CA Online

The government is set to unveil taxpayer service verticals for the direct and indirect tax wings to deal with grievances and also work out ways to make the system more consumerfriendly and address constant complaints. On Monday, the Central Board of Excise and Customs (CBEC) is expected to announce its taxpayer services vertical, headed by a director general, along with two other verticals, at a meeting of chief commissioners that will be also be attended by finance minister Arun Jaitley . “The entity will deal with grievances and make sure that services offered to taxpayers, both individuals and companies, improve,“ said an officer. In the coming weeks, the Central Board of Direct Tax es (CBDT) will also set up a similar entity within the department. The revenue department has identified improving taxpayer services as the main focus area in the work programme for the current year. The two steps come after the tax department faced flak for the way it dealt with taxpayers, issui

Last week, the Supreme Court directed that an Aadhaar ( the unique citizen identification) card not be mandatory for direct benefit transfers such as a cooking gas subsidy or distribution of foodgrain; however, it can be used as one of the proofs. At the same time, this year onwards the income tax department has said, if the Aadhaar number is linked to the PAN number, taxpayers need not send their physical I- T return forms to the processing centre. The Aadhaar number is sufficient verification. Why the confusion regarding Aadhaar? Why is it allowed for some financial transactions but not for others? For instance, if you want to open a bank account, buy an insurance policy or invest in mutual funds, it it technically possible to do it with only your Aadhaar card. All regulators — Reserve Bank of India, Securities and Exchange Board of India ( Sebi) and Insurance and Regulatory Development Authority of India ( Irdai) – have said the Aadhaar card is sufficient as proof of both iden

A circular may be issued soon saying tax demands not to be pursued; changes to the law may be carried out in the next budget to provide legal certainty, says a finmin official The government may soon tell tax officials to stop pursuing minimum alternate tax demands against foreign portfolio investors (FPIs), seeking through this one measure to give investor sentiment a sharp boost and head off further legal wrangles over the levy. It will also bring swift closure to the biggest tax controversy concerning foreign investors after the Vodafone case. The Narendra Modi government had promised a stable and fair tax regime soon after taking over and is therefore keen on resolving the matter quickly as it looks to attract investment to revive growth. The likely move on MAT will follow the recommendation of a highlevel panel that overseas investors should get relief even prior to April 1, 2015, and not just after that date as mandated in this year's budget. The government could intr

Madhya Pradesh CM says win in local polls a sign that Vyapam's a non-issue, calls Rahul Gandhi immature If there's no political consensus on the Modi government's land acquisition law, then states that value the necessity of such a law should be allowed to go ahead and implement the rules, Shivraj Singh Chouhan, Madhya Pradesh chief minister and an influential voice in Bharatiya Janata Party, told ET. A central law is not a must for states focussed on development, the electorally successful Chouhan said. Fringe Hindu elements who have voiced extreme voiced extreme views aren't a part of either BJP's or India's idea of social arrangements, Chouhan, widely reckoned to be a Rashtriya Swayamsevak Sangh favourite, said over the course of an extensive interaction with ET. On Rahul Gandhi, who has been vocal about the land law as well as demanding Chouhan's resignation over the Vyapam controversy, the CM said the Congress vice-president is yet to be “politi

1.  No service tax can be levied on indivisible works contracts prior to 01.06.2007. 2.  Tribunal has the Power to Grant Extension of stay beyond 365 days when the assessee is not responsible for delay in disposing of the appeal, under section 35C(2A) of the Central Excise Act. [Delhi High Court in CCE Delhi vs. Brew Force Machine Pvt. Ltd]. 3.  Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA of the Income Tax Act. [CIT vs. Salgaonkar Mining Industries Pvt. Ltd High Court of Goa]. 4.  Income earned from supply of software embedded in hardware is not royalty. Honorable Delhi High Court in the case of Alcatel Lucent Canada.

1.  Interest u/s 234B of the Income Tax Act is automatic even if assessment order does not contain any direction for payment. [Bhagat Construction Co Private Limited vs CIT, Supreme Court]. 2.  Service Tax Clarification regarding the provision of Section 73, 76 and 78 of the Finance Act, 1994 and Section 11AC of the Central Excise Act, 1944 after amendments made vide Finance Act. 2015. F.No.137/46/2015-.18.08.2015. 3.  RBI is likely to remove a major hurdle that asset reconstruction companies ( ARCs) face while raising funds via initial public offering. 4.  SEBI has amended the regulations relating to Alternate Investment Fund and the SEBI (Alternative Investment Funds) Reg, 2015 which shall come into force on the date of their publication in the official gazette. 5.  NIRC of ICAI is organizing its Regional Conference on 22.08.2015 from 09:30 AM – 05:30 PM at India Habitat Centre, Lodhi Road, New Delhi.

Retirement fund body EPFO has decided to re- examine its plan to launch online provident fund withdrawal facility for its subscribers having Aadhaar- enabled provident fund and bank accounts, in the backdrop of apex court ruling. The Employees Provident Fund Organisation (EPFO) is cautious after the apex court ruled earlier this month that " the production of an Aadhaar card will not be a condition for obtaining any benefits otherwise due to a citizen". Business Standard, New Delhi, 19th August 2015