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Updates Of the Day 1.ICAI invites Quotations from CA / Firms of CAs for consultant for Ind AS as ICAI needs assistance from an experienced and competent consultant in preparation of financial statements for the year 2015-2016. 2.PF sms alert has started from today, to know your total PF balance, just give a missed call on 01122901406 from your registered mobile number and you will get SMS alert immediately. 3.CBEC direct its custom officers to follow instructions scrupulously given in Audit Manual 2015. Notifications F.No.307/32/2015-SO ( PAC-Cus.). 4.MCA has amended the Companies (Audit and Auditors) Rules, 2014 and notified the rules, it shall come into force on the date of their publication in the Official Gazette. 5.Transfer Pricing adjustment cannot be made in respect of transactions with unrelated third parties. [CIT vs M/s Thyssen Krupp Industries India Pvt. Ltd. (Bombay High Court)] 6.Trade Discount on sales after considering commercial expediency and accrual method of a

The objective of the bill is to make the arbitration process friendlier and cost effective for investors, ensuring speedy disposal of cases The Lok Sabha on Thursday passed the Arbitration and Conciliation (Amendment) Bill, 2015, aimed at making dispute resolution in the country quicker and easier. The objective of the bill is to make the arbitration process friendlier and cost effective for investors, ensuring speedy disposal of cases. This will make India a hub for international commercial arbitration, a government statement said. The cabinet had approved the amendment to the Arbitration and Conciliation Act, 1996, in August. The amendments, based on a Law Commission report, seek to impose a time limit of 12 months for arbitrators to decide on disputes. Parties can also choose to fast track their arbitration within 6 months. Courts will also be asked to decide disputed arbitral awards within a year. An ordinance introducing amendments to the 1996 Act was promulgated in

Creates an email helpline to give regulatory advice for start-ups at a time when they are increasingly engaged in cross-border transactions The Reserve Bank of India (RBI) has created an email helpline to provide regulatory advice for start-ups at a time when they are increasingly engaged in cross-border transactions. “Start-up enterprises usually undertake a wide range of cross-border transactions including those related to investment. Cross-border transactions of resident Indians are subject to the regulatory regime provided by the Foreign Exchange Management Act, 1999,” the RBI said in a circular on Tuesday. Several Indian start-ups have shifted base to Singapore due to easier regulations on raising funds and taxation. This has led to an increase in cross-border transactions for such companies. All cross-border transactions are subject to FEMA regulations as they involve foreign currency. Further, according to reports in July, a rule that requires companies to fill out a s

The recently amended regulations for listing of stock exchanges will bar an entity from trading and being listed on a stock exchange if it holds a 15 per cent stake in it. According to board minutes released by the Securities and Exchange Board of India ( Sebi), the entity with such a substantial stake would be considered an associate of the exchange. “Companies which share common directors with that of astock exchange or any of its subsidiaries, or who hold 15 per cent of the equity share capital of a stock exchange would not be permitted to list on the same stock exchange,” said Sebi in the board note. This means that if any board member of the listed exchange is also on the board of a listed entity then the entity would not be able to trade on it. Else, the board member would have to give up his/ her position on the board of the company or exchange. This was a part of the initial Securities Exchange and Clearing Corporations ( SECC) regulations because of which Keki Mistry

Updates Of the Day 1.SEBI has proposed new regulations for public issue of 'core capital' instruments by banks and for the public issue of Infrastructure Investment Trusts (InviTs). 2.MCA notifies sections related to reporting on fraud by auditor and omnibus approval by Audit Committee of the Companies Amendment Act, 2015 and made applicable from 14.12.2015. 3.CESTAT order to deposit duty after considering prima facie case, undue hardship and interest of revenue is valid. [Advance Netways Marketing Pvt. Ltd. vs. CCE, Honorable Bombay High Court]. 4.TDS u/s.194I not deductible on lease premium paid to acquire land on lease with substantial right. [ACIT vs. OBC, Mumbai Bench of ITAT]. 5.Free samples of medicines to medical practitioners not covered under gift, no disallowance u/s 37. [ITAT Delhi: Eli Lilly & Co. (India) Pvt. Ltd. vs, ACIT]. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The government plans to introduce a bill in Parliament on Monday to deal with sick companies that turn insolvent for genuine reasons. The bill — Insolvency and Bankruptcy Code — once voted into law will replace a string of archaic legislations with a modern contemporary law, which will help companies opt for easy exits, in a move that will further improve ease of doing business in the country. “Finance minister will introduce Insolvency and Bankruptcy Bill in Parliament tomorrow,” Shaktikanta Das, secretary, department of economic affairs tweeted on Sunday. The move was first announced by finance minister Arun Jaitley in the budget. Last month, the Bankruptcy Law Committee headed by former law secretary TK Vishwnathan released the first draft of a proposed bankruptcy law modelled on the USA’s tested Chapter 11 bankruptcy code, which handholds insolvent companies and aids banks that would have lent to such companies. The bill could be referred to the standing committee for a ful

Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17 To meet higher expenditure requirement for the next financial year, mainly on account of the seventh pay commission’s recommendations and the implementation of the one- rank- one- pay ( OROP) pension plan, the Centre could raise the service tax rate by up to two percentage points in the coming Union Budget. A committee headed by Chief Economic Advisor Arvind Subramanian has recommended a standard rate of 16.9 per cent to 18.9 per cent under the proposed goods and services tax ( GST) regime. So, Finance Minister Arun Jaitley has the room to increase the service tax rate from the current 14 per cent to 16 per cent next financial year — to shore up revenue and also prepare the country for a GST regime. “Discussions and consultations are on; services is an area where we see room, as far as revenue sources are concerned. We do not know how global oil prices will behave next year, so excise