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but, the original return has to be filed in the stipulated period There are many individuals who after filing their income tax returns have realised there was a mistake in the form or the data submitted was not correct. It could be anything – certain income was not declared, postal address or bank details were wrong, or the wrong ITR form was filled. They need not worry. The income tax ( I- T) department allows payers to add omitted information and rectify errors if the returns were filed within the stipulated deadline. For the financial year ending 31 March, 2015, the deadline for filing returns is August 31, 2015. Interestingly, a person is allowed to amend the filing as many times he or she wishes to, but not later than 24 months from the last date of the financial year. In this case, the last date for filing ‘ revised return’ will be March 31, 2017. Vikram Ramchand, CIO & co- founder of Makemyreturns. com gives an example of his client, who works with an information t

Taking a firm stance on companies not in compliance with the listing requirements the Securities and Exchange Board of India on Monday barred these companies from raising further capital. Business Standard, New Delhi, 21st July 2015

Periodic declarations that no policy was forcefully sold will be given by banks The Insurance Regulatory and Development Authority of India ( Irdai) is further strengthening the norms against forced selling of insurance policies by banks. In its recent meeting, Irdai decided to seek an undertaking from the CEO and the chief financial officer (CFO) of the corporate agent (including banks) that there is no forced selling of an insurance product to customers at periodic intervals. This would be on the lines of commission/ remuneration received by these banks and other corporate agents that are disclosed, usually on a quarterly basis. During the meeting of Irdai members, one member pointed out that often banks and financial institutions that act as corporate agents force the customer to buy insurance from a particular insurer. It was suggested the head of the banks (and other corporate agents) should take ensure no product is forcefully sold. This will be part of the regulations on

Rupee- denominated offshore bonds or ‘ masala bonds’ by domestic issuers might not hit the market this financial year, as these await clarity on the withholding tax structure. A different withholding tax structure for these would require amendments in the income tax law or an enabling provision. Union finance ministry sources indicate such changes are only likely in next years Budget. “A withholding tax of five · per cent as desired would require enabling provisions in the Act. Such changes are unlikely to come up before the next Budget,” said a source. In the Reserve Bank of India (RBI)’ s first bi- monthly monetary policy review for financial year 201516, held in April, it had stated an intention to expand the scope of issuance of these bonds by international financial institutions. As also to permit Indian companies eligible for external commercial borrowing (ECB) to issue such bonds with an appropriate regulatory framework. Last month, RBI had come up with draft norms, ac

RS committee moots 1% extra tax only on inter-state supply for a consideration suggests states be given full compensation for revenue loss for 5 years Parliamentarians are understood to have recommended amechanism to do away with the contentious issue of a cascading effect of one per cent tax over the proposed national goods and services tax ( GST). A select panel of the Rajya Sabha is believed to have suggested the tax be made liable only in the case of inter- state supply of goods for a consideration, adding this be made explicit at the time of making the GST law. It also accepted a demand by most states that the Constitution amendment Bill on GST provide that they be fully compensated for revenue loss for five years. The committee, sources said, was also understood to have recommended moderate GST rates, with as many goods under it as possible. However, the rates would be decided by the proposed GST council and these wouldn’t be part of the Constitution amendment Bill. Des

1.  Admission of assessee u/s 132(4) of the Income Tax Act would suffice to initiate necessary proceedings. [Delhi High court in the case of JRD Stock Brokers (P) Ltd. vs. CIT]. 2.  While classifying a product for excise purpose primary use prevails over the incidental ones in classification of goods. [Holostick India Ltd. vs. CCE- Supreme Court]. 3.  Act of non-payment of service tax after its collection cannot be claimed to be done under a bona fide belief. [Indsur Global Ltd. vs Additional Commissioner of service tax, Vadodara (2015) 59  taxmann.com  15 (Gujarat) tribunal]. 4.  RBI has issued circular on "Issue of shares under Employees Stock Options Scheme and/or sweat equity shares to person’s resident outside India. 5.  Entertainment tax in Delhi increased from 20% to 40% w.e.f. 20/07/2015.

The right to skill will task states with setting up universities to be overseen by a regulatory body, says rajiv pratap rudy The government is planning to make skill training a fundamental right guaranteed by the Constitution to boost employability of India’s workforce. The proposed right to skill will task state governments with the responsibility of imparting vocational training through special universities that will be overseen by a regulatory body at the Centre. Skill development as a right has been enacted in several countries, including Germany, Switzerland and South Korea, and is present closer home in Chhattisgarh as well. Explaining the proposal, minister of state for skill development and entrepreneurship Rajiv Pratap Rudy said, “The proposal is at the discussion stage at this point. It will be the responsibility of the state to see that anyone who wants to be skilled is not left out. The idea is to include it under the fundamental rights.” “Anyone in the age group