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As you are aware that returns furnished by the assessees during the FY 2014-15 are pending for processing under section 143(1) and the limitation date for the same is 31-3-2016. In this regard, to facilitate the processing of returns which are otherwise not possible to be processed on AST due to various technical and non-technical reasons the Online TMS functionality is being enabled from 15-3-2016. The technical and non-technical reasons are broadly categorized as under: 1.1 Category 1 : In this category of cases, the PAN is genuine and the returns are not processed in the CPC/AST due to technical hindrances as mentioned below. (i) PAN under migration. (ii) PAN is deleted in de-duplication process. (iii) PAN is under de-duplication or restoration. 1.2 Category 2: In this category, either the PANs are invalid or the returns cannot be processed in the given PAN. The reasons are as under: (i) Invalid PAN mentioned in the return. (ii) PAN is not available. (iii) Name in ...

If A Blanket Ban On Patenting Of Computer Programme Related Inventions Is Put In Place, It Will Hit Innovations The government's major initiative announced by the Prime Minister Narendra Modi on January 16 has prepared the ground for an innovation-friendly atmosphere in the country . The last two decades saw the growth of the IT industry in India, making a huge contribution to our economy . However, the IT industry was acting more as a back office for various international businesses and the investment on innovative products was lacking. The time has now come to convert India's strength and progress in IT into creation of innovation-based products and services. It is one thing to create customized processes for businesses and it is completely another thing to create a branded product that can be used by businesses universally. The government's ambitious plan to promote innovation is a step in the right direction. However, the patent office does not think so. The rec...

Will Amend Cos Act To Allow Multi-Layer Investment Entities, Hike Penalty On Auditors Finance minister Arun Jaitley on Wednesday proposed fresh amendments to the Companies Act to do away with the restriction of routing funds through only two layers of investment companies as well as seeking government approval for managerial remuneration. The amendments moved in the Lok Sabha have also sought to increase penalty for auditors by linking certain fines to the size of the offence and eased rules for private placement of shares. In general, the tone of the amendments -the second since the law was enacted towards the end of UPA rule in 2013 -is to make life simpler for India Inc -be it in providing loans to directors, calling board meetings or restrictions on appointment of an auditor of a company that has links with its “relatives“. The corporate sector had cited the new Companies Act, which replaced the 1956 law, as an example of how it was tough to do business in the country , whi...

www.caonline.in News... 1.Empanelment of members to act as observers at the examination centers for the CA examinations May/ June 2016 from 17th March to 31st March 2016. 2.Captively consumed goods partly cleared to DTA to be valued u/s 4.[Eastman Spinning Mills (P) Ltd. vs. Commissioner of Central Excise, Madura (CESTAT Chennai)]. 3.Physical brand embossing not must to be called as branded goods. [M/s. Titan Industries Ltd. vs. Commissioner of Central Excise,Chennai-III (CESTAT-Chennai)] . 4.Section 271B : No penalty on club having bonafide belief of mutuality. [M/s Koramangala Club vs. ITO (Karnataka High Court)]. 5.Section 24 : Interest for property acquisition allowed despite use in construction. [Mrs. Samiksha Mahajan & Mrs. Anita Rani vs. ACIT (ITATDelhi)] . 6.Cenvat credit of service tax paid on Freight for Sale on for Basis. [Commissioner of Central Excise, Dehradun vs. M/s. Hindustan Zinc Ltd. (CESTAT Delhi)]. For more News Like us on https://www.facebook.com/cao...

Aspirants aiming for a qualification in chartered accountancy from the Institute of Chartered Accountants of India (ICAI) may soon have to gear up for changes in the CA curriculum. Currently, the different levels of the CA course are Common Proficiency Test (CPT), Intermediate (Integrated Professional Competence) Course (IIPCC) and the final course. The entry-level test is named CPT and is currently designed in the pattern of entry-level tests for engineering, medical and other professional courses. Students who are in the final year of their graduation can also register for the IIPCC on provisional basis. The last leg of the CA course is the final course, designed to impart expert knowledge in financial reporting, auditing and professional ethics, taxation, corporate laws, system control, strategic finance and advanced management accountancy. As per the proposed changes, the three levels would be called foundation, intermediate and final. The weightage given to some of the level...

We want to initiate a debate on this, though the government does not support it. Today, 98% of our time is wasted in reading files related to traffic offences or chequebounce cases. We might dismiss them finally, but we still have to give our time. The Supreme Court asked the Centre on Tuesday to explore the possibility of having national courts of appeal in four regions across the country even as the government opposed the idea saying it was neither possible nor desirable. Such courts, if established, would decide appeals arising out of high court verdicts — a function performed exclusively by the Supreme Court at present. The proposed courts would be below the Supreme Court and above high courts. Under the present system, litigants go directly to the top court against decisions of a high court, leading to piling up of 60,000-odd cases in the Supreme Court. A bench headed by Chief Justice of India TS Thakur asked attorney general Mukul Rohatgi to submit his proposed arguments ...

Keen to allay the apprehensions of jewellers over the 1% excise duty on gold ornaments, the government has promised “zero interface“ with the tax authorities and no inspection of premises after registration “Some jewellers have begun to come forwa rd to register,“ AK Gupta, chief commission er, excise, told reporters on Tuesday. “We ha ve promised them that no one would visit the ir premises.“ Jewellers went on strike after the levy was announced in the Budget. Chief commissioners of all zones have be en directed by the Central Board of Excise ANIRBAN BORA and Customs to send out a strong message th at there will be no return of the inspector raj Gupta said authorities will also not seek any declaration of stock held before the Budget. Finance minister Arun Jaitley had on Mon day made it clear that the levy was a precurs or to the goods and service tax (GST), rejecting demands for a roll back. He had proposed the excise duty on jewellers having a turnover of over Rs.12 crore, the...

The Lok Sabha on Tuesday passed the Real Estate (Regulation and Development) Bill, clearing the way for a regulatory mechanism for the real estate sector to protect the rights of homebuyers and ensure timely delivery by builders. Rajya Sabha had passed the long-awaited bill, which has been pending since 2013, last week. It will now be sent for approval to the President of India and then it will become a law. “I did my duty. States are given power. Now states should follow it up with timely approvals...#RERABill,“ urban development minister Venkaiah Naidu tweeted after the bill was passed in the lower house. “Single window approval system is being developed for ensuring timely completion of housing projects #RERABill,“ he tweeted. Under the provisions of the bill, builders cannot advertise and sell homes till all approvals are in place and the project is registered with the regulatory authority that will be set up in every state, alongside appellate tribunals for dispute resolutio...

MFs' income from PTCs will not be taxed, FIIs can also invest Finance Minister Arun Jaitley's clarification in the Budget for 2016-17 that mutual funds' income from pass through certificates or PTCs will not be taxed has ignited hope of a revival in demand for such securities after a dip in volumes in the past couple of years. Fund managers are, however, awaiting the fine print in the Finance Bill, particularly to confirm that the tax on income from PTCs will have to be paid for by investors and not by mutual fund trusts. The finance minister also said in his budget proposals that the government will allow foreign institutional investors to invest in PTCs. PTCs are securities issued to investors against mortgagedbacked loans of non-banking finance companies and banks. These loans are securitised and sold to an investment entity , such as a mutual fund, thereby transferring the future cash flows to the buyer of the security for a price. “Mutual funds were big investo...

The Reserve Bank of India ( RBI) has asked banks to pay interest on savings bank accounts on a quarterly basis or shorter duration, a move which will benefit crores of savings account holders. At present, the interest is credited in savings bank accounts on a half- yearly basis. The interest rate on a savings bank account is calculated on a daily basis since April 1, 2010. “Interest on savings deposits shall be credited at quarterly or shorter intervals (on domestic savings deposits),” RBI said in a circular issued on March 3. While public sector banks offer four per cent interest on savings deposits, private players offer as much as six per cent. In 2011, the central bank had decided to give freedom to commercial banks to fix savings bank deposit rates, the last bastion of the regulated interestrate regime. While giving banks this freedom, RBI had said a uniform rate would have to be offered on deposits of up to Rs.1 lakh. On higher amounts, banks are allowed to offer differ...

www.caonline.in News... 1.New case cannot be made out after issuance of show cause notice and after passing the adjudication order. Both the lower authority have wrongly denied the Cenvat credit on the capital goods.[ M/s. Maharashtra Power Transmission Structures Pvt. Ltd. vs CCE, Thane I - 2016 (3) TMI 433 - CESTAT MUMBAI]. 2.CBEC notifies date of applicability of rules for removal of goods at concessional rate of duty. Notification No. 22/2016 – Central Excise (N.T.). 3.Integrated declaration under Indian Customs single window. Circular- 10/2016-Custom Duty. 4.Penalty u/s 271(1)(c) cannot be levied when returned income is accepted as it is. [Sh. Praveen Garg vs. ACIT (ITAT Chandigarh bench)]. 5.ITAT bound to follow binding decisions of jurisdictional high court. [HDFC Bank Ltd. vs. DCIT (Bombay High Court)]. 6.Disallowance of expenses on estimation is not allowed. [ITO vs. M/s Buildcon Engineers (ITAT Ahmedabad)]. For more News Like us on https://www.facebook.com/caonlineo...