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Updates Of the Day 1.Swachh Bharat Cess of 0.5% to be levied on all taxable services w.e.f. 15.11.2015. Notification no. 22/2015 dated 06.11.15. 2.Donations received by a wholly religious trust cannot be taxed under section 115BBC merely because trust also involved in charitable/spiritual activity (Delhi High Court) [CIT vs. Bhagwan Shree Laxmi Nariandham Trust] 3.Arrears of revenue under Central Excises and Salt Act cannot be recovered from legal heirs of a dead assessee. [Shabina Abraham and Ors. vs. CCEC] (Supreme Court of India). 4.The union finance minister Shri Arun Jaitley launches the “E-Sahyog” pilot project of the income tax department to facilitate taxpayers. 5.We wish you and your family a happy dhanteras. May Godess Maa Laxmi bless you with prosperity and peace. Regards Ujjwal Thakur Team Webecreator. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Updates Of the Day 1.RBI has relaxed the conditions of facilities for residents for hedging of foreign currency borrowings. 2.W.e.f. 15th November, 2015 ‘Swachh Bharat Cess’ @ 0.5% will apply on value of all taxable services and effective rate of service tax will be 14.5%. 3.No TDS liability u/s 194A on interest paid which is compensatory in nature. [ITAT Chennai held In the case of The ACIT vs. M/s. Trimex Industries (P) Ltd.]. 4.CIT not authorized to verify charitable activities of trust while granting registration u/s 12AA: [Jaipal Singh Sharma Trust vs. CIT (ITAT Delhi)]. 5.Government approved for amending the Double Taxation Avoidance Convention (DTAC) signed between India and Turkmenistan. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The government on Friday did not rule out the possibility of bringing in a legislation to give legal sanctity to Aadhaar cards. This would enable use of Aadhaar cards in government schemes and other areas including for taxation purposes. A case in this respect is already pending in the Supreme Court, with petitioners alleging breach of privacy if the Aadhaar card is made mandatory in various government schemes since it uses biometric data like fingerprint and iris scans. In concluding remarks in Delhi Economics Conclave here, Finance Minister Arun Jaitley said, “... probably the government would try to place its stand before the court, and I think both options of being in court and before the legislature would always be open for any executive government.” “Aadhaar and JAM Trinity are here to say,” the finance minister said. JAM refers to use of Pradhan Mantri Jan Dhan Yojana, Aadhar and transfers through mobile. He said a draft legislation on the issue is already there. He was refe

Government might get Rs.400 cr in financial year 2016 via this levy The government will impose a Swachh Bharat Cess of 0.5 per cent on all services presently liable for service tax, with effect from November 15, the finance ministry stated on Friday. The proceeds are exclusively for its Swachh Bharat initiatives. The funds would go to the Centre’s kitty and would not be shared with the states. Finance Minister Arun Jaitley had announced the cess in his 2015- 16 Budget, at two per cent or less on services which attracted service tax. “Swachh Bharat Cess is not another tax but a step towards involving each and every citizen in making a contribution to Swachh Bharat...( The cess) will translate into a tax of 50 paise only on every Rs.100 worth of taxable services,” the notification said. The budgeted estimate for total service tax collections in 2015- 16 is Rs.2.1 lakh crore. Had the 0.5 per cent cess been imposed for the full year, the proceeds would have been Rs.1,049 crore. How

Millions of people in India, who have been traditionally buying gold, will have more than one option to invest in the precious yellow metal this Diwali. Prime Minister Narendra Modi on Thursday launched three gold schemes — gold monetisation scheme (GMS), sovereign gold bonds and the gold coin bearing the national emblem Ashoka Chakra on one side and Mahatma Gandhi’s image on the other — to channelise the country’s idle gold into productive use by bringing it into the formal banking system. Describing the schemes as “sone pe suhaga” (icing on the cake), Modi said gold has often been a source of women’s empowerment in the Indian society, and these schemes will underscore that sense of empowerment. “Women usually don’t own anything. House, car is usually named after their husband or son, but gold is their strength.” He added that gold coins would be a “matter of pride for the nation,” and people would no longer have to depend on foreign-minted gold bullion or coins. Underlining

PM launches gold monetisation and sovereign gold bond scheme; sale of coin also begins On Thursday, Prime Minister Narendra Modi formally launched the government’s much- awaited schemes for monetisation of citizens’ gold holdings. The function was in Delhi, at the PM’s residence. Depositors will get a 2.25 per cent interest rate for mediumterm deposits and 2.5 per cent for long- term ones. Principal and interest under the scheme will be denominated in gold. The tenure for short- term deposits will be one to three years, medium- term will be five to seven years and longterm tenure will be 12- 15 years. The short- term rate will be decided by each bank. State Bank of Indias are 0.5 per cent for one year, 0.55 per cent for two years and 0.6 per cent for three years. A source in the State Bank of India ( SBI) said theyd decided the rates on their costing and the lending rates for gold to jewellers. Banks are not giving any targets for mobilising gold under the scheme. A custome

The Securities and Exchange Board of India ( Sebi) might compel disclosure of a companys dividend policy in an initial public offering ( IPO) prospectus. “Companies could be asked to state their dividend policy upfront in the draft prospectus. This would provide clarity on the company’s philosophy, in terms of repaying shareholders,” said a source. Another source adds that the entire InterGlobe Aviation episode has not escaped regulator attention and Sebi’s move appears to be a result of this. The airline operator paid a heavy dividend to its promoters just ahead of its IPO, rendering its net worth negative. The move had drawn criticism from analysts. Currently, the regulator is engaged in discussion with market participants on proposed dividend disclosure norms and the format. Before forming any regulation, Sebi will issue a discussion paper. Surces add that Sebi could ask companies to declare a minimum dividend payment as a percentage of its earnings. “A shareholder h