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Updates Of the Day 1.ICAI Council, at 347th meeting dated October 14, 2015, has decided to withdraw the five guidance notes on accounting as the same are no longer relevant in the present day context in view of the requirements of the Companies Act, 2013. 2.Assessee using brand name/ trade mark of another person which has been assigned to it with a right to use it exclusively in India is eligible for SSI exemption. [Commissioner of Central Excise, Bangalore V/s. Otto Bilz (India) Private Limited (Supreme Court of India) 3.No service tax on agents in relation to remittance of foreign currency, from 1st July 2012 to 13th October 2014. Notification No. 19/2015-ST dated. 14th October, 2015. 4.AO not empowered to refer matter to DVO without rejecting books of accounts. (Punjab & Haryana High Court) [CIT vs. M/s Freedom Board & Paper Mills.] 5.CBDT with an intention to facilitate the participation of leading diamond mining companies of the world in the bharat diamond bourse has

Updates Of the Day 1.NIRC of ICAI is organising a seminar on filing with ROC and service tax jointly with south Delhi CPE Study circle on 26th Oct 2015 from 5PM to 9PM at Holiday Club, panchsheel enclave, New Delhi. 2.Bank of Baroda invites application for empanelment of CA for concurrent audit of branches for F.Y. 2016-17. 3.Cenvat credit available on capital goods/ inputs used in manufacture of exempted goods & cleared without payment of duty on Job work basis (Madras High Court) [CCE vs. CESTAT] 4.MCA has notified on 20.10.2015 for amending the Limited Liability Partnership Rules, 2009. 5.Service tax not to be included while calculating the gross receipts for section 44BB. [ITAT Delhi Sundowner offshore International (Bermuda) Limited vs ADIT Dehradun] 6.Section 14A shall not apply to shares held as stock in trade- [G. K. K. Capital Markets private limited (ITAT Kolkata) 7.Search will be deemed to be concluded for completion of assessment from the date when keys were han

Pilots would be conducted in Mumbai, Delhi, Bengaluru, Ahmedabad and Chennai for non-corporate cases; e-hearing would be held in 100 cases. Scared of facing income tax officer? In a major initiative to address tax harassment, the authorities plan to do paperless income tax assessment over emails. The Central Board of Direct Taxes (CBDT) has rolled out a pilot project whereby e-hearing would be conducted in 100 cases. “This would eliminate the necessity of visiting the income-tax offices by the taxpayers, particularly in smaller cases involving limited issues and where taxpayer is able to provide details required by the assessing officer without necessi tating his physical presence,“ the apex direct taxes body said in a directive to field officers. Pilots would be conducted in Mumbai, Delhi, Bengaluru, Ahmedabad and Chennai for non-corporate cases. The NDA government has promised a `fair, predictable and stable' tax regime in the country. Prime Minister Narendra Modi h

India is the sole country to have statutorily mandated CSR for a certain class of cos but it is backfiring as public trusts are being increasingly misused for laundering money. On the global level too, black money is a thorn in the flesh of multinational banks. The statutory corporate social responsibility (CSR) norms introduced two years ago were expected to revolutionise funding of social causes, but some sections of India Inc may now be abusing these for laundering of black money , according to sources privy to such transactions. Some companies are using onhire charitable trusts to fabricate CSR spending, at least two sources who have helped craft and execute such transactions said. They spoke to ET on the condition of anonymity. India is the first and only country to have statutorily mandated corporate social responsibility for certain class of companies but the law allows a lot of leeway . CSR spends disclosed by companies need not be vetted by statutory auditors unlike ot

After getting relief from the government on minimum alternate tax ( MAT), the foreign portfolio investors ( FPIs) on Tuesday raised a number of taxation- related concerns with the finance ministry. Nearly two dozen FPIs, in turn, were assured of simpler and transparent taxation regime, which would prompt them to set up a permanent establishment the country. The meeting called ahead of the Budget by Economic Affairs Secretary Shaktikanta Das saw participation from various FPIs, including Citibank, Deutsche Bank, Fidelity, Goldman Sachs, CLSA, BlackRock and Bank of America, each giving views on sector related issues. “A number of suggestions have come and they have to be looked into and will be placed in front of the government. The government will then take a decision. Tax issues were naturally raised... We discussed fund management industry in India,” Das said after the meeting. The meeting was attended by top officials of the Reserve Bank of India, Securities and Exchange Bo

The government came out with two solutions for transfer pricing disputes: Multiple year data and range of comparable prices After announcing the rollback provisions for advance pricing agreements six months ago, the finance ministry on Tuesday came out with the remaining two solutions for transfer pricing disputes -multiple year data and range of comparable prices. Finance Minister Arun Jaitley had announced all three measures - rollback provisions, multiple year data and range of comparable prices - in his maiden Budget a year ago. A range of comparable prices are used to arrive at transfer pricing using the arm's length principle (ALP). ALP is used in transfer pricing when pricing is determined on the basis that parties to a transaction are independent and on an equal footing. The amended rules allow introduction of a 'range concept' for determination of ALP to undertake the comparability analysis in transfer pricing cases. "The range concept will be appl

The Reserve Bank of India (RBI) has suggested payments banks that have been granted the in- principle licence to ensure there is sharing of infrastructure among banks. The regulator believes this will help achieve the spirit of financial inclusion more efficiently. “The idea by the banking regulator is that there should be sharing of resources and functional interoperability which will also allow us to keep the costs under check,” said one of the applicants, who had attended the meeting last week. For payments banks keeping acheck on the cost will be an important concern. As part of the mandate, these banks need to reach the unbanked area where infrastructure sharing will become a key to ensure cost efficiency, say analysts. Shinjini Kumar, leader (banking and capital markets) at PwC India, explains this sharing of infrastructure will lead to more efficiency in the system. “ New banks will be required to fulfil the expectation of payment access points within 15 minutes of walking