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www.caonline.in News... 1.Section 94-A(1) is constitutional valid.[Madras High Court T. Rajkumar and Others vs. UOI and Ors. (Madras HC)]. 2.Sec. 40 (a) (i) is discriminatory and not applicable to Indo-US DTAA. [CIT vs. Herbalife International India Pvt. Ltd (Delhi HC)]. 3.Get ICAI now mobile app for latest ICAI updates. Available on android, iOS, windows and blackberry 10. To download please visit: - http://www.icai.org/mobile. 4.15.05.16 (Sunday) is last day to file TDS/TCS returns for Q4 of F.Y. 2015-16. TDS statements to be filed in 31 days from F.Y. 16-17. 5.The Income declaration scheme 2016 and the direct tax dispute resolution scheme 2016 expected to come into force on 01.06.16.CBDT press release of 12.05.16. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Relaxing norms, the Centre on Friday allowed lakhs of its employees to take advance money four months ahead of commencing journey under Leave Travel Concession (LTC) rules. A government employee gets reimbursement of tickets for to and fro journey, in addition to leaves, when he avails LTC. The existing rules allow an employee to draw advance for LTC journey for himself and his family members 65 days before the proposed date of the outward journey. Since the ministry of Railways has decided to increase the advance reservation period for booking accommodation in trains from 60 to 120 days, the time-limit for drawable of LTC advance by the government servants may be increased from 65 days to 125 days in case of journey by train, an order issued by the department of personnel and training (DoPT) said. The cases where the LTC journey is proposed to be undertaken by other modes of transport viz air, sea or road, the time-limit for drawing LTC advance shall remain 65 days only, it ...

The Supreme Court judgment upholding the validity of criminal defamation squanders away a brilliant opportunity to strike down this Macaulay drafted law of 1837. The judgment, by a bench headed by justice Dipak Misra, is verbose and clearly loses the wood for the trees. Before the judgment was heard, justice Misra had freely granted stay orders against defamation prosecutions. The case was heard for two odd weeks and the judgment was delivered some nine months later. In cogitative hibernation for long, the gestation did not prove worth waiting for. Like a goods train, it gathers material at every stop, rocking to the sound of its track. Drafted in 1837, India’s criminal defamation law was borrowed from English common law for imperial purposes to defend the state and state officials and put down comments by the press and the freedom movement. Macaulay differed from criminal law in four areas: India’s criminal defamation was not linked to breach of peace, did not allow truth as a...

Cabinet clears intellectual property rights policy to boost innovation The Cabinet has approved an intellectual property rights policy aimed at strengthening the regime and improving infrastructure. The policy, a long time in the making, names the department of industrial policy and promotion (DIPP) under the commerce ministry as the nodal body for the government’s IPR push. The policy would act as a road map to coalesce existing laws, DIPP Secretary Ramesh Abhishek said. Accordingly, administration of the Copyright Act, 1957, and the Semiconductor Integrated Circuits Layout-Design Act, 2000, have been brought under DIPP. A cell in DIPP will facilitate creation and commercialisation of IP assets. The policy aims to increase IPR outreach, speed up approvals, enhance commercialisation, and enforce norms, Finance Minister Arun Jaitley said on Friday. Customising IPR programmes for various sectors and reaching out to traditional knowledge holders will be focus areas. A baseline...

The new and renewable energy ministry has released draft guidelines on development of onshore wind power projects. The ministry has sought comments from all stakeholders by May 27 on draft guidelines. With advancement in wind turbine technology and the rules of CERC (Central Electricity Regulatory Commission), CEA (Central Electricity Authority) and other regulatory bodies, comprehensive guidelines are needed for the development of onshore wind power projects, the ministry said. The installed wind power generation capacity was around 26.8 gigawatt (Gw) by the end of FY16. India is globally placed at the fourth position in terms of wind power installed capacity. The government has set a target of reaching 60 Gw of wind power installed capacity in the country by 2022. Business standard New Delhi, 14th May 2016

Confident of clearing up the bad-loan mess, Reserve Bank of India (RBI) governor Raghuram Rajan on Friday said there is “absolutely no chance of a Lehman moment” in India, and a three-cornered firewall was being created to safeguard the economy from external shocks. He also rejected calls for any immediate privatisation of public sector banks and said the urgent need was to clean up their balance sheets. Rajan, who has often been criticised for being too economical with rate cuts, indicated that rate cuts were not the only instrument to boost growth. “I think the real way we are trying to firewall the economy is, on the first hand, with good policies, including as I said, the moves on reforms that have been enacted recently. The second is by trying to increase the maturity of our debt. We have substantially increased the maturity of debt, external debt that we owe. The third is we built-up reserves,” he told CNBC. Asked about bad loan problem in India being bigger than the size...

Trademark registration in just one month, check on film & music piracy India unveiled a comprehensive Intellectual Property Rights (IPR) policy on Friday aimed fostering innovation, cutting delays in clearing patent, trademark and copyright applications, protecting traditional knowledge and encouraging entrepreneurship. The National Intellectual Property Rights policy, which the Cabinet approved on Friday, will likely bring India’s IP regime in line with global standards and help improve its ranking in the World Bank’s Ease of Doing Business index. The new policy will also help substantially cut the time taken on clearing the backlog of intellectual property rights (IPR) applications from the current five to seven years to 18 months by March 2018. Trademark applications will likely get approved in one month by 2018, from 13 months currently. “The policy aims to create and exploit synergies between all forms of intellectual property (IP), statutes concerned and agencies,...

www.caonline.in News.. 1. CIT of ICAI is organising a seminar on forensic accounting and fraud prevention on 28th May 2016 from 9.30AM to 6PM at Hotel Le Meridien, New Delhi. 2.NIRC of ICAI is organising two days workshop on AS, IND AS and IFRS on 18 and 19 May from 5PM-8.30PM at ICAI Bhawan,Vishwas Nagar, Delhi. 3.FEM (exports of goods and services) regulations, 2015. Notification no. RBI/2015-16/395A.P. (DIR series) Circular No.68 [(1)/23(R)] dated may 12, 2016. 4.Primary agricultural credit society can claim deduction u/s 80P. [ The Chirakkal service Co-Operative Bank Ltd vs. CIT (Kerala HC)]. 5.Exercise of Sec. 263 on expenses claim withdrawn by assessee valid. [Commissioner of Income Tax vs.Amitabh Bachchan (SC)]. 6.Rajya Sabha passes the insolvency and bankruptcy bill and the finance bill 2016 on wednesday, 11th May, 2016. 7.Changes in VAT rate schedules w.e.f 10.05.2016. VAT rates on sweets and namkeen, marble, footwear, e-rickshaws reduced to 5%. DVAT Notification dated...

India's market regulator is said to be considering more stringent rules for participatory notes as part of efforts to check the flow of black money into stock markets. Previous moves to intensify scrutiny of the instruments, which afford a greater degree of anonymity than other avenues of investment, have alarmed investors into pulling their money out or threatening to do so. The Securities and Exchange Board of India (Sebi) is now looking to make it mandatory to collect `know your client' (KYC) details of participatory note (P-Note) holders and is likely to take a decision to this effect at its board meeting scheduled for May 20, said people familiar with the matter. Experts said the move is likely to help hasten the eventual phasing out of participatory notes altogether. The regulator has also proposed that offshore derivative instruments (ODIs) be transferred only to subscriber entities eligible to invest in them as per Indian regulations. Sebi didn't respond to quer...

India’s economy is expected to grow at 7.3% this year, with the prospects of the South Asian region will be “contingent” on the growth trajectory of the country and Iran, according to United Nations report released on Thursday. The World Economic Situation and Prospect report, in its mid-2016 update, said, notwithstanding delays in domestic policy reforms, India’s economy is “slowly gaining momentum” and is expected to achieve a 7.5% growth in 2017. “Despite some delays in domestic policy reforms and enduring fragilities in the banking system, investment demand is supported by the monetary easing cycle, rising FDI, and government efforts towards infrastructure investments and public-private partnerships,” the report said. China, which grew at 6.9% in 2015, will continue to witness slowdown in growth, with its GDP projected to grow 6.4% in 2016 and 6.5% in 2017. “A larger- than- expected slowdown in China would have spillover effects through trade, financial and commodity mark...

The Delhi government wants all registered traders to display their certificate of registration and tax identification number (TIN) prominently outside their business places. The trade and taxes department on Tuesday issued a circular to all assistant commissioners and the ward in-charges to ensure all registered dealers prominently displayed the registration certificates. “Further, the dealer shall prominently display his TIN and ward number outside the main entrance of all places of business in Delhi,” the government circular read. “All the AC s / ward in charges are further directed to ensure strict adherence to the above directions by ensuring compliance by all dealers within their respective jurisdiction,” the order read. All traders with an annual THE GOVERNMENT ORDER turnover of over  Rs.20 lakh have to register themselves with the trade and taxes department. Sources said the effort would help the government identify unregistered traders and bring them under the tax...