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In a bid to improve accountability and ensure every order is looked upon as a regulatory action, the Securities and Exchange Board of India ( Sebi) might get its orders passed by a panel. Currently, orders are passed by a single officer from one department. “To make orders a collective responsibility of the regulator and to prevent one officer from being singled out, we are mulling to have a panel to pass orders,” said a source. Another source says this would increase the quality of orders and ensure different perspectives are taken into account while issuing these. “ We want to have orders with more of quasi- judicial quality. Being passed by a panel would make sure these cannot be questioned easily,” added the person. This was suggested by some independent members who are a part of the Sebi board of directors. Lawyers agree this would help improve the applicability. “It will bring more perspective.Ideally, this panel should include at least three officers and one of them sh

Chinas top legislature on Sunday approved a proposal to revamp the countrys initial public offering ( IPO) system, authorising the government to implement changes to the system that could be in place as early as March, the official Xinhua news agency said. The State Council, or cabinet, had been awaiting approval on its plans to shift to aUS- style registration system for stock market floations. In the latest reform aimed at developing Chinas financial market, the changes are expected to help companies raise money more efficiently and reduce the involvement of regulators in the capital market. The widely expected approval by the National Peoples Congress, announced on Sunday, paves the way for regulators to draft detailed rules that will be implemented after seeking public feedback. Xinhua reported the approval on its official microblog. The next step for the State Council is to come up with specific details of the new IPO system. The cabinet could do so and implement a new I

Updates Of the Day 1.Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings. 2.Disallowance cannot be made of expenditure not claimed as deduction in profit and loss account. [ITAT Delhi: Sunaina Tower Pvt. Ltd. vs. ACIT.] 3.Interest in leasehold property includable in net wealth of assessee if he exercises power of owner on it. Bombay High Court: Jaya Hind Sciaky Limited. 4.Government of the Republic of India and the Government of the Republic of Macedonia enters DTAA for the avoidance of double taxation. Notification No. 94/2015. 5.SEBI meeting on Implementation of OECD Principles of Corporate Governance, Spot Price Determination of Commodities etc. PR No. 297/2015. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

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