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Evasion of Rs. 50,000 crore of indirect taxes and undisclosed income of Rs. 21,000 crore had been unearthed in the past two years, the finance ministry said on Tuesday. Listing steps by the government to tackle black money, the ministry said in a statement laws like the Undisclosed Foreign Income and Assets Act were responsible for the development. The Act provided a window for declaring undisclosed income abroad, which was taxed at 30 per cent with an additional 30 per cent penalty. Failure to meet the compliance timeline attracted additional penalty of 90 per cent for a total tax liability of 120 per cent on the undisclosed income abroad. “The value of smuggled goods seized has increased to Rs.3,963 crore in the last two years, a 32 per cent increase over the two previous years,” MoS for Finance Jayant Sinha tweeted on Tuesday. Prosecution rates had also risen 25 per cent, with 1,466 cases lodged, the ministry said. It added key suggestions of the special investigation team o...

The government is likely to make public its new framework on renegotiation of public- private partnership ( PPP) contracts in a month’s time. The new framework will allow renegotiations based on sector- specific issues, especially for national highways and ports, and will provide greater flexibility to the parties involved. This comes even as another PPP initiative, the proposed Public Utility Resolution of Disputes ( PPP) Bill, has been put on the back burner as the Centre has gone slow on its upcoming legislative agenda. Finance Minister Arun Jaitley had announced a comprehensive review of renegotiations of PPP projects in his 2016- 17 Budget speech. He had also spoken of introducing a new Bill to deal with resolution of PPP disputes. The new framework on renegotiation of such projects is partly based on the recommendations of the panel headed by former finance secretary Vijay Kelkar, and will distinguish quantified bid percentages and qualitative materiality type considera...

The government has gained the right to tax capital gains arising in Mauritius from sale of shares acquired on or after April 1, 2017, in Indian companies. India and Mauritius on Tuesday signed aprotocol for amendment of a three- decadeold double taxation avoidance agreement. The agreement was signed in Port Louis. During a transition period of two years, the tax will be limited to half the Indian tax rate. The full tax rate will kick in from 2019- 20. “This could bring some disappointment to foreign investors. What was expected widely was exemption on capital gains would continue with some additional conditions. However, it is not as bad as you would imagine,” said Daksha Baxi, executive director, Khaitan & Co. The development could affect investors in the US, many of whom use Mauritius to route money to India. The tax treaty between India and the US does not grant investors credit in the US for taxes paid in India. “This protocol is a result of many years of negotiat...

www.caonline.in News... 1.Registration u/s 12AA cannot be denied questioning profit motive. [MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)]. 2.Rate of interest on delayed payment of duty as applicable during the impugned period . [Jeevan Diesels & Electricals Ltd. vs. commissioner of central excise, pondichery (Chennai – CESTAT)]. 3.PDC is preparing a panel for forensic auditing for CBI. Please visit www.icai.org/www.pdicai.org for details. 4.Pre-multipurpose empanelment form (P-MEF) for the year 2016-17 is now hosted at www.meficai.org. Ensure that your status is updated on or before 25th May, 2016. 5.Forms GNL-1 (Application to ROC) and GNL-4 (addendum for rectification of defects/ incompleteness) revised. Companies (registration offices and fees) amendment Rules, 2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

www.caonline.in News... 1.Today (10.5.16) is last date to file ER-1, 2 and 6 for excise returns by Non SSI assesses, EOUs and by units paying duty of more than 1Cr respectively, for April 2016. 2.VCES 2013: Even 6 days delay cannot be condoned. [ Kasmisons Builders Pvt. Ltd. vs. Assistant Commissioner of Service Tax (Kerala HC)]. 3.Verification of ITR through EVC pending due to non-filing of ITR-V. Circular no: 13/2016, New Delhi, 9th May, 2016. 4.Dvat notification reg changes in tax rates and reducing tax on certain items as passed in Delhi budget on 28th March 2016 have been notified today on 09/05/2016 vide Notn. No.dsvi/148. Rates effective from 10/05/2016. 5.MCA vide notification dated 6th May, 2016: form GNL-1 and form GNL-4 have notified. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

A day ahead of the floor test in the Uttarakhand assembly, the Lok Sabha passed a fourmonth budget of ` 13,640 crore for the state on Monday amid resistance from Opposition parties. The Bill was passed by a voice vote. Moving the Appropriation bill, Finance Minister Arun Jaitley said its passage was a “constitutional requirement”, even as Congress MPs staged a walkout in protest, while members of other Opposition parties, including the Trinamool Congress (TMC), Biju Janata Dal (BJD), Telengana Rashtra Samithi (TRS) and the Indian National Lok Dal (INLD) opposed the move. “Parliament would have had to pass the bill – which makes funds provisions for a period of four months from April – even in the case of a popular government being installed in Uttarakhand after Tuesday’s floor test. Therefore, the timing of the decision to move the bill is not of consequence”, Jaitley responded to questions from Opposition MPs about the need to push through with the legislation. Jaitley said ...

The government on Monday indicated that it was ready to review the contentious provisions in the draft of the Geospatial Information Regulation Bill. According to the draft bill, it will be mandatory to take permission from a government authority before acquiring, disseminating, publishing or distributing any geospatial information of India. The draft also proposes a jail term of seven years and a fine upto ` 100 crore if anyone wrongly depicts India’s map prepared with geospatial imagery. “The idea behind the bill is to ensure privacy of Internet users. We are open to consider all suggestions that will come in the next one month,” a top home ministry official said on the condition of anonymity. The government has put the draft of the bill in public domain. All stakeholders in the government have been asked for their views. The government also proposed to set up a Security Vetting Authority to carry out security vetting of the Geospatial Information of India, but is facing cr...

The finance ministry plans to bring out detailed income tax ( I- T) data annually, in response to criticism by economist Thomas Piketty over lack of public I- T statistics in India. After almost 16 years, the revenue department last week made public three sets of data related to direct taxes, including time series data since 2001- 02. The detailed analysis of I- T statistics, based on returns filed, was for 2011- 12 alone. Piketty, economist and author of Capital in the Twenty- First Century, told Business Standard the data released by the government were too limited to draw significant inferences. “ The government released detailed data by income range only for 20122013 ( assessment year). To study the evolution of income distribution, we would need detailed data by income range for all years. Iam looking forward to see this data,” he said in an emailed response. The finance ministry is set to update the income range data by releasing it for assessment years 2013- 14 and 2...

The Insolvency and Bankruptcy Code 2015 is expected to address the problem of dealing with multiple laws for anyone wanting to do business in India. The present government has realised that the ease of doing business is not only about convenient entry into the market but also providing easy exit and restricting debt. One of the most important reform envisaged in this bill is to make substantive changes in eleven enactments and repealing some to avoid conflicting rules. There is also provision to takeaway the jurisdiction of the civil court to ensure fast and effective process. Specialised adjudicating authorities like NCLT and DRT will be adjudicating authorities to deal with special corporate issues effectively. The bill prescribes the time limit for procedures at every stage to ensure a result in 180 days. It also has provisions for force majeure and one time extension of 90 days in certain circumstances. There is also a fasttrack option with a 90-day limit and a single extensi...

Fall in appreciation in top Indian cities forces investors out of the housing market A sharp decline in property price appreciation in top Indian cities has pushed investors out of the housing market in India, which has turned into an end users' paradise, thanks to stagnating prices and, in some cases, deeply discounted distress sales. Investors say they are unable to exit multiple investments made over the last few years even at a loss, accentuating the pain for them. In Mumbai, for instance, the average residential property prices in the city and its suburbs witnessed an appreciation of only 3.3% in 2015 as against an average of 7% in 2014, showed a study by property consultancy JLL India. Similar was the case with the Delhi-National Capital Region, which is a big investor market, and Bengaluru and Chennai. All of these markets have seen prices appreciating around 2% in the last quarter of 2015. “A sign of any residential market's increasing maturity is evidenced by...

CBDT has declared August 31 as deadline for the taxpayers whose ITRs for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-based collection centre. Offering the “final opportunity“, the department has said taxpayers whose refunds and tax issues are pending for assessment years (AYs) 200910, 2010-11, 2011-12, 2012-13, 201314 and 2014-15, should immediately authenticate their Income Tax Returns by using either the electronic verification by Aadhaar or bank accountbased facility available on its official web portal or send a bonafide copy of the ITR-V to its CPC in Bengaluru by “speed post“ before August 31. “...in case of returns for AYs (2009-10 to 2014-15) which were uploaded electronically by the taxpayer within the time allowed under section 139 of the Act and which have remained incomplete due to nonsubmission of ITR-V Form for verification, hereby permi...