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Updates of the Day

1.  E-filing utility of ITR Forms 3, 4 and 7 have been made active by CBDT. Kindly proceed to filing your returns. Remaining ITR forms 5 and 6 shall be made active soon. 2.  04.08.2015 is Last date to file D-VAT return for Q1 ending on June 2015 for the financial year 2015-2016 in forms DVAT-16, DVAT-17 and DVAT-48. Circular No. 16 of 2015-2016 dated 27.07.2015. 3.  Availment of CENVAT credit on activities relating to business is allowed. [RSWM Limited. vs. CCE, CESTAT - New Delhi]. 4.  Modified versions of MCA Forms 20B, 23AC, 21A, 23ACA, 66, 23ACA(XBRL), 23B effective from 01.08.2015 cannot be used for F.Y. 2014-15 read with general circular 08/2014. 5.  Delhi Government increased Luxury Tax Rate from 10% to 15% (w.e.f. 01.08.2015). 6.  The Central Government has made amendment in the Customs Table, against S.No.10A, in column (3), now the words “functional Director or the Chief Executive Officer, as the case may be,” has been substituted. 7.  NIRC of ICAI is organising

New Accounting Standards Give Cos Tax Jitters

Companies put aside funds for potential tax penalties as CFOs and experts say ICDS contradicts some I-T Act provisions Indian companies are expecting litigations and increased tax demands this year due to confusion around computing their income under the new accounting standards the government has introduced. According to chief financial officers and taxation experts, the income computation and accounting standards (ICDS) contradict with some provisions of the existent Income Tax Act, putting them in a catch-22 situation and prompting many to put aside some funds for potential tax penalties. “There are lot of discussions with companies about how we must tackle some of the contradictions between ICDS and the Income-Tax Act,“ said Rajesh H Gandhi, part andhi, part ner, tax, at Deloitte Haskins & Sells. “Some of the examples (areas of contradictions) include taxation of interest income on time basis, revenue recognition of services under percentage completion method, taxation of rete

Govt working on Changes in 66A of IT Act

Government is working on restoring with “suitable modifications“ the section 66A of IT Act which was struck down by the Supreme Court. The Ministry of Home Affairs has constituted a committee to examine the implications of the apex court judgement and “suggest restoring of 66A of Information Technology Act 2000 with suitable modifications,“ Telecom Minister Ravi Shankar Prasad said onFriday. The Economic Times, New Delhi, 1st August 2015

Govt could compromise on land Bill 2015

Reconciled to the fact that it will have no option but to cave in to the diktat of the Opposition on the 2015 Land Acquisition Resettlement and Rehabilitation ( LARR) Bill in the Rajya Sabha where it is in a minority, the Narendra Modi- led National Democratic Alliance ( NDA) government is preparing to virtually abandon its own Bill. This could cause even more legislative and policy confusion on land acquisition. The 2013 LARR was sought to be amended and replaced by LARR 2015, to make land acquisition easier for certain categories of projects, to give aboost to industrial activity. The requirement of social impact analysis (SIA) and consent of land losers was waived for this category. The Lok Sabha passed LARR 2015 and 44 members of the Congress walked out to show they disagreed. When the Bill came to the Rajya Sabha, the House demanded a panel study it, as even an amended version had been changed substantially by the Lok Sabha. The committee, which has 15 Bharatiya Janata Party memb

Sebi eases delisting compliance

Making delisting norms easier, Sebi on Friday said promoters would have to ensure that at least 25 per cent of the minority shareholders participated in such a process or they should demonstrate that all the investors had been approached. Business Standard, New Delhi, 1st August 2015  

Easing rules might increase short- term flows and volatility

Freeing foreign portfolio investment ( FPI) up to 49 per cent across all key sectors, as the government has done, might lead to more flow of short- term money. And, raise the volatility in capital markets, worry some. However, the government has played down the fears, saying it would rather curb existing misuse of FPI caps. The government on Thursday said it had decided to allow FPI up to 49 per cent through the automatic route in most sectors. And, all types of foreign investments – FDI, FII, NRI, FVCI, QFI, LLPs and DRs – have been subsumed into a single cap in each sector. Directly impacted by the liberalisation are expansion in pharmaceuticals, power exchanges, stock exchanges, credit information companies, commodity exchanges, single- brand retail, insurance and pensions, and publication of facsimile editions of foreign newspapers, scientific and technical journals. The worry, says Dev Raj Singh, executive director ( tax and regulatory services), EY, is that, “ All these sectors

Obligation for the Month of August 2015

Event Date Act Applicable Form Obligation 04-Aug-2015 D-VAT DVAT-48 Return of TDS for Jun quarter in DVAT-48 06-Aug-2015 Service Tax Challan No.GAR-7 E-Payment of Service Tax for July by Cos 07-Aug-2015 Income Tax Form No.15G, 15H,27C Submission of Forms received in July  to IT Commissioner 07-Aug-2015 Income Tax Challan No.ITNS-281 Payment of TDS/TCS deducted/collected in July 10-Aug-2015 Excise ER-1 Return for Non SSI assessees for July 10-Aug-2015 Excise ER-2 Return for EOUs for July 10-Aug-2015 Excise ER-6 Return by units paying duty >  1 crore (CENVAT + PLA) for July 12-Aug-2015 D-VAT BE - 2 Advance information for 2nd fortnight of Aug of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. 15-Aug-2015 Income Tax Form 16A Issue of QuarterlyTDS certificate for June quarter by Govt. deductors. 15-Aug-2015 D-VAT DVAT-20 E-Payment of DVAT TDS for the month of July 15-Aug-2015 Providend Fund Electronic Challan cum Return (ECR) E-Payment of PF for Ju