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Foreign portfolio investors and Singapore govt want some leeway in new tax treaty India, which is currently looking to renegotiate its tax treaty with Singapore, has got feelers from foreign portfolio investors (FPIs) and the Singapore government to include some concessions in the agreement. Concerned that investing in Indian equities through Singapore may become tougher if India offers the city state a tax treaty similar to the new agreement with Mauritius, the FPIs are demanding some leeway . Their main point is that unlike Mauritius, Singapore has lot of checks and balances in place and so the scope for irregularities is less when an investment is routed through the Southeast Asian country . In an interaction with FPIs on Friday, Minister of State for Finance Jayant Sinha said in all probability, the current India-Singapore tax treaty would be renegotiated before the end of March next year. “If the tax treaty is not renegotiated, India will assume right to tax capital gains. T...

DIPP collating the progress made and will share its report with Niti Aayog, two meetings already held by DIPP officials in this regard The government is reviewing the Startup Action Plan launched in January by Prime Minister Narendra Modi to assess if it is moving in the right direction. The department of industrial policy and promotion (DIPP) is collating the progress made on the plan and will share its report with the NITI Aayog. Two meeting have already been held by DIPP officials to take stock of the steps undertaken so far. Having recently revised the patent rules to create a conducive envi ronment for startups, the DIPP has also put together a group of 280 experts, including lawyers and consultants, to assist startups in filing their patent applications. The amended rules provide for expedited services for patent registration and also include the definition of `startup' for passing on the special benefits. Besides, the government is also conducting an exercise to ...

Move to make available over Rs. 6,000 crore to states a year for improving forest cover The government will push for the passage of the Compensatory Afforestation Fund Bill in the Rajya Sabha in the upcoming monsoon session, which will make available more than Rs. 6,000 crore to states every year for improving the forest cover. The proposed law is expected to create over 15 crore man-days of direct employment, most of it in the tribal and backward areas of the country. The Lok Sabha has already passed the Bill, incorporating 20 of the 26 proposals of a standing committee that vetted it. Rs. 40,000 crore lying in There is ` the fund, excluding interest accrued on amounts invested in fixed deposits, indicating the huge financial resources at the disposal for afforestation. Any delay in passing the Bill will not only affect the afforestation drive, but also deprive tribal people and other backward communities huge employment opportunity, a senior government official said. FUND...

www.caonline.in News... 1.Additional Depreciation u/s 32(1) (iia) on printing and publishing :Circular No. 15/2016. 2.S. 274 notice must specify if it’s for concealment or for incorrect particulars. [Sanghavi Savla Commodity Brokers Pvt. Ltd. vs. ACIT (ITAT Mumbai)]. 3.No disallowance u/s. 14A on shares held as stock-in-trade. [Shri Paresh Pritamlal Mehta vs. Income Tax Officer, (ITAT, Pune)]. 4.No Addition u/s 68 if identity, creditworthiness and genuineness established. [DCIT vs. Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT MUMBAI)]. 5.S. 263 not justified due to multiple view on applicability of TDS. [Neo Sports Broadcast Pvt.Ltd. vs. CIT (TDS) (ITAT Mumbai)]. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

www.caonline.in News... 1.Tax on services rendered abroad by foreign firms to Indian CA firms. [ACIT vs.BSR & Co. (ITAT Mumbai)]. 2.Central Government notifies special courts u/s 435 for trial of offences punishable with imprisonment of 2 years or more under the Companies Act, 2013. MCA notification dated 18.5.2016. 3.Section 2(29)(iv) & Sections 435, 436, 437, 438, 440 of Companies Act, 2013 notified by MCA w.e.f. 18.05.2016. 4.All register dealer under DVAT has to file online DS-1 for all transactions of central sales before actual delivery of the goods with correct codification and complete details of transporter w.e.f. 01/06/2016. 5.Today (21.05.16) is the last date for e-payment of DVAT & CST for the month of April, 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.Incorrect claim based on CA report would not attract penalty. [Oxford Softech Pvt Ltd. vs. ITO (ITAT Delhi)]. 2.Department cannot insist to avail particular option under Rule 6. [M/s Mahindra & Mahindra Limited vs. CCE, Jaipur – I (CESTAT – New Delhi)]. 3.Vijaya Bank, head office, Bangalore invites online applications for empanelment of concurrent auditors for year 2016-17. The applicants should also send a hard copy of online application and undertaking letter with the acknowledgement, duly signed by the authorised signatory of the firm. 4.ICAI releases 5 revised standards on auditing and a new SA 701, communicating key audit matters in the independent auditors report. 5.File GNL-1 for change in MOA by Sec 8 Co.s instead of form RD-1, since power for approving change in MOA is delegated to the ROC. ICAI clarifies on 17.05.16. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Telecom Regulatory Authority of India ( Trai) on Thursday issued a paper to explore various models through which service providers would be able to offer free data, while keeping the principles of differential rate regulation intact. This was aimed at addressing the concerns raised after its regulation on disallowing differential pricing by telecom players. “ There is a need to have some telecom service provider (TSPs)- agnostic platform which can facilitate app developers to promote their websites by providing some incentives to user for making their websites popular. Besides, there is a need to enable smaller entrepreneurs to flourish without permitting gatekeeping function in the hands of the TSPs and to give the consumers more choices for accessing the internet,” Trai said. In a nutshell, Trai is looking to create such platforms (zero- rated) but without telecom operator being the gatekeeper, according to experts. In its previous regulation, Trai had said differential p...

Election victory likely to expedite process in empowered panel of state finance minister. This Assembly elections has broken the so- called goods and services tax ( GST) jinx. Amit Mitra’s win has done away with the need to re- elect a chairman to the state finance ministers’ panel on GST. Such an exercise had become a given after almost every election. All the previous chairmen had to resign as they had either lost Assembly elections or their party broke alliance with the ruling party. One of them had to put in papers because he was allegedly involved in corruption. Mitra defeated former and founder chairman of the Empowered Committee of state finance ministers Asim Dasgupta by 21,000 votes in Khardaha, West Bengal. Kerala’s K M Mani, who had to resign as the panels chairman after corruption allegations, also, won the polls. His win in Pala for a record 13th time on a Congress ( M) ticket, defeating his nearest rival Mani C Kappen by 4,700 votes. Thursday’s mandate might has...

Disclsoure of larger players show numbers mismatch in steel sector Smaller banks, say bankers and analysts, using a loophole in how RBI communicated to banks to clean up their balance sheets Smaller public sector banks might still have a good amount of bad debt under the carpet that would come out only over the next one year. Bigger banks have largely shown a fair picture of their bad debt situation in the previous two quarters.Smaller banks, said bankers and analysts, were using a loophole in how the Reserve Bank of India (RBI) communicated to the banks to clean up their balance sheets. The central bank handed out a bank-wise list outlining stress recognition for 10-20 companies for mid-sized banks and about 30 companies for large ones. The list, according to the bankers, was given largely to the lead bank in the consortia concerned. “The idea probably was that when a lead in the consortium marks an account as stressed, others will follow suit. But smaller banks have so far do...

Capital market regulator Securities and Exchange Board of India ( Sebi) on Thursday tightened rules on issue of participatory notes (P- notes) to bring in more transparency and curb misuse of the investment route used by foreign investors not registered in India. Sebi also made it mandatory for the top 500 listed companies to have a policy for declaring dividends to investors. To set a better handle on the ultimate beneficiary of P- note, Sebi has said Indian know your customer (KYC) or anti- money laundering rules ( AML) will be applicable to P- note holders. Earlier, a P- note holder had to adhere to KYC or AML norms of just their home jurisdiction. Sebi has also issued curbs on transferability of P- notes between two foreign investors. It has also increased the frequency of reporting by P- note issuers. P- notes, or off- shore derivatives instruments ( ODIs), allow foreign investors to take exposure to Indian stocks without registering with Sebi. These instruments are issued b...

The government is all set to announce 14 more cities to be included in the first set of cities to receive funds under the smart cities mission, taking the total number to 34. “We will announce the next set of cities in one or two days and these will be included in the first set of cities that will receive the first tranche of funding,“ urban development minister Venkaiah Naidu said at a CII event in New Delhi on Thursday. Under the mission, the government plans to develop 100 cities as smart cities with advanced infrastructure and facilities. It had earlier shortlisted 98 cities. Naidu said the 20 cities that had already been announced may require an investment of $8 billion whereas once all 100 cities were selected the cities may require $40 billion. The Economic Times New Delhi,  20th May 2016