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The Income Tax department has conducted searches in various states, including Gujarat and Maharashtra, on the premises of pulses traders, the government said today "Evidence of tax evasion and other violations of the I-T Act, 1961 were recovered during such actions," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha. He said the tax department had conducted searches and surveys at various premises of assessees engaged in the business of pulses. Such premises were located in various states, including Maharashtra, Gujarat, Madhya Pradesh, and Delhi. Business Standard New Delhi , 23th July 2016

A parliamentary panel has recommended doing away with the present restrictions on the composition of the board of directors of asset reconstruction companies (ARCs). And, suggested other changes in a government Bill to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest ( Sarfaesi) Act, 2002 and other relevant legislation. A committee of both Houses, headed by Rajya Sabha member Bhupender Yadav of the ruling party, has recommended doing away with the existing clause in the Sarfaesi law which states that more than half of the members in an ARC board cannot be either nominees of any sponsor or associated in any manner with the sponsor or any of its subsidiaries. This was suggested following the proposed permission to the sponsor of an ARC to hold up to 100 per cent stake in it and to permit non- institutional investors to invest in securitisation receipts. Amendments to Sarfaesi were incorporated in the broader legislation— the E...

Consultants Grapple With Valuations Of Jewellery, Assets During Disclosures A tax consultant with a leading firm is facing a unique problem. His father had bought a Swiss watch almost 60 years ago. When a local shopkeeper saw it, he offered to buy the watch for a pittance. The consultant then sent it to the company , which has estimated the cost of repair at $5,000 (over Rs 3 lakh). With the income tax department seeking detailed disclosures of assets -property , bullion, jewellery , vehicles, yachts, aircraft, etc -from those with taxable income of over Rs 50 lakh during 2015-16, tax practitioners have been grappling with a series of queries and clarifications. While the consultant with the Swiss watch is finding it tough to ascertain the value, his counterpart at another firm believes that there is no need to provide any details, pointing to the rules released by the income tax department. “Jewellery is not clearly defined. It can include diamond-studded or gold-plated watche...

Sources said Cong has softened its stand & some meeting is likely by the beginning of next week There appears to be some forward movement on the Goods and Services Tax Bill with Congress showing a more positive attitude towards the government on the issue, leading the Narendra Modi dispensation to list it in the business for the forthcoming week in the Rajya Sabha. Government sources claimed that Congress has softened its stand at Congress has softened its stand to some extent on the GST Bill and some meeting ground is likely by the beginning of next week. Finance Minister Arun Jaitley has been engaged in back channel negotiations with the Congress leaders. However, a structured meeting has not been held after the `preliminary talks' between the government and the principal Opposition before the Monsoon Session began. Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi stated in the Rajya Sabha that the Goods and Services Tax Bill is listed for discussion ...

Over Rs 8 lakh crore tax revenue was locked up in appeals before various courts and authorities at the end of last fiscal, government said today. As on March 31, 2016, over 3 lakh cases were pending before the Commissioner of Income-Tax (Appeals), Income Tax Appellate Tribunal (ITAT), High Courts and Supreme Court, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha. Business Standard New Delhi,23th July 2016

www.caonline.in News... 1. Permission to pay service tax through non electronic modes. 2. Sebi may help in government’s recapitalisation plans for PSBs. 3. CBDT gives option to file revised income declaration in Form 1 of IDS. 4. MCA releases National Company Law Tribunal Rules, 2016 & the National Company Law Appellate Tribunal Rules, 2016, on 21.07.16. 5. CBDT launches paperless PAN & TAN application process, PAN/TIN to be issued within one day. New Aadhaar e-Signature based application process also made available.

www.caonline.in News... 1. RBI issues directions for lending to Micro, Small & Medium Enterprises Sector [Master Direction FIDD.MSME & NFS.3/06.02.31/2016-17]. 2. Closure of EPCG authorizations in case of supplies to SEZ units which have been made prior to 01.4.2015 and where exports proceeds have not been realized through Foreign Currency Account (FCA) of the SEZ unit. 3. The Centre has decided not to raise the foreign direct investment (FDI) limit on newspapers and periodicals to 49 per cent from 26 per cent. 4. Challan ITNS 285 is notified for Equalization Levy of 6% on payment of more than 1 lakh in F.Y. for online advertisement etc. to non-resident not having PE in India. 5. CBDT has notified challan no. /ITNS 286 for Payment of Taxes under The Income Declaration Scheme, 2016.