CA Online

FM seeks Cong support; says party will leave behind a bad legacy if it continues to oppose crucial reforms With barely a week left for the winter session of Parliament to be over, finance minister Arun Jaitley on Tuesday asked the Congress to think about the legacy it would leave behind by not supporting the Constitution amendment Bill on goods and services tax (GST). Amid a walk-out by the Congress, he said GST would offer the economy an opportunity to touch nine per cent growth rate. Replying to a debate on the supplementary demand for grants in the Lok Sabha, Jaitley also sought to bring on board the Left parties by invoking former West Bengal finance minister and former chairman of empowered committee of state finance ministers Asim Dasgupta.  The Left parties had given their dissent on a Rajya Sabha select panel's recommendations on the indirect taxation system. The Lok Sabha later passed the supplementary demand for additional expenditure of Rs 56,256 crore. The finan

Oppn MP says govt suffering from Cinderella syndrome, while CPI(M) alleges NDA sabotaging Bill With only six working days of the ongoing winter session left, the likelihood of the passage of the goods and services tax (GST) Bill became remote because of the continuing disruption of parliamentary proceedings by the Opposition. Also, neither the government nor the Congress showed any keenness to meet again to take forward their negotiations on the issue. The Opposition parties on Tuesday ensured repeated adjournments of the Rajya Sabha over the alleged Central Bureau of Investigation (CBI) raids at the office of Delhi Chief Minister Arvind Kejriwal. The Congress protested the “interference” of the governor of Arunachal Pradesh with the activities of the state government and over summoning of winter session of the Assembly “without the state government requesting for it”. The issue is likely to dominate Congress protests on Wednesday as well. In the Lok Sabha, the Congress staged a

Updates Of the Day 1.NIRC of ICAI is organizing Seminar on FEMA on 19th Dec 2015 from 10AM to 5PM at NDMC Convention Centre, Opp Jantar Mantar, New Delhi. 2.NHAI Tax Free Bonds issue opens on 17.12.2015.Issue size - 10000Cr. Coupon Rates Retail 10 Years - 7.39% 15 Years - 7.60%. 3.DGFT had prescribed a procedure to be followed for claiming rewards under MEIS where exports had been made through EDI generated shipping bills between 01.04.2015 to 31.05.2015. 4.Anti-dumping duty cannot be charged for gap period, the period between lapse of provisional duty and imposition of final duty. [Supreme Court held In the case of Commissioner of Customs vs. G.M. Exports and Others]. 5.Currency notes with anything written on them are also legal tender i.e. acceptable in market. Press Release 2015-2016/1400 dated 14.12.2015. 6.Date of filing CST Form 9 has been extended up to 15.01.2016 vide Circular No. 32 dated 15.12.2015. 7.Disallowance u/s 14A while computing book profit u/s 115JB permitte

Updates Of the Day 1.NIRC of ICAI is organizing Seminar on FEMA on 19th Dec 2015 from 10AM to 5PM at NDMC Convention Centre, Opp Jantar Mantar, New Delhi. 2.NHAI Tax Free Bonds issue opens on 17.12.2015.Issue size - 10000Cr. Coupon Rates Retail 10 Years - 7.39% 15 Years - 7.60%. 3.DGFT had prescribed a procedure to be followed for claiming rewards under MEIS where exports had been made through EDI generated shipping bills between 01.04.2015 to 31.05.2015. 4.Anti-dumping duty cannot be charged for gap period, the period between lapse of provisional duty and imposition of final duty. [Supreme Court held In the case of Commissioner of Customs vs. G.M. Exports and Others]. 5.Currency notes with anything written on them are also legal tender i.e. acceptable in market. Press Release 2015-2016/1400 dated 14.12.2015. 6.Date of filing CST Form 9 has been extended up to 15.01.2016 vide Circular No. 32 dated 15.12.2015. 7.Disallowance u/s 14A while computing book profit u/s 115JB permitte

Updates Of the Day 1.Online Applications are invited from the CA firms/ LLPs who desire to be empanelled with CAG for appointment as auditors of government Co/ Corporations for the year 2016-17.www.saiindia.gov.in from 01.01.2016 to 15.02.2016. 2.RBI has issued Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts. 3.Versions of e-Forms GNL-4, INC-28, CRA-2, INC-2, ADJ, FC-1, AOC4-CFS and FC-4 are modified w.e.f. 09.12.2015. 4.Collection of cheques during enforcement survey before finalizing assessment is illegal. The amounts collected in advance were directed to be refunded. Order passed by Shri Bansh Raj, Add Commissioner DVAT. 5.Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification .Press release dated 10.12.2015. 6.Interest expenditure Sec.36(1)(iii) on loans diverted to sis

In a reprieve to foreign portfolio investors (FPIs), the income-tax department has clarified the circumstances in which the returns filed by these institutions will not be treated as defective. A number of notices of defective returns were issued under section 139(9) of the I-T Act to these investors who had not filed their balance sheet and profit and loss statement. A return is classified as defective when it excludes key information. In a statement issued on Thursday, the central board of direct taxes (CBDT) clarified that these returns will not be treated as defective in cases where such institutions are registered with the Securities and Exchange Board of India (Sebi) and have no permanent establishment or place of business in India and have made the necessary disclosures about their business income. This follows the government’s decision to accept the A.P. Shah panel’s report that had said that FPIs with no permanent establishment in India are not liable to pay minimum

The Reserve Bank of India has announced a one percentage point cut in the statutory liquidity ratio (SLR) in four equal stages by January 2017, giving banks more room to step up lending as credit demand picks up amid the economic revival gathering pace. SLR refers to the government securities that banks have to mandatorily hold. As of now, banks need to invest 21.5% of their deposits in government securities. The following is the timetable for the SLR reduction:   21.25% on April 2, 2016 21% on July 9, 2016 20.75% on October 1, 2016 20.50% on January 1, 2017.Most banks have SLR in excess of what's mandated. As per RBI data, the banking system had a collective SLR of 29.33% on October 30. The excess investment in government securities is primarily due to absence of credit demand. Also, most banks hold 2-3% excess SLR to meet any unexpected liquidity shortage. Banks can borrow from the RBI's repo window by pledging government securities. The Economic Times, New Delhi, 11t