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Trouble for businessmen, professionals who bought expensive watches, jewellery, art It was a dream for a top New Delhi multinational executive to buy the 2015 edition of his favourite watch brand for Rs.20 lakh. The watch is now a nightmare metronome keeping him awake at night after the income tax sent him a notice last week for the purchase he made on his credit card. About 10 days after the government said the income tax is scrutinising about 7 lakh high value transactions, the department has started sending notices to those who have bought luxury goods. Most of the notices are served to well-known businessmen, traders and even professionals like consultants, lawyers, doctors and architects. These notices were also sent to those who purchased luxury items with credit cards or provided PAN numbers to the sellers while buying it. “I had not given it much thought before buying the watch, now all I can think of is the notice,“ the executive who bought the Rs.20 lakh watch and is earning

Large corporate houses will not be allowed to start banks, according to the Reserve Bank of India, effectively ruling out the possibility of big business houses to become lenders. However, they will be permitted to invest in the banks up to 10%, RBI said in its “Guidelines for ‘on-tap’ licensing of universal banks in the private sector” on Monday. Private sector companies ‘owned and controlled by residents’ that have a successful track record for at least 10 years can apply. If such group companies have total assets of Rs.50 billion (Rs.5,000 crore) or more, its non-financial business of the group should not account for 40% or more in terms of total assets in terms of gross income. For corporate houses such as Reliance Industries, Tata Group and Aditya Birla Group, more than 40% of their total revenues come from non-financial operations. Applicants will also be scrutinised based on central bank’s ‘fit and proper’ criteria and must have initial minimum paid-up voting equity capital of

BJP govt doesn't want labourers to see it as pro-corporate Big-bang labour reforms proposed by consolidating 44 central laws into four codes may not be implemented any time soon on account of upcoming state elections in Uttar Pradesh and Punjab, setting back the government's push to improve the ease of doing business in India. The government does not want to move ahead with any change that would lead to charges of pro-corporate policy-making.The shift in strategy comes even after Prime Minister Narendra Modi mentioned his government's intent to come up with the labour codes in his Independence Day speech last year. Barely 10% of India's total work population, estimated at 480 million, is in the organised sector and a huge part of migrant workers are from states including UttarPradesh and Bihar While the labour ministry has finalised the codes on wages and industrial relations and work is in advanced stages on the codes on social security & welfare and on safety &am

The Lok Sabha on Monday passed a Bill, which provides for expeditious recovery of bad loans by banks. The Bill, passed by voice vote, also proposes to move towards online debt recovery tribunals (DRTs). The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, seeks to amend four laws — Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Sarfaesi), Recovery of Debts due to Banks and Financial Institutions Act, 1993, Indian Stamp Act, 1899, and Depositories Act, 1996. The Sarfaesi Act allows secured creditors to take possession over a collateral, against which a loan had been provided, upon a default in repayment.  This process is undertaken with the assistance of the district magistrate, and does not require the intervention of courts or tribunals. This process will have to be completed within 30 days by the district magistrate.The Bill also empowers the district magistrate to

Amendments show the govt has yielded to some Congress demands A hectic day of meetings with Opposition leaders on Monday gave government strategists the confidence to table the Constitution amendment Bill on Goods and  Services Tax (GST) in the Rajya Sabha on Wednesday. The amendments to the Bill, which was to be circulated among Rajya Sabha members, showed that the government has yielded to some of the Congress’ demands to achieve a consensus. Opposition leaders said that while they would support the Constitution amendment Bill, the real battle will be fought at the time of the GST Bill, which is likely to be discussed in the winter session. After the Cabinet seal on the changes to the Constitution amendment Bill on GST last month, the draft legislation seeks to scrap up to one per cent additional tax on the inter- state supply of goods. It also seeks to provide full compensation to states for the first five years of the GST rollout, in case they earn less revenue than the existing

www.caonline.in News... 1. Allahabad Bank invites applications for empanelment as Concurrent/ Revenue Auditors for the year 2016-17 by practicing CA Firms, latest by 18.08.2016. 2. DVAT Return of Composition Dealers in Form DVAT 17 for Q-1 of 16-17 can be filed without Commodity Code. 3. Personal property of directors can't be used to recover import duty payable by company: HC 4. Extension to 29.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), & MGT-7. Circular No.08/2016 Dated 29.07.2016. 5. Assessee having eligible industry and availing deduction under section 80-IB, will not be entitled for same in respect of income from DEPB and DEPB Premium. 6. No Section 40(a)(ia) disallowance when income is determined on estimated basis after rejecting books.

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)].