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Transgenders to be recognised on a par with other workers In a first, the Union labour ministry has mooted setting up a safety regulator for factories in India, which will set the guidelines for establishments after public hearing and consultation. The regulator, Occupational Safety and Health Board of India, is aimed at making factories a ‘ zero- accident place’ for work and substantially reduce the time to set up factories. According to the proposed amendments to the Factories Act, transgenders will be at par with other workers and there won’t be any discrimination against them. The amendment Bill states state governments may frame rules to ensure respect for “ inherent dignity, non- discrimination and respect for difference and acceptance of transgender persons as part of human diversity”. The proposed amendments say a factory will be deemed approved in 15 days of the receipt of application if guidelines set by the regulator are followed by the employer. The proposal to amen...

1.  President ICAI suggested Finance Minister to extend due date of filing of ITR & Tax Audit Report be extended from 30.9.2015 to atleast 31.10.2015 for genuine hardship to the assesses and members of the profession. 2.  Individuals can now apply for PAN online with digital signature w.e.f 6.9.2015. 3.  Salary and Interest to partner to be allowed as deduction while estimating the profits of the firm where books of accounts are rejected- Inter Continental Constructions (High Court of Andhra Pradesh and Telangana). 4.  If the notice u/s 148 of I T Act was not served on the assessee in accordance with law, the re-assessment made is liable to be quashed.[ CIT vs. Chetan Gupta, High Court of Delhi] 5.  Now a private company can accept unsecured loans also from a relative of director, with a declaration that such loan is not from borrowings. Notification dated 15.09.2015. 6.  Union Cabinet has approved to promulgate the Negotiable Instruments (Am...

1.  Ponds specially designed for breeding of prawns to be treated as plant for depreciation purposes.[ ACIT vs VICTORY AQUA FARM LTD. (Supreme Court)] 2.  Depreciation on enhanced cost of asset is allowed from the date when the obligation to pay customs duty arose.[CIT vs Noida Medicare Centre Ltd, Delhi High Court] 3.  Now a private company can accept unsecured loans even from a relative of a director of the company.   http://www.mca.gov.in/Minis…/…/Amendement_Rules_15092015.pdf 4.  Finance minister Mr. Arun Jaitley on Monday announced the government's decision to impose a 20% safeguard duty on steel imports with immediate effect. 5.  RBI has decided that the resident importer can raise trade credit in Rupees (INR) within the prescribed framework. 6.  Modifications in Electronic IECs as well as physical IECs will now be carried out online by paying a fee of Rs.200/- w ef. 21.9.2015. 7.  Consignment wise duty payment can be made throu...

Prior govt nod not required for raising money via these instruments in areas where FDI is allowed under automatic route The government has decided to consider foreign investments in partly paid shares and warrants eligible instruments under the foreign direct investment policy , bringing greater flexibility in their use to raise capital. “The government has reviewed the extant FDI policy...to allow partly paid shares and warrants as eligible capital instruments for the purpose of the FDI policy ,“ the department of industrial policy and promotion (DIPP) said on Tuesday in a notification amending the consolidated FDI policy circular 2015. Till now warrants and partly paid shares could be issued to foreign investors only after approval through the government route. Bringing them under eligible foreign investment instruments means that prior government permission will not be required for raising money through these instruments in sectors where FDI is allowed under the automatic ...

Says exposure to top 20 borrowers will have to be disclosed ahead of public offer of debt securities The Securities and Exchange Board of India ( Sebi) has asked non- banking financial companies ( NBFCs) to issue detailed disclosures while launching a public offer of debt securities to raise funds. The norms, which will be applicable to draft offer documents to be filed on or after November 1, have been finalised on the basis of feedback from market entities. Sebi seeks to align the norms in line with the stipulations required by the Reserve Bank of India ( RBI). The NBFCs would now need to disclose “ aggregated exposure to the top 20 borrowers with respect to the concentration of advances", against the current requirement for top 10 borrowers. They would also need to disclose the details of loans, which are overdue and classified as non- performing according to RBI guidelines. Sebi further said, “ NBFCs are frequent issuers of debt securities and amongst other things, g...

Says cut reliance on ratings, do research before investment The Securities and Exchange Board of India ( Sebi) has asked mutual fund ( MF) managers not to invest in debt paper solely based on credit rating. The capital markets regulator has called for more scrutiny, based on detailed research, amid a rise in the banking systems stressed assets. The move is a fallout of the problems faced by JPMorgan MF on account of its investment in Amtek Auto’s debt, later downgraded by rating agencies. Sources say Sebi is concerned over MFs’ exposure to poor quality corporate paper and is asking them to remain careful. It has written to heads of all fund houses for vigilance on investment in corporate paper. And, asked fund houses for details of the securities which have been downgraded after their investments. Sebi has specifically asked fund houses to reduce concentration risk in their fixed income portfolios, said people in the know. By the norms, a fixed income scheme can invest up to ...

1.  CBDT sets up a committee to bring quality to assessment orders. Notification No. 225/246/2014/ITA.II. 2.  Income tax department will process and send refunds within 7 to 10 days to the taxpayers. 3.  Anonymous donation received by assessee would be exempt u/s 115BBC as the activity of the trust was spiritual not religious. [CIT vs. Bhagwan Shree Laxmi Narain Dham, High Court- Delhi] 4.  DVAT dealer to file online sugam-2 (DS2) before physical entry of goods in Delhi with effect 15th September 2015. 5.  Delhi government announces reward upto 10 Lacs scheme for informers on VAT providing vital inputs in the national capital. 6.  SEBI amends ICDR norms; allows participation of more anchor investors in public issue. Notification no.SEBI/LAD-NRO/GN/2015-16/18, 10-9-2015. 7.  MCA has released the Companies Filing of Documents and Forms in EBRL Rules, 2015, which shall come into force from the date of their publication in the Official Gazette...

Half a dozen Bills to go to Cabinet before the winter session of Parliament The Bandaru Dattatreyaled labour ministry has set itself strict deadlines, spanning over the next six months, to bring about legislative and procedural changes to decades-old labour laws, despite stiff opposition from trade unions. According to the plan, which indicates the government's commitment towards labour reforms, at least half a dozen Bills will go to the Cabinet for approval before winter session of Parliament. The deadlines were communicated to the Prime Minister's Office at a recent meeting. The PMO is expected to follow up if there is any delay, a first of its kind exercise in the history of the labour ministry . A senior government official told ET that the government is keen to hasten the reforms process, more so after Prime Minister Narendra Modi met at least 40 industrialists at a hurriedly convened review meeting last week and reiterated his commitment of creating an enabling en...

Provisional duty on certain steel products to be valid for 200 days as domestic players cry foul over rising inflows from China, Japan & Korea Finance minister Arun Jaitley on Monday announced the government's decision to impose a 20% safeguard duty on steel imports with immediate effect. The duty on specific steel products will be valid for 200 days.This is perhaps the first time in nearly two decades that the government is taking a series of moves to “protect“ the domestic steel industry since it was liberalised in the early 90s. “A provisional duty of 20% on certain steel products has been introduced with effect from today and it will continue for 200 days,“ the finance minister told reporters in New Delhi. The government has reacted with remarkable speed in response to an application from domestic steel producers in June.Earlier a government panel comprising commerce, steel and revenue secretaries approved imposition of 20% safeguard duty on imports of specific stee...

Brokers of commodity exchanges are set to start registrations with new regulator, Securities and Exchange Board of India ( Sebi), after September 28, the date of the merger of Forward Markets Commission ( FMC) and Sebi. After September 28, trading on commodity exchanges would continue as usual. But, commodity brokers would have to create a separate entity under their broking firm till registration is complete. Meanwhile, Sebi had announced on September 8 that it had changed rules to allow the functioning of the commodities derivatives market and its brokers. Under the new norms, a regional commodity derivatives exchange would pay Sebi an annual regulatory fee of Rs.50,000 within 30 days of the end of the financial year. For national commodity derivatives exchanges, the net worth for a self- clearing member would be Rs.1 crore, and for a clearing member, Rs.3 crore. Business Standard, New Delhi, 15th Sept. 2015

Finance minister Arun Jaitley on Monday assured global investors of the " fairest and predictable taxation regime". He invited them to invest in sectors including infrastructure, manufacturing and defence. He was optimistic annual India- US trade will surge five times to $ 500 billion in the next few years. He was at the 11th Indo- US Economic Summit. Business Standard, New Delhi, 15th Sept. 2015