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Android app ready reckoner on rules, has duty calculator, works offline Soon the passengers coming to Delhi from international destinations can pay the customs duty and fill the customs form and declare costly items through their mobile phone.Customs, which has recently launched a mobile-based application to inform people about all Indian customs rules including those related to import of pets and goods, will add these services in the app. The main reason behind developing such an application was inaccessibility of customs-related information to common people with ease. “The mobile app’ Indian customs – guide to travelers, has been developed by Sandeep Rawal, who is joint director in regional training institute. The app contains details of baggage rules and entitlement of passengers,” said a customs official. The application, developed in easy-to-understand format, gives in detail information about customs rules for Indians and foreigners. The application also has duty calculat

Tax experts have sought greater clarity from CBDT on draft PoEM norms that aim to determine the tax residency of companies, and said that a set of objective criteria be put in place before implementing them. They have also suggested that detailed FAQs be brought out on various provisions.The Central Board of Direct Taxes should provide guidance with regard to expressions ike “management and commercial decisions“ and “conduct of company's business as a whole“ as interpretation of these expressions might lead to more litigations, they said. The draft guidelines on Place of Effective Management (PoEM), to assess a company's tax liability, have suggested a two-stage process. According to the draft, the first stage would identify the persons who make the key management . The Economic Times, New Delhi, 8th Feb. 2016

The Companies Act, 2013, which came into effect from April 2014, has seen scores of changes. Last week, a government- appointed committee proposed another set of 100- odd amendments. Tax and legal experts share with Business Standard their insights on the implications of the committee’s key recommendations The Companies Act, 2013, which came into effect from April 2014, has seen scores of changes. Last week, a government- appointed committee proposed another set of 100- odd amendments. Tax and legal experts share with Business Standard their insights on the implications of the committee’s key recommendations The proposal to remove government approval for managerial remuneration is in line with international best practices. Seeking government approval for managerial remuneration is alegacy issue and has been a big impediment in ease of doing business. Such approvals took months of paper work and follow ups, leading to uncertainty in the minds of businesses. In effect, the regulator

As the current financial year nears its end, the Securities and Exchange Board of India (Sebi) has stepped up its surveillance to check tax evasion attempts through ‘arbitrage’ and bogus losses using stocks and mutual fund investments. Towards the end of every financial year, the manipulators tend to devise new ways of tax evasion, including incurring ‘losses’ from stock market trades and offsetting that against their capital gains booked earlier in the financial year. Besides, there are also attempts to make temporary investments in mutual funds and other financial instruments providing tax benefits towards the end of a financial year, which get re-routed back to the investors soon after the new fiscal begins, a senior official said. Sebi has also stepped up its vigil against illicit 'arbitrage' through derivatives trading from offshore locations, as also for any misuse of 'client code modifications', he added. The regulator has already clamped down on a numb

Terming as “unsatisfac tory“ the current pace of taxpayers' grievance redressal process, the CBDT has asked the Income Tax department to resolve these complaints within a maximum period of two months. In a urgent missive to all regional heads of department, Central Board of Direct Taxes Chairperson Atulesh Jindal has sought a quick resolution of these complaints as it is a key area being monitored by the government, with PM Narendra Modi pulling up the department on this front during a meeting last year. Recently, similar directives were issued to the Customs and Central Excise departments working under the Central Board of Excise and Customs. The CBDT boss has asked the tax department officials to take up this job “on priority“. and report back on its compliance. The Economic Times, New Delhi, 8th Feb. 2016

Updates Of the Day 1.Online Applications are invited from CA firms/LLPs from 1st January 2016 to 15th February 2016 for empanelment for appointment as auditors of Government Companies/Corporations for the year2016-17. For details visit www.saiindia.gov.in 2.ICAI asks CAs to include Name of Firm, FRN, Name, Designation & Membership No. of CA (besides other requirements) with Signature in Certificates issued. 3.FEMA Notification No. 9(R)/2015-RB dated Dec 29, 2015, c.f. G.S.R. No.1005(E) which supersedes the Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000 and all amendments thereto. 4.The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information from taxpayers. 5.Partner's remuneration u/s 40b- once the additional income offered for taxation during the survey is accepted and it has been explained to be as a busines

RBI/2015-16/309 A.P. (DIR Series) Circular No.44/2015-16 [(1)/10(R)] February 04, 2016 To All Category - I Authorised Dealers and Authorised Banks Madam/ Sir Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). On a review it is felt necessary to revise the regulations issued under the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000, as amended from time to time. Accordingly, in consultation with the Government of India, the said regulations have been repealed and replaced by the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015.