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Updates Of the Day 1.NIRC of ICAI is organizing seminar on Income Tax & GST Jointly with Rohini CPE Study Circle on 9.10. 2015 from 5PM–9.30PM at Hotel Oasis, Pitampura, Delhi. Fees Rs.500/- 2.ICAI hosted admit cards in respect of candidates admitted to the IPCC and Final Exam in Nov 2015. 3.RBI has modified the directions issued to the NBFC - Micro Finance Institutions w.r.t pricing of credit by MFIs. 4.MCA has constituted a High Level Committee to suggest the measure for improved monitoring of CSR. 5.Tax obligations for October 2015 prepared by Advocate Sanjay Sharma are available. If u need, send us email. 6.No Excise duty Price-escalation not contemplated at or before time of removal: [CCE vs. Hitkari Fibres Ltd. (Supreme Court)] 7.Cost of purchase from outside Delhi will be costlier now - Trucks entering Delhi are now required to pay environmental tax in addition to toll tax: Order by National Green Tribunal. 8.Reimbursement of own share of cost of software which is a

Move may spell trouble for exporters, who will lose access to duty-free imported inputs and will have to make upfront payment of GST that will be refunded later International travellers buying goods in India will be able to claim tax refunds in the proposed goods and services tax regime, which seeks to replace a plethora of state and central government taxes with a single levy. That's among the proposals of panels set up by the empowered committee of state finance ministers which submitted their reports on the business process for GST. The three reports dealing with refunds, registration and payment processes have been put up for stakeholder consultations, clearly indicating the government's intent to go full throttle with preparations for a rollout of the tax from 2016. “It is encouraging to see that the government has issued these reports for public feedback even while the Constitutional amendment bill is yet to be passed by the Rajya Sabha. This does indicate that th

The central government and financial institutions suffered a setback on Wednesday, when the Supreme Court declined to modify its order restricting Aadhaar card use only for public distribution system ( PDS) benefits. The issue would now go before a larger bench to be set up by the Chief Justice of India. The central and some state governments, along with Securities and Exchange Board of India ( Sebi), Reserve Bank of India( RBI), banks and other public institutions were vehemently arguing that the court order of August 11, restricting the use of AadhAar cards only to essential items, has stalled their functioning. They had contended that those who voluntarily come forward to register for the identity card should be allowed to do so. Sebi and the banks argued that the use of the card would allow them to track black money operations. However, a three- judge bench headed by J Chelameswar did not change the order and stated in its order that it would be better that the issue be decid

Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers Employees are always advised to try and not dip into their provident fund ( PF) corpus because it is the most important portion of their retirement corpus. Even if a company closes down, employees will get at least some part of their PF. Both the employee and employer contribute 12 per cent each of the basic salary towards employees’ provident fund ( EPF). For 2015- 16, the government has fixed the EPF rate at 8.7 per cent. Most employees are used to getting money from the Employees Provident Fund Organisation ( EPFO) and no one is prepared for a letter from their earlier company asking to repay some amount to the EPFO. But a media company employee received such a letter, because an excess amount was paid to him. According to the letter, the EPFO has sought repayment otherwise it had threatened to freeze the account. He was asked to repay the excess amount by cheque to the Regional PF Com

A day after Prime Minister Narendra Modi expressed the hope on a national roll- out of goods and services tax ( GST) from 2016- 17, the finance ministry on Wednesday released three reports on the processes for the new indirect tax regime. These suggested that the Reserve Bank of India ( RBI) can act as the aggregator of payments, and businesses will have to mandatorily register with the goods and services tax network (GSTN) portal to avail of benefits of the new tax system. The reports, prepared by joint sub- committees of the Union finance ministry and the empowered committee of state finance ministers, relate to registration, refunds and processes. “A legal person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him. There will be athreshold of gross annual turnover, including exports and exempted supplies ( to be calculated on all- India basis), below which any person engaged in supply of goods or services or both

Updates Of the Day 1.RBI issued Master Circular on Guarantees, Co-Acceptances and Letters of Credit Vide RBI/2015-16/6DCBR.BPD. (PCB) MC No.8/09.27.000/2015-16. 2.Government increases custom duty on ghee, butter & butter oil to 40% Notification No. 49/2015. 3.Basmati Rice satisfying both length and component parameters can only be exported- [Commissoner of Customs vs. Orion Enterprises] (Delhi High Court). 4.Statements of witnesses are made basis of demand, not allowing assessee to cross-examine witnesses, is a serious flaw which makes order nullity. Supreme Court: [Andaman Timber Ind vs, Comm of Central Excise, Kolkata.] 5.CBEC allowed 70% abatement on services ancillary to Goods Transport Agency (GTA) Circular No. 186/5/2015 dated 5-10-2015. 6.Society not eligible for deduction U/s. 80P if its income is not from collective disposal of labour of its member: [Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham vs. CIT, High court of Kerla.] 7.Profit from sal

Germany, France, Switzerland, Singapore, Mauritius and the British Virgin Islands are among those that are providing info or will soon start doing so India has found global allies in its fight against black money. Germany, France, Switzerland, Singapore, Mauritius and the British Virgin Islands are among those that are providing information, or will soon start doing so, on assets held by Indians, helping the Narendra Modi government in its campaign to crack down on unaccounted wealth. “We are able to pierce through multiple layers... as a number of tax jurisdictions are now helping with data flow,“ said a finance ministry official. The freer exchange of financial information, thanks to accords such as the Foreign Account Tax Compliance Act (Fatca) with the US, will help identify tax evaders who didn't come clean during the grace period that ended September 30. Singapore, which has strong business links with India, is passing on data. Mauritius, which has signed a global infor