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The Reserve Bank of India ( RBI) is looking to put in place a regulatory framework to check fraudulent electronic transactions. This is expected to fix the liability issues arising out of such transactions, the government informed Parliament on Tuesday. The Banking Codes and Standards Board of India had in 2014 come out with a recommendation to limit the customer’s liabilities in such cases, Minister of State for Finance Jayant Sinha said in the Rajya Sabha. Noting that 87 per cent of the transactions in the economy are still in cash, Sinha said the government underlined the governments commitment to encouraging cashless financial transactions. “ So much of cash transaction is not good. This increases the cost of handling besides causing inconvenience.” RBI in its Payment System Vision Document 2012- 15 for ushering in a cashless economy suggested drawing up of a policy framework to establish the roles and responsibilities of banks and customers in electronic transactions to ...

The income- tax department has brought out anew form making it mandatory for salaried taxpayers to furnish proof of travel for claiming tax deduction on LTA or LTC. The Central Board of Direct Taxes ( CBDT) has brought in a Form 12BB form requiring employees to furnish to their employers with evidence in relation to house rent allowance ( HRA) if it exceeds Rs. 1 lakh in an assessment year. The details to be furnished include name, address and PAN of landlord where the aggregate rent paid exceeds Rs.1 lakh, according to a CBDT order. For claiming deduction of interest on home loan, the name, address and PAN of lender will have to be furnished. Business Standard New Delhi,4th May 2016

All the properties in Delhi might soon have their own Aadhaar-like number. The Delhi government, in collaboration with the three municipal corporations of the city, may soon start assigning 12 digit unique identification numbers to all the properties in the national capital. Officials said that apart from ownership details and usage data, the properties will be attached through a Global Positioning System. The move will help cut down on emergency response time and help in disaster management in times of natural calamities. “Currently there is no data to help analyse the collective number of properties in the city because of which there is lack of property/housing-specific development schemes. This problem will be resolved if the unique identification number project is started,” said a municipal official. The official said the data will help in planning public infrastructure, titling of urban property and during census. “It will help us analyse the population spread as per...

Income from sale of unlisted shares would be treated as capital gains and taxed at a lower rate than business income to have a uniform approach and avoid litigations, the Income Tax department has said. " It has been decided that the income arising from transfer of unlisted shares would be considered under the head capital gain irrespective of period of holding, with a view to avoid disputes/ litigation and to maintain uniform approach," Business Standard New Delhi,4th May 2016

Almost a year after the Securities and Exchange Board of India introduced trading plans to enable promoters and other persons holding possible insider information to trade, hardly any companies have stepped forward to formulate these plans. Trading plans were introduced on an experimental basis whereby every insider is entitled to execute trades in pursuance of a pre- determined and pre- disclosed plan. The idea was to encourage compliant trading by promoters and key managerial persons, similar to Rule 10b5- 1 plans in the US. These plans cover all connected persons, defined as any person who has a connection with the company that is expected to put him in possession of unpublished price sensitive information. At present, most companies follow the model code of conduct for prevention of insider trading, which has to be formulated by every listed company. There are several guidelines that have made these plans unpopular. For instance, the trading plan has to cover a period of ...

The next time you get an email from the Income Tax ( I- T) department stating that it wants to refund you some money, don’t be delighted — be cautious. In all likelihood it would be from cyber criminals trying to trick you into revealing your bank details. Taking a note of such cyber frauds, the I- T department have sought help from the country’s premier cyber security agency, Indian Computer Emergency Response Team (CERT- In), to block these hackers lurking in the e- world. The department is particularly worried after taxpayers recently brought to its notice certain emails which have very cleverly spoofed the department’s identity by using almost resembling addresses to cheat gullible taxpayers. Email spoofing helps them change their email address to any that they wish. In some cases, victims received emails even from the noreply@incometaxindia. gov. in. “There’s a rise in such emails lately and they are often sent during the tax filing months,” said Amit Jaju, executive dir...

www.caonline.in News... 1.Dena Bank invites applications by CA firms for empanelment as Concurrent Auditors for the period July 2016-June 2017 to be submitted by 10.05.16. 2.ICAI invites innovative suggestions for govt. on policy matters. Link: https://goo.gl/2OymKi Email: neac@icai.in 3.Registration opens for ICAI certificate course on service tax starting @ Delhi from 4 June 16, contact- 120-3045954, visit www.idtc.icai.org 4.IASB,ICAI org. certificate course on concurrent audit at hamirpur from may 7, for regn call: 09418026466, or mail atinfo@himachalicai.org 5.Delhi Com Vat in a meeting informed that the Notification dated 12/4/16 relating to ITEM / ITEM Code being issued by finance deptt. after partial modification from relevant deptt. to come up soon. Further, assured DVAT systems will be ready with the option of accepting Q4 returns on old pattern or new pattern by 8/5/16. Furthermore, vide Notification no. 157 dated: 3/5/16 use of DSC for Q4 made optional for all dealers...

www.caonline.in News... 1.Due Date for filing TDS returns changed from 1st June 2016. June Quarter: 31st July Sep quarter 31st October Dec quarter 31st January March quarter 31st May 2.Revised Income Tax rules & Forms for in-house research & development facility. Notification no. 29/2016-IT dated 28/04/2016. 3.In absence of contumacious conduct penalty U/s. 271C not leviable. [ITO (TDS), Vs. Pushpanjali Hospital and Research Centre Pvt. Ltd. (ITAT Agra)]. 4.Property TDS Payment due date extended to 30 days. Notification no. 30/2016-IT dated 29/04/2016. 5.Now, deductor is liable to furnish of evidence of claims by employee for deduction of tax under section 192 of IT Act, 1961. Notification no. 30/2016 dated 29.04.2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Securities and Exchange Board of India ( Sebi) has told mutual fund ( MF) houses there will be no extension of its earlier order to them for disclosing the remuneration of their top executives. The deadline for disclosure was Sunday but several fund houses had not complied, saying there was lack of clarity on the issue. There would be no extension, members were told on Sebi’s behalf by the Association of Mutual Funds in India ( Amfi) on Monday. Anyone who’d not complied by Sunday would have till endMonday to do so. Further, the regulator asked fund houses not to put unnecessary and unhelpful filters while providing the information to investors. For instance, some fund houses were asking for several details from investors such as folio number, registered phone number, PAN card number, registered e- mail IDs, bank account number and date of birth, among others, for accessing the information of remuneration. Sebi also allowed fund houses to indicate employee stock options fo...

Decisions likely at board meeting to take place on May 20 The Securities and Exchange Board of India ( Sebi) is likely to relax rules for investing in alternative investment funds ( AIFs) on the suggestions of an expert panel headed by Infosys founder NR Narayana Murthy, said sources close to the development. A decision is likely at Sebi’s board meeting scheduled for May 20. AIFs are funds established or incorporated in India for the purpose of pooling capital by Indian and foreign investors for predetermined investing. The rules apply to all AIFs, including those operating as private equity funds, real estate funds and hedge funds. The minimum ticket size for investing in AIFs is ? 1 crore. Individuals with an annual income of ? 50 lakh are allowed to invest in these vehicles. The Sebi board is likely lower these criteria. The Murthy panel submitted its report to the market regulator in January. It proposed a favourable tax environment for investors, promoting onshore fund...

The Reserve Bank of India ( RBI) on Monday proposed to charge margins on over- the- counter derivatives not cleared by a central counter- party. A central counter- party like Clearing Corporation of India Ltd ( CCIL) takes margins from both parties and guarantees a deal. In the absence of this, parties entering into a contract set aside margins between themselves after signing standardised agreements. India is part of an effort to set global standards to ‘ ring- fence’ the economy from risky derivatives that encourage excessive and opaque risk- taking. By these standards, all over- thecounter derivatives should be traded on exchanges, if possible, or such contracts should be cleared by a central counterparty. So, non- centrally cleared derivatives should be subjected to higher capital requirements and attract margin requirements. Apart from de- risking the system, this will also promote central clearing, RBI’s discussion paper said. “ For the time being, it is proposed to app...