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www.caonline.in News... 1.Goods imported/ purchased inter-State used in works contract would be exempt from VAT. [Commissioner, Delhi Value Added Tax Vs. M/s. ABB Ltd. (Supreme Court)]. 2.Delhi VAT: No need to furnish purchase below Rs. 1000/- details in Form GE-II. Notification no.: F3 (619)/Policy/VAT/2016/183-196 dated 06/05/2016. 3.Corroborative evidence should be correlated to prove clandestine clearance. [Shri Avinash M Baliga & Others Vs. Commissioner of Central Excise (CESTAT – New Delhi)]. 4.CENVAT allowed on fabrication of capital goods – CESTAT. [CCE & ST, Raipur Vs. M/s. Mahamaya Steel Industries Ltd. (CESTAT New Delhi)]. 5.Department cannot reject certificate issued by competent authority. [ Dhar Cement Ltd. Vs. C.C.E. (CESTAT-New Delhi)]. For more News Like us onhttps://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Income Tax department has issued 2.10 crore refunds totalling over Rs. 1.22 lakh crore in 2015-16, which saw 94% the returns being filed online “During FY 2015-16, more than 2.10 crore refunds amounting to . 1,22,425 crore were paid compared to Rs. 1,12,188 crore in the Financial Year 2014-15 and ` . 89,664 crore in the Financial Year 2013-14,“ a finance ministry statement said. In 2015-16, more than 94%of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre (CPC), Bengaluru, without any human intervention. Both the Central Board of Director Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others, it said. As regards indirect tax collections last fiscal, the indirect tax to GDP ratio is about 5.17%as compared to 4.36%for FY 2014-15. In

The government has promised confidentiality for disclosure of previously undisclosed income, made under the four-month compliance window for domestic taxpayers, beginning June 1. This, with 21 other amendments to the Finance Bill, was approved by the Lok Sabha on Thursday. The government plans to open the compliance window under the Income Tax Disclosure Scheme from June 1 to September 30 for domestic taxpayers to declare undisclosed income or assets and avail immunity from penalty and prosecution by paying 45 per cent tax (30 per cent tax plus surcharge and penalty and 7.5 per cent each). The tax and penalties should be paid within two months of declaration. Sections 138 and 119 of the Income-tax Act have been imported to the Income Declaration Scheme, 2016, which deal with confidentiality and delays in filing returns, respectively. Section 138 relates to treating material disclosed as confidential. It also provides for such "classified material" not being produced

The government today relaxed FDI norms for asset reconstruction companies (ARCs) by allowing 100 per cent overseas investments through automatic route. Earlier, FDI up to 49 per cent was allowed under automatic route and beyond that through government-approval route. Notifying the norms, a press note by the Department of Industrial Policy and Promotion (DIPP) stated that total share holding of an individual FII/FPI shall be below 10 per cent of the total paid-up capital. This notification is in pursuance to the announcement made by the Finance Minister in his Budget speech. FDI into the country has increased by 40 per cent to USD 29.44 billion during April-December 2015. Business Standard New Delhi, 7th  May  2016

The finance ministry on Friday gave green light to the creation of ‘Government e-Marketplace’ (GeM) for online purchase of commonly used goods and services by ministries and departments. GeM will be utilised by government buyers for direct online purchases. Up to ` 50,000 of purchases can be made from any of the available suppliers on the GeM. Hindustan Times New Delhi,07 May 2016

www.caonline.in News... 1.Cost of acquisition of asset declared under Income Declaration Scheme, 2016, where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset. 2.The benefit of concessional tax rate to Cos shall also be available to the companies engaged in research in relation to or distribution of article or thing manufactured or produced by it.It is also provided that once the option to avail of benefit of concessional tax rate has been exercised by the company for any previous year, it cannot subsequently withdraw the same or for any other previous year. 3.The processing of return is not necessary before the expiry of one year from the end of the financial year in which return is furnished, where a notice is issued for scrutiny assessment under Section 143(2). 4.Section 276C to provide that under reporting of income as per section 270A shall be punishable with rigorous imprisonment under section 276C. 5.The ta

Bill retains excise duty on gold jewellery, expands tax benefit for start- ups The Lok Sabha on Thursday passed the Union Budget for 2016-17, incorporating official amendments to the Finance Bill. It now goes to the Rajya Sabha for debate but that House has no power to reject it. One such is reducing the period of holding of shares of unlisted companies from the current 36 months to 24 months to qualify for long- term capital gains tax. The provision was absent despite Finance Minister Arun Jaitley announcing it in his Budget speech. Other amendments included extending the tax benefits for start- ups to limited liability partnerships, dropping a proposal to tax employer contributions to recognised provident funds in excess of Rs. 1.5 lakh a year and clearing an ambiguity on additional dividend tax. Penalty for concealing income has been changed from the existing 0300 per cent to 50- 200 per cent. Opposition parties raised the issue of not bringing non- taxation measures such