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Updates Of the Day 1.Online Applications are invited from CA firms/LLPs from 1st January 2016 to 15th February 2016 for empanelment for appointment as auditors of Government Companies/Corporations for the year2016-17. For details visit www.saiindia.gov.in 2.ICAI asks CAs to include Name of Firm, FRN, Name, Designation & Membership No. of CA (besides other requirements) with Signature in Certificates issued. 3.FEMA Notification No. 9(R)/2015-RB dated Dec 29, 2015, c.f. G.S.R. No.1005(E) which supersedes the Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000 and all amendments thereto. 4.The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information from taxpayers. 5.Partner's remuneration u/s 40b- once the additional income offered for taxation during the survey is accepted and it has been explained to be as a busines...

RBI/2015-16/309 A.P. (DIR Series) Circular No.44/2015-16 [(1)/10(R)] February 04, 2016 To All Category - I Authorised Dealers and Authorised Banks Madam/ Sir Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). On a review it is felt necessary to revise the regulations issued under the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000, as amended from time to time. Accordingly, in consultation with the Government of India, the said regulations have been repealed and replaced by the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015....

Cong To Take Up Graft Charges Against Guj CM The budget session of Parliament faces a serious threat of washout, with the Congress indicating it would raise the allegations of corruption against Gujarat chief minister Anandiben Patel to corner Prime Minister Narendra Modi.Patel has been accused of favouring businessmen linked to her daughter in Gujarat, with the issue pertaining to the period when Modi was the CM and she held the revenue portfolio. “The issue will be raised in Parliament because it has raised questions about the PM,“ Congress spokesman Anand Sharma said. He said Modi would have presided over the state cabinet meeting which cleared land allotments for the businessmen at throwaway prices.Along with Dalit scholar Rohith Vemula's suicide, graft charges against the Gujarat CM make for a potent combination for the opposition to corner the BJP. Adding to it is what Congress views as BJP's “deliberate provocation“ by attacking the Gandhi family like the PM's ...

The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information of the taxpayer over email, it said. Business Standard, New Delhi, 6th Feb. 2016

Even the best of macro- prudential policies might fall short while addressing serious economic crises and might not be able to foresee such challenging situations, said Reserve Bank of India ( RBI) Deputy Governor R Gandhi. He was speaking a conference in Chennai on Friday. Macro- prudential policy is the approach to financial regulation aimed at mitigating the risk of the financial system as awhole. According to him, the challenge is to establish an implementable framework to deal with the emerging systemic risks at an early stage. “Future crisis also may not replicate any of the past ones. Hence, history might not always be of help. Complacency may slowly set in even as our memories of bad times are gradually fading away,” he said. Gandhi said the banking regulator would make bond markets safer and easier to access, which would attract companies to raise money through corporate bonds. “We are trying to limit access to the banking finance, so that corporates can look at the ...

Updates Of the Day 1.Demand of duty is a charge of suppression, as the sale invoice of the chassis manufacturer was not in possession of the appellant, therefore, the appellant was not in a position to provide the same to the department. The extended period of limitation is not invokable at all. – Tribunal. [M/s. HMM Coaches Limited vs CCE, Panchkula - 2016 (2) TMI 143 - CESTAT NEW DELHI] 2.Exemption of Services –Notification No. 25 dated 20.06.2012 updated till date. 3.Procedure, Formats and Standards for ensuring secured transmission of electronic communication to taxpayer. Notification No. 2/2016DGIT(S)/DIT(S)-3/AST/Paperless Proceedings/96/2015-1 4.Under no circumstances, the Director can be allowed to compete the business of the company, in which he/she is already a director, to exploit the mark in order to give the impression to the public at large that he/she has any association or affiliation of the company in which he/she is still a director. – HC. [RAJEEV SAUMITRA vs NE...

In a bid to improve accountability and ensure every order is looked upon as a regulatory action, the Securities and Exchange Board of India ( Sebi) might get its orders passed by a panel. Currently, orders are passed by a single officer from one department. “To make orders a collective responsibility of the regulator and to prevent one officer from being singled out, we are mulling to have a panel to pass orders,” said a source. Another source says this would increase the quality of orders and ensure different perspectives are taken into account while issuing these. “ We want to have orders with more of quasi- judicial quality. Being passed by a panel would make sure these cannot be questioned easily,” added the person. This was suggested by some independent members who are a part of the Sebi board of directors. Lawyers agree this would help improve the applicability. “It will bring more perspective.Ideally, this panel should include at least three officers and one of them sh...

Chinas top legislature on Sunday approved a proposal to revamp the countrys initial public offering ( IPO) system, authorising the government to implement changes to the system that could be in place as early as March, the official Xinhua news agency said. The State Council, or cabinet, had been awaiting approval on its plans to shift to aUS- style registration system for stock market floations. In the latest reform aimed at developing Chinas financial market, the changes are expected to help companies raise money more efficiently and reduce the involvement of regulators in the capital market. The widely expected approval by the National Peoples Congress, announced on Sunday, paves the way for regulators to draft detailed rules that will be implemented after seeking public feedback. Xinhua reported the approval on its official microblog. The next step for the State Council is to come up with specific details of the new IPO system. The cabinet could do so and implement a new I...

Updates Of the Day 1.Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings. 2.Disallowance cannot be made of expenditure not claimed as deduction in profit and loss account. [ITAT Delhi: Sunaina Tower Pvt. Ltd. vs. ACIT.] 3.Interest in leasehold property includable in net wealth of assessee if he exercises power of owner on it. Bombay High Court: Jaya Hind Sciaky Limited. 4.Government of the Republic of India and the Government of the Republic of Macedonia enters DTAA for the avoidance of double taxation. Notification No. 94/2015. 5.SEBI meeting on Implementation of OECD Principles of Corporate Governance, Spot Price Determination of Commodities etc. PR No. 297/2015. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Updates Of the Day 1.SEBI meeting on Implementation of OECD Principles of Corporate Governance, Spot Price Determination of Commodities etc. PR No. 297/2015. 2.Export Policy of Onions- Removal of Minimum Export Price on onions. Notification No. 29/2015-20. 3.Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the Central Government under the Companies Act, 2013. 4.Section 54F do not stipulate purchase of new asset from sale proceeds of original capital asset only.[CIT vs. Shri Kapil Kumar Agarwal (P&H High Court)]. 5.Finance Ministry has asked Income Tax department officials to mandatorily mention their email and official phone numbers in e-letters and notices. 6.Applications are invited from advocates of substantial standing and repute and with good academic credentials for the empanelment of Addl. / Asstt Public Prosecutor of Income Tax Department. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscr...

Updates Of the Day 1.Delhi High Court ruled that undervalued property can be registered in the capital. 2.SEBI Meeting on Implementation of OECD Principles of Corporate Governance, spot price determination of commodities etc. PR No. 297/2015. 3.CLB has issued a circular stating that the certified copies of the "Interim Orders" passed by the Principal Bench and New Delhi Bench on its official web site w.e.f 01.01.2016. 4.CD (compact disc) is an admissible ‘documentary evidence’-Supreme Court of India. [Shamsher Singh Verma vs. State of Haryana] 5.TPO can reject transfer pricing study report based on multiple year data and use only current year data [ITAT Bangalore DCIT vs. M/s. Parametric Technology (India) Pvt. Ltd]. 6.It is not the ‘profit from export’ but ‘profit of business’ which is to be considered in formula u/s 10B(4) [Delhi High Court in Riviera Home Furnishing vs. Addl. CIT]. 7.Interest paid on borrowed sums further advanced to subsidiary company for purpose...