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The Companies Act, 2013, which came into effect from April 2014, has seen scores of changes. Last week, a government- appointed committee proposed another set of 100- odd amendments. Tax and legal experts share with Business Standard their insights on the implications of the committee’s key recommendations The Companies Act, 2013, which came into effect from April 2014, has seen scores of changes. Last week, a government- appointed committee proposed another set of 100- odd amendments. Tax and legal experts share with Business Standard their insights on the implications of the committee’s key recommendations The proposal to remove government approval for managerial remuneration is in line with international best practices. Seeking government approval for managerial remuneration is alegacy issue and has been a big impediment in ease of doing business. Such approvals took months of paper work and follow ups, leading to uncertainty in the minds of businesses. In effect, the regulator

As the current financial year nears its end, the Securities and Exchange Board of India (Sebi) has stepped up its surveillance to check tax evasion attempts through ‘arbitrage’ and bogus losses using stocks and mutual fund investments. Towards the end of every financial year, the manipulators tend to devise new ways of tax evasion, including incurring ‘losses’ from stock market trades and offsetting that against their capital gains booked earlier in the financial year. Besides, there are also attempts to make temporary investments in mutual funds and other financial instruments providing tax benefits towards the end of a financial year, which get re-routed back to the investors soon after the new fiscal begins, a senior official said. Sebi has also stepped up its vigil against illicit 'arbitrage' through derivatives trading from offshore locations, as also for any misuse of 'client code modifications', he added. The regulator has already clamped down on a numb

Terming as “unsatisfac tory“ the current pace of taxpayers' grievance redressal process, the CBDT has asked the Income Tax department to resolve these complaints within a maximum period of two months. In a urgent missive to all regional heads of department, Central Board of Direct Taxes Chairperson Atulesh Jindal has sought a quick resolution of these complaints as it is a key area being monitored by the government, with PM Narendra Modi pulling up the department on this front during a meeting last year. Recently, similar directives were issued to the Customs and Central Excise departments working under the Central Board of Excise and Customs. The CBDT boss has asked the tax department officials to take up this job “on priority“. and report back on its compliance. The Economic Times, New Delhi, 8th Feb. 2016

Updates Of the Day 1.Online Applications are invited from CA firms/LLPs from 1st January 2016 to 15th February 2016 for empanelment for appointment as auditors of Government Companies/Corporations for the year2016-17. For details visit www.saiindia.gov.in 2.ICAI asks CAs to include Name of Firm, FRN, Name, Designation & Membership No. of CA (besides other requirements) with Signature in Certificates issued. 3.FEMA Notification No. 9(R)/2015-RB dated Dec 29, 2015, c.f. G.S.R. No.1005(E) which supersedes the Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000 and all amendments thereto. 4.The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information from taxpayers. 5.Partner's remuneration u/s 40b- once the additional income offered for taxation during the survey is accepted and it has been explained to be as a busines

RBI/2015-16/309 A.P. (DIR Series) Circular No.44/2015-16 [(1)/10(R)] February 04, 2016 To All Category - I Authorised Dealers and Authorised Banks Madam/ Sir Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). On a review it is felt necessary to revise the regulations issued under the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000, as amended from time to time. Accordingly, in consultation with the Government of India, the said regulations have been repealed and replaced by the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015.

Cong To Take Up Graft Charges Against Guj CM The budget session of Parliament faces a serious threat of washout, with the Congress indicating it would raise the allegations of corruption against Gujarat chief minister Anandiben Patel to corner Prime Minister Narendra Modi.Patel has been accused of favouring businessmen linked to her daughter in Gujarat, with the issue pertaining to the period when Modi was the CM and she held the revenue portfolio. “The issue will be raised in Parliament because it has raised questions about the PM,“ Congress spokesman Anand Sharma said. He said Modi would have presided over the state cabinet meeting which cleared land allotments for the businessmen at throwaway prices.Along with Dalit scholar Rohith Vemula's suicide, graft charges against the Gujarat CM make for a potent combination for the opposition to corner the BJP. Adding to it is what Congress views as BJP's “deliberate provocation“ by attacking the Gandhi family like the PM's

The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information of the taxpayer over email, it said. Business Standard, New Delhi, 6th Feb. 2016