CA Online

With the current financial year coming to a close soon, the Central Board of Direct Taxes ( CBDT) has asked the Income Tax department to speed up select black money and tax evasion probe cases which require cooperation from foreign agencies under the existing bilateral treaties. Officials said the CBDT has asked taxman to send it all such cases for exchange of information which are getting " time barred" by March 31. Business Standard, New Delhi, 9th Feb. 2016

Plans longer term measures to check cheaper import While there are some obvious benefits for domestic steel producers following the imposition of a minimum import price (MIP) on steel, the industry seems to have abigger plan as it prepares to file for longer- duration duties to counter cheaper imports. On Friday, the government imposed MIPs on 173 steel products to protect domestic players. This duty is going to remain valid for a period of six months. With the MIP, imports would become costlier by 26- 70 per cent, said a report by Prabhudas Lilladher. “We are looking at anti- dumping and countervailing duties as the next measures to fix the steel import issue since these duties are typically placed for threefour years,” Sanak Mishra, secretary- general at the Indian Steel Association, told Business Standard on Monday. Integrated primary steel producers like the Sajjan Jindal- led JSW Steel, Jindal Steel & Power, state- owned Steel Authority of India and Tata Steel will b

A central bank panel has issued recommendations for introducing bond options in India, including simple-structured contracts and allowing companies to trade up to Rs.5 crore without documented underlying exposures. Hindustan Times, New Delhi, 9th Feb. 2016

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