CA Online

www.caonline.in News... 1. Procedure for Gold/silver/platinum import by nominated agencies via {Circular No. 27/2016-Customs } 2.Startups- Guidelines for Patent, Designs & Trade Marks application via {Public Notice No. CG/F/Start-up/Guidelines/2016/79 - (08/06/2016)} 3. CA providing accommodation entries debarred from practice via {Institute of Chartered Accountants of India V/S Vivek Kapoor & Anr (Punjab & Haryana High Court)} 4. Registration u/s 12AA cannot be denied for mere non filing of ITR via {Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) Vs. C.I.T. (Exemptions)- (ITAT Chandigarh)} 5. Preference shares redemption not taxable as deemed dividend via {Shri Uday K. Pradhan vs. ITO (ITAT Mumbai)}

Net direct tax collections jumped 18% to Rs.43,391 crore during the first two months of the current fiscal, the government said on Friday. “The net direct tax collection for the first two months of the current year is Rs.43,391 crore, which indicates a growth rate of 18%,” revenue secretary Hasmukh Adhia said in a series of tweets. The indirect tax growth rate for April-May 2016-17 is 36.7%, with additional revenue measures and 14% without ARM. Hindustan Times New Delhi,11th June 2016

Amid hopes of longpending Goods and Services Tax (GST) Bill getting passed in the Rajya Sabha in the next Parliament session, state finance ministers will deliberate on the model GST law at a two-day meeting in Kolkata beginning Tuesday. Finance minister Arun Jaitley will participate in the meeting of empowered committee of state finance ministers and try to iron out differences over the new regime that will subsume all indirect taxes and create one national market under the GST. Hindustantimes New Delhi,13th June 2016

The Centre has notified new rules to allow hiring of private sector professionals in senior positions at Central Public Sector Enterprises (CPSEs), after amending a nearly three decade-old resolution. Candidates from state public sector enterprises and the priva te sector, subject to fulfilling the eligibility criteria, will be considered as non-internal candidates for a period of five years, as per the new rules issued on Friday by Personnel Ministry . The Union Cabinet had on June 1 given ex-post facto approval to the proposal. The Economic Times New Delhi, 13th June 2016

The Securities and Exchange Board of India ( Sebi) has tightened its know- your- client (KYC) and disclosure rules on issue of participatory notes ( Pnotes), to curb misuse of the investment route used by foreign investors not registered in India. these take effect from from July 1. The move was approved by its board of directors on May 19, on regulation of what are formally termed Offshore Derivative Instruments ( ODI). This was after considering the suggestions of the Supreme Court- appointed Special Investigation Team on undisclosed money, to ensure this route is not used for money laundering. P- notes allow foreign investors to take exposure to Indian stocks without registering with Sebi. These are issued by foreign portfolio investors registered with Sebi. Under the new guidelines, Indian KYC or anti- money laundering rules ( AML) will also apply to P- note holders. Earlier, a holder had to adhere to the KYC or AML norms of only their home jurisdiction. “On the KYC of OD

The Reserve Bank of India (RBI) might ask banks to use forensic audit to pick up projects that need to be restructured and let the original management of the company run the show instead of the lenders taking over. Under the existing norms, if banks fail to nurse back a company to health through various restructuring exercise, the lenders finally take control of the company under strategic debt restructuring (SDR). Banks take over the management control of companies by converting the debt into equity. While lenders have indeed invoked SDR in a couple of cases, they are stuck with the assets as they could not find new management for the companies; the banks themselves are clueless on how to run these firms. Bankers are of the opinion that SDR has failed in its intended results and as such, anew restructuring exercising is the need of the hour. They had also given the same feedback to the central bank, following which RBI is in talks with the lenders for formulating the new rec

www.caonline.in News... 1. S. 80IC: 100% deduction allowed on every substantial expansion via {M/s Tirupati LPG Industries Ltd. vs. JCIT (ITAT Delhi)} 2. ITAT allows assessee’s appeal for AYs 2003-04, 2004-05, deletes disallowance of incentives paid to its sister concern u/s 40A(2) via (Mumbai Vs. ICICI Securities Ltd) 3. Relaxation of MCA additional fees and extension of time for filling of E-Forms via Circular no. :- 07/2016. 4. CBEC has issued a form of application for a licence under Public Warehousing Licensing Regulations, 2016 / Private Warehousing Regulations, 2016 / Special Warehousing Regulations, 2016 vide Circular No. 26/2016 dated 09/06/2016. 5. CA professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time – {ICAI Vs Vivek Kapoor & Others (Punjab & Haryana High Court)}