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Special economic zone developers and units on Thursday asked the government to remove minimum alternate tax, saying the levy was hurting investment in the zones. The issue was raised during a stakeholders meeting convened by the commerce ministry here. The meeting was chaired by Commerce Secretary Rita Teaotia. Business Standard, New Delhi, 11th Sept. 2015

Taking forward its efforts to ensure healthy competition in the market place, the Competition Commission of India has come out with guidelines for competition assessment of economic legislations and bills. The watchdog would soon set up a panel of five to seven institutions to carry out an initial competition assessment of economic legislations. Business Standard, New Delhi, 11th Sept. 2015

The government on Thursday indicated that it was reworking the goods and services tax ( GST) rollout deadline to October 1, 2016, and might advance the winter session of Parliament to achieve this objective. A day after the government dropped plans to call an extended monsoon session of Parliament to pass the GST Constitution amendment, NITI Aayog ViceChairman Arvind Panagariya told abusiness news channel that he was still hopeful of the GST rollout by middle of the financial year of 2016- 17, that is by October 1, if not the proposed deadline of April 1, 2016. On whether the April deadline can still be achieved, Panagariya said: “ In politics you can never say anything is over. Things can change, turn around. I would not rule out that as a possibility,” Panagariya said. He, however, added: “ On the other hand, if it delays… it’s okay. It is a process. It started 10 years ago. If not in April, may be six months later it can be rolled out,” he said. Parliamentary Affairs Ministe

The Insurance Regulatory and Development Authority of India (Irdai) has asked insurers to maintain all records of policies and claims in electronic form for easy retrieval and compliance with various regulations. “Every insurer shall maintain a record of every policy issued and a record of every claim made... in electronic form irrespective of maintenance in any other form,” IRDA said in a notification. Notifying the Irdai (Maintenance of Insurance Records) Regulations, 2015, the regulator said the system of maintenance in electronic format should have necessary security features. To ensure safety of data, it said, the records including those held in electronic mode, pertaining to all the policies issued and all claims made in India shall be held in data centres located and maintained in India only. “Every insurer should ensure that the records held are organised in such a manner as may be required for business use and easy retrieval so as to support policyholder service and

1. SEBI issues a circular under regulation 101(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to regulation 30 which deals with "Continuous Disclosure Requirements for Listed Entities" - http://www.sebi.gov.in/…/sebi_…/attachdocs/1441799529193.pdf Annexure-I of this circular indicates the details that need to be provided while disclosing events given in Para A and Para B of Schedule III. The guidance on when an event / information can be said to have occurred is placed at Annexure II. 2.  I-T dept to file court case if illegal foreign assets detected Delhi : Taking a tough stance against black money, the CBDT has directed the Income Tax department to mandatorily launch court cases against people found to be holding stash funds and tainted assets abroad and consider "compounding" of such offences only at a later stage.The apex policy-making body of the tax department has recently issued a directive in this regard to

Scheme will allow govt to tap into 20,000 tonnes of yellow metal lying in Indian households Indians looking to INVEST IN GOLD  bonds may be able to enjoy exemption from capital gains tax as the proposal is expected to be taken up in the next budget, the government said after it unveiled the details of the proposed gold bond and gold monetisation schemes. “The department of revenue has said that they will consider indexation benefit if bond is transferred before maturity and complete capital gains tax exemption at the time of redemption,“ Economic Affairs Secretary Shaktikanta Das told reporters, after the Cabinet approved the twin schemes that seek to reduce the country's massive GOLD IMPORTS . Indexation benefit refers to paying tax only on real gains after adjusting for inflation. The gold monetisation scheme will allow the government to tap into an estimated 20,000 tonnes of yellow metal lying in Indian households and bring into the banking system, boosting domestic supply

The government on Wednesday said the last date for filing Income-tax returns for cer tain categories of assessees viz companies, firms and individuals engaged in proprietary business due by September 30, 2015 will not be extended. “After consideration of all facts, it has been decided that the last date for filing of returns due by September 30, 2015 will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush,“ the finance ministry said . The government has received representations seeking extension of date for filing of returns and tax audit reports beyond September 30. The Economic Times, New Delhi, 10th Sept. 2015