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www.caonline.in News... 1.Online empanelment for concurrent audit of branches of Punjab and Sind Bank started from 16.05.2016- 31.05.2016. 2.HUDCO invites applications from eligible CA firms for certification of accounts for the F.Y 2016-2017. 3.Extension to 10.06.2016 of last date for various MCA e-forms having due date between 25 March to 31 May 2016,with additional fee waiver. MCA Circular no.06/2016. 4.Income declaration scheme 2016 to open from 01.06.16 to 30.09.16. Payments towards taxes, surcharge and penalty to be made by 30.11.16. CBDT press release of 14.5.16. 5.With effect from 01.06.2016, if payment consideration (or any part of it) is received in cash of sale of any goods/ provision of any service (exceeding Rs. 2. lacs), TCS @ 1% should be deducted. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Plans writing to government for urgent change in the Sebi Act, after nod from board The Securities and Exchange Board of India (Sebi) plans to write to the central government to change the provisions of its securities laws that deal with the quantum of penalty the market regulator can impose. The matter will be discussed at Sebi's board meeting later this week, according to sources. Following a nod from the board, Sebi might write to the government for ‘urgent’ amendments to the Sebi Act, the sources added. The regulator wants to bring in certain clarifications to ensure that the discretion to impose penalties always lies with its adjudicating officers (AOs). The move could impact cases between 2002 and 2014, a lot of which are still pending before the regulator. The Securities Appellate Tribunal (SAT) has also been remanding back matters to Sebi to re-decide and impose higher penalties. “We want to insert a clarification that the discretion to impose a penalty has always r...

An interministerial group on labour headed by finance minister Arun Jaitley is expected to meet soon to take a call on how aggressively the government should pursue its agenda of reforms. This comes after attempts to build consensus on big-ticket legis lative changes in labour laws failed because of stiff opposition from the trade unions and the government not enjoying sufficient strength in the Rajya Sabja. “The government will soon hold discussions at very senior le vel in which a decision is likely to be taken as to what extent it should push labour reforms,“ a senior official told ET, requesting not to be identified. The Narendra Modi-led NDA government had last year set up an interministerial group on labour, comprising power minister Piyush Goyal, petroleum minister Dharmendra Pradhan and minister of state in Prime Minister's Office Jitendra Singh to deliberate on all labour law changes with trade unions. However, the group could not manage to take unions completely...

Six registered agencies are said to be working collectively to come up with a new ratings system for such projects In a global first, India is set to come out with a new ratings system for infrastructure projects in the coming months, to boost domestic funding and foreign investment in the infra space. Such a move will help prospective investors put money in a project based simply on the merits of the undertaking. India is also likely to ask the BRICS Bank to adopt the same ratings system, as the multilateral development lender plans to set up a new credit ratings system for infrastructure projects. Six registered credit agencies, including Crisil, CARE Ratings and India Ratings are said to be working collectively to come up with a new ratings system for such projects, Business Standard has learnt. In his 2016-17 Budget speech, Finance Minister Arun Jaitley had said that “a new credit rating system for infrastructure projects which gives emphasis to various in-built credit enhanc...

Reduction of import duty on various mobile handset components may hurt local manufacturing. While lower import duties may reduce handset prices by up to ten per cent, it may discourage manufacturers to procure such components locally. Budget 2016-17 had increased import duties on various components like printed circuit board (PCB), battery, charger and earphones. The move was aimed at discouraging imports. On May 5, department of revenue under Ministry of Finance withdrew some part of the import duty. Currently, import duty on speakers, chargers/adaptors, battery and earphones stands at 12.5 per cent, compared with 29.44 per cent announced in the Budget. Sources say manufacturers have been lobbying for abolition of the duty since March. Since most companies are not prepared to set up component manufacturing facilities in India, they had asked the government to reduce import duties. However, industry sources say, abolition of the two per cent import duty that was imposed during ...

Process unlikely to be a long drawn one, say officials India will amend the Avoidance of Double Tax agreement with Singapore soon. The negotiation process is unlikely to be a long drawn one, since it requires a simple modification, according to officials in the income tax (I-T) department. Indian officials are in the process of reaching out to the Singaporean authorities for the amendment. Singapore will likely get the same two-year transition benefit of 50 per cent capital gains tax like in the case of Mauritius. Limitation of Benefit is much higher in the case of Singapore, a threshold of Rs 50 lakh against Rs 27 lakh for Mauritius. The southeast Asian nation has emerged as the largest contributor of foreign direct investment (FDI) in the last financial year. For the nine-month period between April and December 2015, Singapore accounted for Rs 71,195 crore in FDI against Rs 39,506 crore through Mauritius. The changes to India-Mauritius Double Taxation Avoidance Convention last ...

The Centre is working on a new legislation to replace the existing Consumer Protection Act, which will have penal provisions of ? 50 lakh and five- year imprisonment for celebrities promoting sale of items without verifying the quality, Union Minister Ram vilas Paswan said on Tuesday. The proposed Consumer Protection Bill, 2016, has already been approved by the Parliamentary Standing Committee and would be introduced in Parliament in the next session, the food andconsumer affairs minister said. Business Standard New Delhi,18th May 2016

A new committee, led by formerMPand revenue and expenditure secretary N KSingh, will nowreview the Fiscal Responsibility and Budget ManagementAct( FRBM), and suggesta future road map. The government announced the formation of the five- member panel on Tuesday. The other members of the panel are Reserve Bankof India Deputy Governor Urjit Patel, Chief Economic Advisor Arvind Subramanian, formerfinance secretary Sumit Bose, and Rathin Roy, the directorof National Institute of Public Finance and Policy and aBusiness Standard columnist. Business Standard New Delhi,18th May 2016

www.caonline.in News... 1.NIRC of ICAI is organizing two days workshop on AS, IND AS & IFRS on 18 and 19 May 2016 from 5PM to 8.30 PM (followed by dinner) at ICAI Bhawan (Audi), Vishwas Nagar, Delhi. 2.Sale value u/s. 50C is to be adopted for deduction u/s. 54F. [ITO vs. Mr. Kondal Reddy Mandal Reddy (ITAT Hyderabad)]. 3.Notional consideration u/s. 50C eligible for deduction u/s. 54F. [ Gouli Mahadevappa vs. ITO (Karnataka HC)]. 4.HC directs Chief CIT to streamline appeal filing procedure. [The CIT vs. TCL India Holdings Pvt. Ltd. (Bombay HC)]. 5.MCA extended waiver of additional fees till 10.06.2016 for all forms with due date of filing between 25.03.2016 to 31.05.2016. Circular No. 06/2016 dated 16.05.2016. 6.Extension to 23.05.16 of last date to file DVAT-16, DVAT-17 & DVAT-48 for Q4 of 2015-16. Circular No. 5 of 2016-17. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Ministry not notifying out-of-bound forest areas for industry For Prakash Javadekar's environment ministry , Jairam Ramesh's gono-go policy is a no-go, at least for now.And that means some high-profilehighinvestment projects, currently held up be cause of possible forest area violations, may get a go-ahead. At least 10% of major pending projects, inclu . 24,000-crore Rio ding the ` Tinto diamond mining project in Madhya Pradesh, will benefit. So will around a third of the 800 coal blocks that can be developed. Officials familiar with the matter told ET that the Javadekar-run ministry will not notify the long-pending gono-go forest area categories. Now termed as violateinviolate, this classification was mooted by Jairam Ramesh, the environment minister in United Progressive Alliance, to keep some forest areas completely out of bounds for any commercial or mining activity .Under the National Democratic Alliance government, the policy was reviewed by a different committee an...

The government’s gold monetisation scheme hasn’t taken off, with banks yet to push it and slow process in certifying of collection centres and refineries. Hallmarking centres, refineries and banks have to sign tripartite agreements to get the scheme going. The finance ministry has so far held around 10 meetings on the scheme; changes have also been made to attract gold holdings from temple trusts, among others. However, the bulk of the countrys gold is with households and there is both a lack of enthusiasm and awareness on the scheme. Households and temples are together estimated to have 25,000 tonnes, of which 3,000- 4,000 tonnes are with temples. So far, only three or four tonnes is estimated to have been mobilised under the scheme, within six months of its operation. Sanjeev Agarwal, chief executive, Gitanjali Exports, says: “ Banks need to aggressively promote the scheme and the norms for allowing jewellers registered with BIS ( Bureau of Indian Standards) to participate ne...