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Updates Of the Day 1.NIRC of ICAI is organizing three days Workshop on Income Computation Disclosure Standards ( ICDS) on 15th, 16th and 17th December 2015 at The Auditorium of ICAI Bhawan, Vishwas Nagar, Shahdara, Delhi from 4.30 PM to 07.30 PM FEE Rs.200/-(Per Day). 2.Income Tax Department, New Delhi invites Empanelment of CA Firms to carry out special audit u/s 142(2A) Last Date : 21.12.2015. 3.Interest, depreciation and profit margin not to be considered for arriving at production cost. [Nirma Ltd. & Others]. 4.RBI through its Master Circular dated 01.12.2015 (available on its websitewww.rbi.org.in) has issued Instructions/Guidelines on Credit Card/Debit Card/Pre-Paid Card. 5.RBI has issued Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2015 which shall come into force from the date of their publication in the Official Gazette. 6.If upon a misconception of legal position, assessee had paid tax which he was not liable to p

Parliament passes law to facilitate easy legal recourse after Rajya Sabha okay Parliament has passed a law allowing cheque bounce cases to be filed at the place where the cheque is presented for clearance and not the place of issue, a change that is expected to go a long way in improving legal recourse in such cases. The Rajya Sabha passed the Negotiable Instruments (Amendment) Bill on Monday without any debate. The Minister of State for Finance Jayant Sinha moved the bill for passage that had been passed by the Lok Sabha earlier. The amendments to the Negotiable Instruments Act will impact over 18 lakh cheque bounce cases pending in various courts, Sinha said while moving the bill. The amendments overturn a Supreme Court ruling which said the cases have to be initiated where the cheque-issuing branch was located. The court had reasoned that the territorial jurisdiction for dishonour of cheques is restricted to the court within whose local jurisdiction the offence was com

The goods and services tax (GST) Constitution amendment Bill is likely to be listed for discussion in the Rajya Sabha not before December 14, which would leave the government with eight days of the winter session to get the key tax reform passed by the Upper House and subsequently the amended Bill by the Lok Sabha before the session ends on December 23. Central ministers said they haven’t lost hope about the GST Bill being passed in the ongoing session, despite no clear indications emerging from the Congress leadership, particularly from Congress President Sonia Gandhi and Vice- President Rahul Gandhi. The Congress has conveyed to the government that while it had agreed that the Rajya Sabha’s Business Advisory Committee allocate four hours for a discussion on the Bill, the Bill should only be listed in the day’s business after the Upper House discusses other issues of urgent public importance, especially the drought situation in large parts of the country and the price rise. The

After liberalising the external commercial borrowing (ECB) regime for companies looking to raise debt abroad, the government and the Reserve Bank of India are having a look at easing the norms on Indian Depository Receipts ( IDR) for foreign companies, Business Standard has learnt. Sources aware of the matter said the likely base for such recommendations would be a report last year on IDRs from a panel chaired by Competition Commission of India ( CCI) member M S Sahoo. While American and Global Depository Receipts (ADRs/ GDRs) allow Indian companies to access capital markets abroad, an IDR is a security a foreign company can list on Indian exchanges. The 11- member Sahoo committee made many recommendations on overhauling the IDR market. These included a whole new class of securities called Bharat Depository Receipts ( BhDRs) to replace IDRs. Also, the widening of underlying securities to include all instruments accessible to an Indian investor, widening of endusage rules for ca

Excise relief for around 200 items may go, zero rate being debated Tea, coffee, biscuits and some medicines, currently exempted from excise duty, may come under the proposed goods and services tax ( GST) as the finance ministry and empowered committee of state finance ministers draw up a common list of exempted items. The Centre’s excise duty exemption list of around 300 items will be reduced to the states’ value- added tax ( VAT) list of close to 90. “We are finalising the exemption list. Excise exemptions will be pruned to around 90 items,” said a government official. “ The idea is to keep exemptions to a minimum.” States exempt unprocessed goods and those consumed by the poor like fruit, vegetables, salt, grain and coarse fabric. The Centre provides excise exemption to processed food and pharmaceuticals and a concessional rate to fruit- based items. Common items between Centre and states include bread, eggs, milk, vegetables, cereals, books and salt, which will continue to b

Excise relief for around 200 items may go, zero rate being debated Tea, coffee, biscuits and some medicines, currently exempted from excise duty, may come under the proposed goods and services tax ( GST) as the finance ministry and empowered committee of state finance ministers draw up a common list of exempted items. The Centre’s excise duty exemption list of around 300 items will be reduced to the states’ value- added tax ( VAT) list of close to 90. “We are finalising the exemption list. Excise exemptions will be pruned to around 90 items,” said a government official. “ The idea is to keep exemptions to a minimum.” States exempt unprocessed goods and those consumed by the poor like fruit, vegetables, salt, grain and coarse fabric. The Centre provides excise exemption to processed food and pharmaceuticals and a concessional rate to fruit- based items. Common items between Centre and states include bread, eggs, milk, vegetables, cereals, books and salt, which will continue to b

Excise relief for around 200 items may go, zero rate being debated Tea, coffee, biscuits and some medicines, currently exempted from excise duty, may come under the proposed goods and services tax ( GST) as the finance ministry and empowered committee of state finance ministers draw up a common list of exempted items. The Centre’s excise duty exemption list of around 300 items will be reduced to the states’ value- added tax ( VAT) list of close to 90. “We are finalising the exemption list. Excise exemptions will be pruned to around 90 items,” said a government official. “ The idea is to keep exemptions to a minimum.” States exempt unprocessed goods and those consumed by the poor like fruit, vegetables, salt, grain and coarse fabric. The Centre provides excise exemption to processed food and pharmaceuticals and a concessional rate to fruit- based items. Common items between Centre and states include bread, eggs, milk, vegetables, cereals, books and salt, which will continue to b