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Updates Of the Day 1.ICAI Membership and COP Fee for the year 2015-2016 is payable on or before 30th September, 2015. 2.The Central Govt. has notified the Mines and minerals (contribution to district mineral foundation) rules, 2015, wef 12.01.2015. 3.Goods imported without valid licence liable to confiscation & redemption fine : Supreme Court : CCI, Raigad vs. Finacord chemcals (P) ltd. 4.Amended section 11B applicable in cases where implementation of order under un-amended section 11B is pending – CCE vs. Dalmia Cement (Bharat) Ltd.: Supreme Court of India. 5.Extended period invoked cannot be more than what is specified in Act– Dharampal Lalchand Chug vs CCE: Bombay High Court. 6.Disallowance u/s. 40(a) (ia) justified for deduction of TDS under wrong section : Kerala High Court : CIT vs. P V S Memorial Hospital Ltd. For more New Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Reserve Bank will issue Rs. 500 and Rs. 1,000 bank notes with additional features to aid the visually impaired in identification. The RBI had recently put into circulation Rs. 500 bank notes with numerals in ascending size in number panels but without bleed lines and enlarged identification mark. “It has now added two more features to aid visually impaired in easy identification of bank notes apart from securing them against counterfeiting,“ RBI said in a release. The central bank said the new Rs. 500 de Rs. 1,000 and nomination bank notes will have numerals in both the numbering panels. The Economic Times, New Delhi, 23rd Sept. 2015

The government has extended the validity of industrial licence for defence sector for the second time this year, increasing it to 15 years with provision for a further extension of three years to promote defence manufacturing and ease of doing business. In April, the government had increased the validity of the licence to seven years, with provision for extending it up to 10 years. “This is being done as a measure to further promote ease of doing business, in view of the long gestation period of defence contracts to mature,“ the Department of Industrial Policy and Promotion (DIPP) said in a press note. In case a licence has already expired the licensee will have to apply for a fresh licence, the note said. Stepping up defence production in India to make do with minimum imports is a crucial element of the Narendra Modi government's `Make in India' campaign. Since assuming office in May last year, the government has in a series of measures aimed at freeing up the sect

The government will not extend the deadline for income tax assesses to disclose unaccounted foreign assets abroad beyond September 30, the expiry date of the threemonth compliance window to avoid punitive action, V Anandarajan, joint secretary, Central Board of Direct Taxes said on Tuesday. Business Standard, New Delhi, 23rd Sept. 2015

All “consequences“ of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day compliance window' on September 30, the CBDT chief warned on Monday. The CBDT, the apex policymaking body of the income tax department, also made it clear that all anti-harassment and pro-confidentiality procedures have been put in place by it for those people who want to avail this window before the September 30 deadline followed by payment of taxes and penalty before December 31. “Tomorrow, if it is known that there is some wrong or no filing by a person holding black money, then the accountability rests with that person. If you do not use the (one time black money declaration) win dow, then we assume that you deliberately hid your foreign asset. When you avoid law then all consequences of law should follow...,“ CBDT chairperson Anita Kapur told PTI. The top boss of the I-T department said the Board is consta

Rehabilitation cost per labour is equally borne between the Centre and the state The labour ministry has proposed a massive increase in rehabilitation cost of bonded labourers from Rs.20,000 to up to Rs.3 lakh, a fifteen-fold jump that may cost the government dear but could benefit the BJP-led NDA regime politically as majority of the estimated one million bonded labourers in the country are Dalit farmers. A draft note on the ministry's website for inviting comments said that henceforth the revised scheme will be centrally administered, with rehabilitation package of Rs.1 lakh per adult male beneficiary. Rehabilitation cost per labour under the scheme is equally borne between the Centre and the state and was last revised in 1999. “For special category beneficiaries such as young chil dren, the rehabilitation assistance shall be Rs.2 lakh while for disabled people it will be Rs.3 lakh,“ the note said. ET had last month reported that the govern ment is planning to substantial

Anti-evasion wing is summoning executives of many cos to check if they have paid service tax Indian tax officials are looking at various business activities undertaken by the local units of multinationals on behalf of their parent companies to ascertain whether services tax was paid on them. Such marketing, sourcing and development exercises have hitherto been regarded as exports and were even liable for tax refunds but with new place of supply rules coming into force, the authorities contend that service tax applies. The anti-evasion wing dealing with indirect taxes has summoned executives of a number of companies across sectors to check on business details and asking if they have paid service tax that could run into hundreds of crores of rupees. Service tax authorities have also issued notices to companies. Officials are looking into transactions by many big names and brands engaged in information technology, IT enabled services, marketing and sourcing, said several people awar