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Retirement fund body Employees’ Provident Fund Organisation has done away with the mandatory requirement of affixing a one rupee revenue stamp on provident fund withdrawal claim forms,” Labour Minister Bandaru Dattatreya said. Almost 97 per cent of cases of settlements are made through national electronic fund transfer,” he said. Business Standard, New Delhi, 15th August 2015

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1.  CBDT vide Notification No. 2/2015 dated 13.07.2015 started to facilitate the tax payers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-2016 can now be verified electronically. 2.  Penalty u/s 271 (1) (C) of the Income Tax Act can not be levied in succeeding year if on similar disallowance, no penalty was levied in preceding year. [ACIT vs Dhariwal Industries Ltd, ITAT] 3.  Updated costing taxonomy 2015, business rules and MCA XBRL validation tool version 2.0(beta) has been released. 4.  Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – Honrable Supreme Court in the case of Tata Chemicals Ltd. 5.  Use modified Version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.2015.

1.  MCA has initiated the process of the constitution of the NCLT and NCLAT and in this regard notified the vacancies for the post of technical member and judicial member. 2.  Appellate Tribunal, DVAT passed against order cancellation of registration certificate without issuing statutory notice in form DVAT-10 and without affording adequate reasonable opportunity before taking an adverse action. [Aarish Polychem Pvt. Ltd. vs Commissioner of Trade and Taxes]. 3.  DGFT has made amendments to Foreign Trade Policy 2015-2020, which shall be effective from 1st July, 2015. 4.  Assessee can claim depreciation if entire control and rights of building are with him. [CIT vs Bharat Hotels (High Court Delhi)]. 5.  Loss from forex derivative trading upto export turnover is business loss and not speculative loss: Majestic Exports vs. JCIT, (ITAT Chennai). 6.  CBDT issued office memorandum regarding, CBDT hauls up officers and staff for leaving early,...

The Reserve Bank of India ( RBI) has said banks might be exposing themselves to undue risk by back- loading most of their repayments for infrastructure projects refinanced under the ‘5/ 25 scheme’. According to RBI Deputy Governor H R Khan, following the issuance of the guidelines for the 5/ 25 scheme, banks had taken up flexible structuring of a few projects. However, there have been some reports that banks have incorporated long moratorium periods in their revised loan amortisation schedules and they are not clear on the methodology to compute the net present value of these loans. Under the 5/ 25 scheme, banks were allowed to fix longer amortisation period for loans to projects in infrastructure or core industries sector for, say, 25 years. This would be based on the economic life or concession period of the project with periodic refinancing, say, every five years. This scheme was announced for addressing the loan maturity mismatches in financing the infra projects. Khan, w...

An online petition, signed by over 15,000 people, including some of the top industrialists of India, that had appealed to the Congress- led Opposition to end the disruptions in the Rajya Sabha to pass the Goods and Services Tax ( GST) Constitutional Amendment Bill led to more protests in the Upper House on Wednesday and effectively jettisoned, in what was the penultimate day of the session, any hope of the ongoing monsoon session of Parliament passing the all- important Bill. The events also put a question mark on the planned rollout of the GST regime by the appointed date of April 1, 2016. According to a government strategist, the Cabinet Committee on Political Affairs could meet on Thursday to take a decision not to prorogue the House. This could enable the government to extend the current session after a break. The government might even call a special session, sources said. But any such decision will need to have the Opposition, particularly the Congress, on board and will nee...

The Reserve Bank of India (RBI) has asked income tax assesses to pay their income tax dues in advance at the RBI or any authorised bank branches including that of SBI, ICICI, HDFC Bank, PNB and Axis Bank. Hindustan Times, New Delhi, 13th August 2015

1.  The CBDT has issued a stern office memorandum to hauls up officers and staff for leaving early, coming late and harassing taxpayers. 2.  Extension to 17.08.2015 of last date to file D-VAT return for Q1 of 2015-2016 in Forms DVAT-16, DVAT-17 and DVAT-48.Circular No.18 of 2015-2016 dated 07.08.2015. 3.  Mandatory pre-deposit of tax for filing appeals under Service Tax, Excise and Customs – The Dilemma Continues: Honourable High Court of Allahabad in the case of Ganesh Yadav vs. UOI. 4.  Secondment / expatriation of staff does not amount to 'manpower supply services'. [Samsung India Electronics (P.) Ltd. vs. CCE, (New Delhi- CESTAT)]. 5.  SEBI has amended SEBI (ICDR) Regulations, 2009 and notified the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2015. 6.  Office of the Commissioner of Service Tax is coming up with empanelment of CA/ICWA for audit of Service Tax Assesses. Apply at The Commissioner Service Tax...

The Supreme Court on Tuesday directed the government to inform people that Aadhaar was not mandatory, but allowed its use in distribution of LPG, kerosene and PDS subsidy schemes for now, a move that may in effect deny these benefits to those who do not have a unique identification number. In an interim order, a three-judge Supreme Court bench on Tuesday partially allowed the government to use Aadhaar cards to weed out the unde serving and plug leakages in PDS subsidy schemes, rolling back a 2013 order that completely banned use of Aadhaar in dispensing social security benefits of any kind. The court, however, restrained the government from either sharing the personal information and biometrics collected under the Unique Identification Authority of India (UIDAI) with any other entity or using it for any other purpose. Attorney General Mukul Rohatgi gave assurance to this effect. The interim order, issued by Justices Jasti Chelameswar, SA Bobde and C Nagappan, also said it would...

No Plan B to defer its introduction yet The finance ministry still hopes to implement goods and services tax (GST) from April 1, 2016 even if the constitution amendment Bill is not passed by the Rajya Sabha in the monsoon session, which is slated to end on Thursday. However, independent experts are not as sure. Sources in the finance ministry said there would be tremendous pressure on the ministry if the Bill is not cleared by the Rajya Sabha in the ongoing session, but it is not impossible to meet the deadline of introducing GST. “A window to pass the constitution amendment and GST Bills between December and March would be narrower. It would be difficult, but it is not impossible to clear them,” a key official said. Meanwhile, Empowered committeeofstate finance ministers Chairman K M Mani said implementation of GST from April 1, 2016 would be very difficult if the Bill is not cleared by Parliament in the current session, butallthoseconcernedwill trytoovercome themandintroduc...

1.  The income tax department has notified tax return forms for non-salaried class, including companies, partners in firms and individuals deriving their income from proprietary business or profession. 2.  CIT can revise order u/s 147 by invoking provision of section 263 on the issue of share at premium. [ITAT Kolkata: Subhalakshmi Vanijya Pvt. Ltd. vs. CIT]. 3.  Directorate General of Service Tax. (DGST) will henceforth be re-named as Directorate General of Goods and Service Tax (DGGST) w.e.f. 01.08.2015. And its headquarter be shifted from Mumbai to Delhi. 4.  DG- RBI has urged banks to be sensitive towards the lifecycle needs of their MSME clients and develop products that are suitable to their requirements for working capital and for capital expenditure purposes. 5.  DVAT authorities have released a list of existing dealers whose PAN is not verified through NSDL. 6.  NIRC of ICAI is organising sub regional conference of H.P. state on 14.08. 2...