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www.caonline.in News... 1.Interim stay order period is to be excluded for computing limitation period. [VLS Finance Ltd. and Anr. vs. Commissioner of IT and Anr. (SC)]. 2.Registration u/s 12AA cannot be denied questioning profit motive. [ MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)]. 3.Lok Sabha passed the insolvency and bankruptcy code bill 2016 on 05.05.16, accepting all the amendments proposed by the joint committee of parliament. 4.No need to furnish details of invoice below Rs. 1000 in form GE-II returns of all 4 quarters for F.Y. 2015-16 to be filled by 16.05.2016 notification dated 06.05.16. 5.CBDT prescribes procedure for e-filing of form 15G/15H. Notification no. 7/2016 [F.NO.DGIT(S)/ADG(S)-2/TDS E-filing notification/110/2016 dated 4-5-2016]. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

RBI wants end to bad loans but will not undermine privacy The Reserve Bank is working on a new system for making public the list of wilful defaulters, while a new mechanism is being put in place for out-of-court settlement of bad loan-related disputes, Governor Raghuram Rajan said on Saturday. “As a regulator we have no intent or desire to protect malfeasance... We are very happy to make that list public. In fact my people are working on making sure that we can put that list up in an accessible way and also (of) defaulters against whom suit has been filed because that is already public information,” he said while delivering a lecture here. However, the central bank was in favour of protecting privacy in cases where there is no wrongdoing, he said, adding a blanket edict that everybody’s name should be made public on the website might not be desirable. He further said it might not be correct to flash the name of all and sundry, including those who forgot to pay their credit bi...

The government wants private business houses to adopt shelters for children, a majority of which are in abysmal condition because of sparse funding. Called “Adopt a Home”, the scheme launched by the Women and Child Development (WCD) ministry has sought the help of the corporate sector, business houses, organisations and individuals to run such homes and support the children living there as part of their corporate social responsibility. Inmates living in children homes are either juvenile in distress or in conflict with law. Government officials say that a majority of children homes in the country have been neglected by local administrations. “Also there have been reports galore of how inmates in many of these homes have been abused,” a ministry official said. As part of the scheme, the sponsors can focus on areas such as infrastructure, nonformal, remedial education and vocational training to help children become independent once they are out of the home. Sponsoring higher ed...

Tomar to hold meeting of state mining ministers on May 27 in Goa Union mines minister Narendra Singh Tomar has called a meeting with his state counterparts to discuss key issues in the mining sector such as states' mining auction preparedness and setting up of District Mineral Foundation (DMF) on May 27 in Goa. Despite problems in auctioning non-coal mineral blocks in the first phase, states told the central government last month that they were ready to auction 82 blocks in the second phase. Nod for captive mine rights transfer likely this week In the first phase, expected to be over by June, states had planned to auction 52 blocks. Till date, only six blocks have been auctioned. This issue is at the top of the agenda for discussion in Goa. States are said to be facing various problems such as land acquisition, court orders, less interest from bidders, etc. Five major mineral-rich states are yet to set up DMF - a local benefit-sharing mechanism - even after a year of ...

The Centre has asked all its departments and state governments to widen the scope of the Direct Benefits Transfer (DBT) scheme to include all monetary and in-kind transfers to beneficiaries, such as NGOs and others assisting in implementation of the ambitious DBT programme. It has been realised that the scope of the DBT can be expanded to include all welfare or subsidy schemes operated by the ministries and departments of government of India, directly or through implementing agencies, which involve transfer of benefits in cash or kind to individuals, said a communication sent by the Cabinet Secretariat under which the DBT Mission functions. Business standard New Delhi,09 May 2016

The Finance Ministry on Sunday listed out steps taken by the Revenue Department to boost growth and employment by giving relief to small tax payers, businesses and professionals. In a statement, the ministry said the limit of deduction under Section 80C of Income Tax Act 1961 has been enhanced from Rs. 1 lakh to Rs. 2 lakh per annum, subject to the additional Rs. 50,000 being contributed to NPS. “Revenue Department has taken various steps to give relief to the small tax payers and to the small business and professionals,” it said, while listing out the measures announced in the Budgets of 2015- 16 and 2016- 17. Further, the scope of presumptive taxation regime for small businesses has been extended by increasing the turnover up to Rs. 2 crore. The presumptive taxation benefit is now available for professionals having turnover up to Rs. 50,00,000. As regards corporates, the Revenue Department has lowered the corporate tax rates to 25 per cent for new manufacturing companies....

www.caonline.in News... 1.Goods imported/ purchased inter-State used in works contract would be exempt from VAT. [Commissioner, Delhi Value Added Tax Vs. M/s. ABB Ltd. (Supreme Court)]. 2.Delhi VAT: No need to furnish purchase below Rs. 1000/- details in Form GE-II. Notification no.: F3 (619)/Policy/VAT/2016/183-196 dated 06/05/2016. 3.Corroborative evidence should be correlated to prove clandestine clearance. [Shri Avinash M Baliga & Others Vs. Commissioner of Central Excise (CESTAT – New Delhi)]. 4.CENVAT allowed on fabrication of capital goods – CESTAT. [CCE & ST, Raipur Vs. M/s. Mahamaya Steel Industries Ltd. (CESTAT New Delhi)]. 5.Department cannot reject certificate issued by competent authority. [ Dhar Cement Ltd. Vs. C.C.E. (CESTAT-New Delhi)]. For more News Like us onhttps://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Income Tax department has issued 2.10 crore refunds totalling over Rs. 1.22 lakh crore in 2015-16, which saw 94% the returns being filed online “During FY 2015-16, more than 2.10 crore refunds amounting to . 1,22,425 crore were paid compared to Rs. 1,12,188 crore in the Financial Year 2014-15 and ` . 89,664 crore in the Financial Year 2013-14,“ a finance ministry statement said. In 2015-16, more than 94%of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre (CPC), Bengaluru, without any human intervention. Both the Central Board of Director Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others, it said. As regards indirect tax collections last fiscal, the indirect tax to GDP ratio is about 5.17%as compared to 4.36%for FY 2014-15. In...

The government has promised confidentiality for disclosure of previously undisclosed income, made under the four-month compliance window for domestic taxpayers, beginning June 1. This, with 21 other amendments to the Finance Bill, was approved by the Lok Sabha on Thursday. The government plans to open the compliance window under the Income Tax Disclosure Scheme from June 1 to September 30 for domestic taxpayers to declare undisclosed income or assets and avail immunity from penalty and prosecution by paying 45 per cent tax (30 per cent tax plus surcharge and penalty and 7.5 per cent each). The tax and penalties should be paid within two months of declaration. Sections 138 and 119 of the Income-tax Act have been imported to the Income Declaration Scheme, 2016, which deal with confidentiality and delays in filing returns, respectively. Section 138 relates to treating material disclosed as confidential. It also provides for such "classified material" not being produced...

The government today relaxed FDI norms for asset reconstruction companies (ARCs) by allowing 100 per cent overseas investments through automatic route. Earlier, FDI up to 49 per cent was allowed under automatic route and beyond that through government-approval route. Notifying the norms, a press note by the Department of Industrial Policy and Promotion (DIPP) stated that total share holding of an individual FII/FPI shall be below 10 per cent of the total paid-up capital. This notification is in pursuance to the announcement made by the Finance Minister in his Budget speech. FDI into the country has increased by 40 per cent to USD 29.44 billion during April-December 2015. Business Standard New Delhi, 7th  May  2016

The finance ministry on Friday gave green light to the creation of ‘Government e-Marketplace’ (GeM) for online purchase of commonly used goods and services by ministries and departments. GeM will be utilised by government buyers for direct online purchases. Up to ` 50,000 of purchases can be made from any of the available suppliers on the GeM. Hindustan Times New Delhi,07 May 2016