cost audit rules under companies law

Govt to amend cost audit rules under companies law The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records. The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms. The corporate affairs ministry, which is implementing the Companies Act, has come out with a draft of the proposed amendments to the Cost Records and Audit rules. Various existing provisions under these rules, including some related to intangible assets, would be done away with while Ind AS compliance would be required for certain other aspects. The Business Standard, New Delhi, 14th August 2017

18% GST on takeaway food from non AC area of AC restaurant

18% GST on takeaway food from non AC area of AC restaurant A uniform goods and services tax (GST) rate of 18 per cent will be charged on take aways as well as food served from a non AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government said. The new GST regime, which was rolled out from July 1, provides for levy of 12 per cent on food bill in non AC restaurants. The tax rate for AC restaurants and those with liquor licence will be 18 per cent while 5 star hotels will charge 28 per cent GST. The Central Board of Excise and Customs (CBEC) has clarified through an FAQ on the GST rates that will be levied by restaurantcumbars where the first floor area is air conditioned and used for serving food and liquor, while the ground floor only serves food and non AC. The CBEC said tax will have to be charged at 18 per cent irrespective of from where the supply is made, first floor or second floor. “If any part of the establishment has a facility of air …