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As part of efforts to popularise the electronic mode of filing Income-Tax Returns (ITRs), the CBDT is planning to provide “pre-filled“ return forms to filers which will have an automatic upload of data on income and other vitals of a taxpayer. The apex policy-making body of the I-T department is actively working to ensure that this customer-friendly measure can be launched for taxpayers from next financial year. The Economic Times, New Delhi, 25th Sept. 2015

The Reserve Bank of India ( RBI) has allowed banks to provide partial credit enhancement (PCE) to bonds issued by corporate entities and special purpose vehicles (SPV) for funding projects, subject to certain riders. “Banks will be allowed to offer PCE only in the form of a non- funded irrevocable contingent line of credit. A view on allowing the PCE as a funded loan facility will be taken in due course, after reviewing the implementation and performance of the contingent PCE offered by banks,” the central bank said. It added the purpose of allowing banks to extend PCE was to enhance the credit rating of bonds issued to enable companies to access funds from the bond market on better terms. The aggregate PCE provided by all banks for a given bond issue would be limited to 20 per cent of the bond issue size. The PCE facility, to be provided at the time of the bond issue, will be irrevocable. The central bank said banks could offer PCE only in respect of bonds whose pre- enhance

The Reserve Bank of India has mandated that State Bank of India and ICICI Bank will be part of all the empowered committees of any joint lenders’ forum( JLF) setup by aconsortium for addressing stress in loan servicing. The banking regulator announced this and other measures on Thursday, aimed at hastening decisions in a JLF. These tend to get delayed, as lenders with small erexposure tend to be reluctant on efforts to revive a stressed asset. Business Standard, New Delhi, 25th Sept. 2015

Exempts foreign companies without permanent base in India with effect from April 2001 After clearing the air on Minimum Alternate Tax (MAT) on foreign portfolio investors ( FPIs), the finance ministry has decided to exempt foreign companies with no permanent establishment ( PE) in India from this tax with effect from the 2001- 02 assessment year. This will pave the way for a relief in favour of Mauritiusbased Castleton from the Supreme Court so far as MAT is concerned, experts said. The ministry will propose an amendment with retrospective effect to Section II5 JB of the Income Tax Act, in this regard. The move came after Finance Minister Arun Jaitley promised investors at a gathering last week that pending tax disputes would be resolved soon. The decision was announced on Thursday at a time when Prime Minister Narendra Modi is in the United States and will interact with top CEOs and the Indian diaspora in Silicon Valley. “We have announced clarity on non- applicability of MA

Updates Of the Day 1.ICAI invites application for Empanelment of “Writers” for CA examination. Detailed guidelines hosted at www.icai.org 2.Service Tax Return (ST-3) for April 2015 to September 2015 period will be made available for e-filing by the assessees in both offline and online modes. The last date for filing the returns for the said period is 25th October, 2015. 3.Dispatching of notice at incorrect address could not be deemed as service of notice and accordingly entire proceedings are liable to be set aside for violation of principles of natural justice. [Ventrapathi Financial Services vs. Suprintedent of Central Excise: Andhra Pradesh high court.] 4.Due to server problem DS-2 cannot be fill, hence if anybody want to bring the goods, he can bring the goods and file DS-2 after correction of server problem. 5.Notice u/s 148 issued to address in PAN data base which is no longer occupied by assessee. Assessee not precluded from pleading that notice served to wrong address. Al

Apart from these, ensuring environmental sustainability is another cause that firms have focused on The government’s efforts to reduce illiteracy, poverty and environmental damage have received a shot in the arm with companies focusing their corporate social responsibility (CSR) spending on similar activities. Promoting education and eradicating poverty received the maximum funds in the year ended 31 March, according to the annual reports of the top 100 companies by market capitalisation on the National Stock Exchange of India (NSE) as analysed by NextGen, a Bengaluru-based CSR management firm. Of the 100 companies, the annual reports of 85 were available by 14 September, the analysts’ cut-off date for accepting data. The CSR rules, 2014, under the Companies Act, 2013, mandated that firms spend an average of 2% of their previous three years’ profit on 11 activities listed by the government in Schedule VII of the Act. An analysis of the 85 companies, carried out by CSR managemen

Central bank issues draft framework on easing ECB rules, seeks public response on it by Oct 11 India is looking to make it easier for companies to borrow overseas and is also set to start work on simplifying rules for foreigners to invest in the country, a top finance ministry official said, outlining key reforms in the works that needn't necessarily wait for next year's budget. Economic affairs secretary Shaktikanta Das also pledged more structural policy changes, while ruling out any plans for a stimulus package, which he said would create more problems than it would solve. He said the government wanted to roll out the goods and services tax (GST) at the earliest and added that India has enough buffer stocks to cope with any shortfall in the harvest due to a rain-deficient monsoon. The Reserve Bank of India (RBI) issued a draft framework on liberalising external commercial borrowing (ECB) norms on Wednesday . The proposals are based on discussions between the finance mi