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Updates Of the Day 1.SEBI meeting on Implementation of OECD Principles of Corporate Governance, Spot Price Determination of Commodities etc. PR No. 297/2015. 2.Export Policy of Onions- Removal of Minimum Export Price on onions. Notification No. 29/2015-20. 3.Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the Central Government under the Companies Act, 2013. 4.Section 54F do not stipulate purchase of new asset from sale proceeds of original capital asset only.[CIT vs. Shri Kapil Kumar Agarwal (P&H High Court)]. 5.Finance Ministry has asked Income Tax department officials to mandatorily mention their email and official phone numbers in e-letters and notices. 6.Applications are invited from advocates of substantial standing and repute and with good academic credentials for the empanelment of Addl. / Asstt Public Prosecutor of Income Tax Department. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscr

Updates Of the Day 1.Delhi High Court ruled that undervalued property can be registered in the capital. 2.SEBI Meeting on Implementation of OECD Principles of Corporate Governance, spot price determination of commodities etc. PR No. 297/2015. 3.CLB has issued a circular stating that the certified copies of the "Interim Orders" passed by the Principal Bench and New Delhi Bench on its official web site w.e.f 01.01.2016. 4.CD (compact disc) is an admissible ‘documentary evidence’-Supreme Court of India. [Shamsher Singh Verma vs. State of Haryana] 5.TPO can reject transfer pricing study report based on multiple year data and use only current year data [ITAT Bangalore DCIT vs. M/s. Parametric Technology (India) Pvt. Ltd]. 6.It is not the ‘profit from export’ but ‘profit of business’ which is to be considered in formula u/s 10B(4) [Delhi High Court in Riviera Home Furnishing vs. Addl. CIT]. 7.Interest paid on borrowed sums further advanced to subsidiary company for purpose

Rajya Sabha passes three Bills while Lok Sabha passes 13 Curtains came down on the winter session of Parliament on Thursday, with the Lok Sabha (where the government has a majority) logging a productivity of 102 per cent. The Rajya Sabha, which faced continuous disruptions, was only half as productive at 50 per cent. The Bharatiya Janata Party (BJP)- led government’s efforts at pushing through the goods and services tax ( GST) Bill came a cropper with the Opposition digging in its heels, asking for specific changes in the Bill. The Congress disrupted the Upper House and 55 hours were lost over court summons to Congress President Sonia Gandhi and vice- president Rahul Gandhi in the National. Herald case; the overthrowing of the Arunachal Pradesh chief minister; and Finance Minister Arun Jaitley’s alleged role in the Delhi & District Cricket Association scam. While the Lok Sabha passed 13 Bills in 20 working days, the Rajya Sabha tried to make up for the lost time by passin

To end uncertainty over applicability of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs) and foreign companies, the Central Board of Direct Taxes (CBDT) on Wednesday asked its field officers to complete the pending assessments in light of the directions issued regarding inapplicability of the tax liability on such entities. “The field authorities are hereby advised that pending assessments involving applicability of MAT on foreign companies (including FIIs and FPIs) should be completed in accordance with the decision of the government,” CBDT said in an instruction to field formations. The government had earlier decided that Section 115JB of Income Tax with regard to levy of MAT will not apply to foreign companies, FIIs and foreign portfolio investors (FPIs) and a requisite amendment would be made in the Finance Bill 2016. It was decided that MAT will not apply to companies prior to April 1, 2015. The government had already in last Budget clarified that MAT

Clearing the Air Central Board of Direct Taxes' guidelines on whether an entity's place of effective management lies in India will affect foreign, domestic cos' overseas ops PLUGGING THAT LOOPHOLE Cos avoided paying tax in India by artificially escaping residential status outside India Foreign companies outsourcing high-end critical functions to India that contribute substantially to their global value or domestic companies setting up arms outside the country for raising funds or expanding business could now face a tighter scrutiny to see if they were being effectively managed from India. In what could have significant tax implications for such businesses, the Central Board of Direct Taxes has spelt out norms to determine if an entity's place of effective management lies in India. These guidelines follow a change in income tax in the budget, which provided that a company will be resident in India in any previous year if it is an Indian company or its place of effe

In a relief to those thinking of buying or selling properties in the capital, the Delhi High Court on Wednesday ruled that municipal corporation’s Registering Officer cannot refuse to register the sale or transfer deed, even if they are under-valued against the existing circle rates. A bench of Chief Justice G Rohini and Justice RS Endlaw said the registering authority will then have to give an opportunity to the parties to revise the valuation in “consonance with the circle rates”. However, in the event parties do not pay the deficient stamp duty or transfer duty in terms of the circle rates, the registering authority will forward the case to the Collector of Stamps for determination of the actual value. “…the stamp duty paid on a transfer document need not always be in accordance with the prescribed circle rates and that if the valuation and stamp duty is below the circle rates the registering authority has to first register the document and refer it to the Collector for dete

IT min seeks relief on cap gains invested in new ventures & those made on investments The ministry of communications and information technology has proposed tax exemptions on stock options given to employees by startups, on capital gains that are invested in new ventures and those made from investing in new firms. The moves could have a catalytic effect on such companies in the event the measures are adopted. The proposals have been sent to the finance ministry as part of suggestions for next year's Budget and are aimed at promoting the startup ecosystem, in line with the initiative that Prime tive that Prime Minister Narendra Modi announced in his Independence Day speech. Some “70-80% of startups in the country are tech-related and we need to find a way to encourage private capital and long-term investment in Indian tech startups“, said an official. The department of IT, which is part of the ministry, has also proposed that such exemptions on employee stock options (Es