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Finance Minister Arun Jaitley on Tuesday directed senior officials of the ministries of finance and corporate affairs to take steps, including setting up of a board, for the implementation of Insolvency and Bankruptcy Code (IBC) 2016 in a time bound manner. “Implementation in a time bound manner is very crucial in order achieve the desired goals of Insolvency and Bankruptcy Code 2016,“ Jaitley told senior officials of both the ministries here. An immediate action is needed on key requirements for implementation of the IBC including setting up of Insolvency and Bankruptcy Board of India (IBBI), notifying Rules and Regulations relating to Insolvency Professionals (IPs), he added. The Economics Times New Delhi,24th August 2016

The insurance regulator has tightened equity investment norms by prescribing a dividend track record of 10% for the last two years instead of the earlier 4% in the last eight out of the nine years. The Insurance Regulatory and Development Authority (IRDA) has said that insurance companies can invest in equity shares of any listed company where at least 10% dividend has been paid for at least two consecutive years under the approved investment category . Under the unit-linked insurance plans, which are a mix of investment and protection, companies can invest 75% in approved securities and 25% in other than approved securities. Approved securities are those stocks that have dividend paying record and are liquid. As per the liquidity criteria, in a month 50,000 shares, or a value of Rs.5 lakh crore, should be traded.Traditional funds invest primarily in government securities -50% -both state and central, 15% in infrastructure, and the remaining 35% in corporate bonds, equities and

Those who have undeclared immovable property can now revise it under the Income Declaration Scheme ( IDS). Last week, the Central Board of Direct Taxes ( CBDT) clarified this amendment in the latest round of Frequently Asked Questions ( FAQs) on the scheme. According to the earlier rule, if you declared property under in the IDS, the value would be as on June 1, 2016. But now that it has been amended, there is an option that if you have the title deed of the property, the value might be declared on the stamp duty paid and re- adjusted according to the cost inflation index of that year minus the cost inflation index of 2016. In case the property was acquired before 1981, you can get market value as done on April 1, 1981 and adjust it with the cost inflation index of 2016- 17. “ One impact of the recent amendment is that people need not to go a registered valuer to get valuation done, as the stamp duty value can be considered based on the title deed of the property, if available,” sa

The Gujarat Legislative Assembly ratified the Constitution Amendment Bill on Goods and Service Tax ( GST) unopposed on the last day of monsoon session on Tuesday in the absence of Congress legislators, who were suspended for creating ruckus in the Assembly. “ The Bill has been ratified unopposed by Gujarat Assembly,” Speaker Ramanlal Vora said in the House, after the Bill was passed by voice vote by Bhartiya Janata Party legislators. Passed by Parliament recently, the Bill needs to be ratified by at least 15 state legislatures. Business Standard New Delhi,24th August 2016

The government is examining a recommendation by the special investigation team ( SIT) to ban cash transactions of over ? 3 lakh to clamp down on black money, the top Central Board of Direct Taxes ( CBDT) official said on Tuesday. Addressing an Assocham event, CBDT Chairperson Rani Singh Nair also favoured the proposal to advance the presentation of Union Budget to January, saying it will bring in “ more efficiency” as the public expenditure will start from first day of the financial year. A key international tax official also said India- Singapore tax treaty would be broadly on the same lines as that with Mauritius, though there could be some minor differences. On banning cash transactions of over ? 3 lakh, Nair said, “ SIT recommendations are under consideration.” The income- tax department, she said, has already put a one per cent tax, to be collected at source (TCS), on cash transactions of over ? 2 lakh. Quoting PAN is also mandatory for any mode of payment. “ All these aspec

www.caonline.in News... 1. In case you are facing any problem in uploading tax audit reports due to non updation of PAN Number at ICAI. Now update your details at.http://online.icai.org/app_forms/panupdate/index.html 2. The functionality for approval of hospital u/s 17(2) of the IT Act and for registration of tax practitioner will be available in administration module of ITBA w.e.f 22.08.2016. 3. The assesses applying for registration/ approval under section 12AA, 80G and 10(23C)(iv), (v), (vi) & (via) have option to apply in form 10A/ 10G/ 56/ 56D of the I. T. Rules, 1962 either manually or through e-filing, which will get barred by limitation on 31.08.2016 4. Company court cannot make enquiries about genuineness of documents submitted to the ROC in connection with incorporation of the company.[Vinod Krishan Khanna vs. Amritsar Swadeshi Textile Corp (P)Ltd, HC of Punjab and Haryana] 5. Gujarat became the sixth state to ratify the GST Bill after Assam , Bihar , Jharkhand, Hi

www.caonline.in News... 1. Transfer of goods by way of hiring, leasing, licensing or in any such manner without transfer or right to use such goods is a “declared service” and hence liable to service tax. 2.Deduction U/s 35AC available only up to previous year ending 31-03-2017. 3.Eminent economist and RBI Dy. Governor, Mr. Urjit Patel replaces Raghuram Rajan as RBI Governor. 4.SEBI has issued Frequently Asked Questions (FAQs) on SEBI (Alternative Investment Funds) Regulations, 2012. 5.CBDT issues Clarifications on Income Declaration Scheme, 2016. CBDT Circular No.29 of 2016 dated 18.08.16.