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www.caonline.in News... 1. Allahabad Bank invites Application for Concurrent / Revenue Audit (Year 2016-17). Send Biodata to DGM, Inspection Deptt, Concurrent Audit Cell, Head office, Fourth Floor, 14, India Exchange Place, Kolkata –700001 only by Reg. or speed post / courier. The last date 18th August, 2016. 2. Sebi proposes changes in  Institutional Trading Platform (ITP) norms to attract more firms. 3. Extension of last date of filing Form AOC-4, AOC-4 XBRL, AOC-4 CFS & MGT-7 under the Companies Act, 2013. 4. Public Servants Annual Assets Liabilities Return Filing due date extended to 31.12.2016 5. Land intended to be used for commercial purpose at time of sale can’t be deemed as agricultural land. 6. Eligible business profits to be computed as per law and not as per treatment by assessee in its books [M/s. Kumarakom Lake Resort Pvt. Ltd. Vs. ACIT (ITAT Cochin)].

The income tax department has decided to go through the books of top bank defaulters with a toothcomb, to check whether tax deducted at source (TDS) on the salaries of their employees have been deposited by these companies. The Vijay Mallya-promoted Kingfisher Airlines, in several cases, had deducted TDS from employees’ salaries, but did not deposit it with the government. “We are going to examine the accounts to understand if there hasbeenanysuchdiscrepancies with other defaulters as well,” a senior government official told HT on the condition of anonymity. In 2014, tax authorities filed a case in the special economic offences court in Bangalore against the now defunct Kingfisher Airlines for failing to deposit TDS worth around Rs.260 crore from 2009-2011. “It is a criminal offence to deduct TDS and not deposit it with the government. So we filed a case against Kingfisher. We were the first agency to get a summon out for Mallya,” said the source quoted above. The Income Tax

States want taxpayers with Rs. 1.5cr+ turnover to be rotated every 3 yrs between them & Centre States have pitched for the rotation of taxpayers with turno . 1.5 crore selected on ver in excess of ` a random basis every three years between themselves and the Centre once the goods and services tax (GST) is rolled out. This follows the Centre's suggestion on sharing of tax administrative functions without any duplication of taxpayers reporting to both sets of authorities, which could cause hardship to taxpayers. The move is significant in the context of talks regarding the tax administration framework under GST. The Centre had mooted a detailed administrative framework without any threshold of exclusive state jurisdiction and also ensuring that a taxpayer has to deal with one authority for all taxes -central GST, state GST and integrated GST (I-GST). States, however, did not find the proposal palatable and strongly backed exclusive control up to Rs 1.5 crore and dual co

With the draft goods and services (GST) law in circulation, there are several suggestions and criticisms being offered by analysts, lawyers, business houses and other stakeholders. Here, I am discussing the issue of continuing with the geographical exemptions in central excise, customs, service tax and income tax, which had been offered to various companies operating from certain underdeveloped geographical areas. When the GST comes, it is expected that most of the exemptions on the central excise will go away. Exemptions for customs and income tax will not be affected by the GST. So the issue is whether to continue with the exemptions of central excise and service tax which will be subsumed in the GST. There is a point of view propagated by a certain section that the exemptions on central excise and service tax should continue, which will be an act of “ grandfathering of exemptions”. In other words, there has to be a grandfather clause which allows persons or entities to continue

Indian Revenue Service (IRS) officers have conveyed their concerns to Finance Minister Arun Jaitley over ‘interference’ by the Department of Revenue (DoR) and asked him to ensure the Central Board of Direct Taxes ( CBDT) administer tax policies of the government. “The FM may kindly ensure that the CBDT, whose powers and functions emanate from Central Board of Revenue Act, 1963 and Income Tax Act, 1961, be allowed to administer Direct Tax policies of the government, strictly according to the said Acts," said a press release issued by the delegation of IRS Association on Sunday. The association also raised the issue of disparity in impanelment and asked the FM to ensure parity of IRS with IAS. “Impanelment at joint secretary level and above should be expedited and there should be parity with IAS," the release said. The case pertains to the action taken by DoR against aMumbai assessment officer for allegedly using unfair means to meet revenue collection target. The I

The contentious dispute resolution mechanism under the proposed goods and services tax ( GST) regime would not be a permanent structure. A temporary set- up is envisaged to address differences among or between states, and with the Centre, sources said. A committee is also likely to be set up on the modalities of the proposed full compensation to states for five years, if they earn less revenues under the GST regime compared to the existing tax system. The GST Council, whose decisions might lead to these disputes, will work out a mechanism for redressal of disputes. The Council is yet to be set up. So, the mechanism would be worked out later. At a recent meeting between Finance Minister Arun Jaitley and the empowered committee of state finance ministers, there was a suggestion to have a retired high court judge to head the proposed dispute resolution mechanism. However, sources said Jaitley suggested if the dispute was legal, aretired judge could be made head of the resolution

Companies which conduct online business will now have to provide on their websites details about their registration with the government, as well as information about persons to be contacted for grievances. The government’s move to introduce the requirement comes against the backdrop of instances where people have been duped by way of fraudulent activities, including through online platforms. Tweaking the rules for incorporation of companies, the government has also put in place stricter conditions for conversion of unlimited liability companies into a company limited by shares or guarantee. The corporate affairs ministry has amended the rules for incorporating a company under the Companies Act, 2013. Now,“ everycompanywhich has a website for conducting online business or otherwise, shall disclose/ publish its name, address of its registered office, the Corporate Identity Number (CIN), telephone number, fax number, if any, e- mail and the nameofthepersonwhomaybe contacted in the