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The government today said it will launch on Tuesday the third tranche of the gold bond scheme, through which it has raised about Rs 1,050 crore in the earlier rounds. "Applications for the bond will be accepted from March 8, 2016 to March 14, 2016. The Bonds will be issued on March 29, 2016," said a Finance Ministry statement. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL) and designated post offices, it added. The government had launched the first tranche of sovereign gold bond scheme in November for which it got subscription for 915.95 kg of gold worth Rs 246 crore. In January, it came out with the second tranche and received subscription for 3,071 kg gold amounting to Rs 798 crore. The funds raised through the Bonds will form part of the government's market borrowing programme. Further, Budget 2016-17 has proposed that redemption of sovereign gold bonds by an individual be exempt from capital gains tax. It also provided that l

Concerns conveyed to `highest levels', issue `under active consideration' The labour ministry, leading the effort inside the government on articulating opposition to the Budget's taxation proposals on the employees' provident fund (PF) scheme, has conveyed these concerns to the highest levels, officials familiar with the matter told ET. The Budget has proposed that 60% of accumulated PF should be taxed at time of withdra wal, with the clock starting from April 1 this year (corpus accumulated before that won't be taxed), and that employers' contribution above Rs.1.5 lakh a year should not be tax-free. These officials, who did not want to be identified, said there has been brainstorming sessions inside the government between various departments and employees' grievances about their savings being taxed is now “firmly on the official agenda as a matter that needs looking into“. “The issue is under active consideration,“ a labour ministry official said. The offi

The government is likely to set up a committee comprising representatives of the ministries of law and corporate affairs, Sebi, and RBI to study more than 3,000 objections and comments received on the report of the high-level panel formed earlier to review the issues arising out of implementation of the Companies Act, 2013. In its report submitted last month, the panel had suggested more than 50 changes in the law. The government had then called for public comments on these recommendations. “We'll shortlist the com ments before we move forward with amendments and clarifications on Companies Act, 2013. We'll move cabinet to get amendments cleared, after which the amendments bill will go to Parliament,“ a senior government official said. The official further said, “Since it's a multi-ministry exercise and requires professionals from various fields, the corporate affairs ministry has suggested that a committee be formed to look into the comments and suggestions received from

www.caonline.in News... 1.STT on sale of options is increased from 0.017% to 0.05%. Finance Bill,2016. 2.Arrears of rent or unrealized rent to be taxed in the year of receipt u/s 25A. Finance Bill,2016. 3.In order to promote more Domestic Start Up Companies (eligible start ups) the tax rate for such companies is reduced to 25% + surcharge & cess subject to certain restrictions. Finance Bill, 2016. 4.Sec.206AA : Higher TDS not valid where benefit of DTAA available.[M/s. Wipro Ltd. vs. ITO (ITAT Bangalore)] 5.Sec. 271AAA : No penalty where demand paid before penalty order.[DCIT vs. M/s. Tapadia & Kasliwal Associates (ITAT Pune)] 6.Client codes modification permissible having no shifting of profits. [ITO vs. M/s Pat Commodity Services P. Ltd. (ITAT Mumbai)] 7.Sec. 263 : Revision valid where no enquiry/verification of provisions.[M/s Crompton Greaves Ltd. vs. CIT (ITAT Mumbai)] For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit

The Securities and Exchange Board of India ( Sebi) and the National Commodity & Derivatives Exchange ( NCDEX) are taking measures to improve improve surveillance after issuing restraining orders against 16 entities for manipulating castor seed futures. Castor seed futures prices on the NCDEX fell sharply in January in comparison to the spot market. Players holding long positions as high as 62.5 per cent of the total open positions were trapped and were unable to pay mark- to- market margins. To avoid systemic risk the NCDEX on January 27 suspended the contract and put the terminals of four brokers in square- off mode. On Wednesday, the Sebi restrained these four brokers and 12 of their clients, many of whom are big players in the oil seeds business, from acting in any form on any exchange in the securities market. “Sebi is dealing the issue with from all angles — market integrity, governance, investor protection as well as systemic,” a source said. Sebi initially focused on limit

The Reserve Bank of India (RBI) on Thursday said only non- banking financial companies (NBFCs) registered with the central bank could act as an account aggregator, which provides consolidated views of financial assets, such as savings bank deposits, fixed deposits, mutual funds, and insurance policies for the customer to choose from. In draft guidelines on account aggregator NBFCs, RBI said the net owned fund of such companies should not be less than Rs.2 crore and the company should not undertake any other business other than being an account aggregator. The business will be IT- driven and initially, only financial assets whose records are stored electronically and are under the regulation of the financial sector regulators, namely, RBI, Sebi, Insurance Regulatory and Development Authority of India and Pension Fund Regulatory and Development Authority shall be considered for aggregation. Business Standard, New Delhi, 04 March 2016

Revenue Secretary Hasmukh Adhia on Thursday said the rules for determining Place of Effective Management (POEM) of a company have been deferred till April 2017 so as to give companies sufficient time to prepare accounts according to their place of residency under the new norms. He ruled out deferring the General Anti- Avoidance rules (GAAR) further beyond April 1, 2017. POEM rules for determining the Place of Effective Management of a company, with a view to assess its tax liability, was to come into effect in the current financial year. However, the final guideline is yet to be put in place by the CBDT ( Central Board of Direct Taxes). "Since this Finance Bill will get passed by middle of May, we should not ideally introduce POEM on the date which is not beginning of the year. So, that is why we are postponing POEM," Adhia said at an event organised by IVCA, an organisation that works towards promotion of private equity and venture capital. Adhia said stakeholders have rais