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India and the US have agreed to enhance cooperation on tackling offshore tax evasion through information sharing and joint audits, while intensifying efforts to combat money laundering and terror financing. Finance Minister Arun Jaitley , on the second day of his seven-day visit to US, met US Treasury Secretary Jacob J Lew for the Sixth Annual US-India Economic and Financial Partnership (EFP) here on Thursday and agreed to a dialogue by competent authorities on the two sides to raise engagement on tackling tax evasion. The US also extended support to National Investment and Infrastructure Fund (NIIF) in a bid to help India raise resources and fund infrastructure growth, said a Joint statement after the meeting. “We are committed to continued collaboration and sharing of experience in tackling offshore tax evasion and avoidance, including joint tax audits & tax examination abro ad. We look forward to the Competent Authorities of the two countries engaging in bilateral dialogue to

The government is planning to issue the fourth tranche of sovereign gold bonds around Akshaya Tritiya, according to sources in the know. Akshaya Tritiya, which falls on May 9 this year, is an important day for the bullion market as people consider buying gold on that day as auspicious. In the past two years, gold demand on this day stood at 25-30 tonnes. In 2013, around 50 tonnes of gold was estimated to have been sold on Akshay Tritiya. The government has issued three tranche of sovereign gold bonds so far, with a total subscription of around 5,000 kg. Of this, the second tranche accounted for around 60 per cent. The third tranche evoked very poor response because it was issued in March last year when investors were more focused on investing in tax-saving products and gold price was also at Rs 2,900 a gram for bonds, which was considered quite high. Prices are around that level now, but with Akshaya Tritiya round the corner, gold prices are likely to moderate. Already, price

The Securities and Exchange Board of India (Sebi) may soon review its framework for listing of start-ups, including e-commerce firms, while incorporating suggestions from various stakeholders to make this platform much more vibrant. The Institutional Trading Platform (ITP) is yet to see any start-up listing ever since an easier set of compliance and disclosure requirements was notified in August 2015. These norms have been put in place to encourage Indian start-ups and entrepreneurs to remain within the country rather than go abroad for funds. Under the rules, start-ups can list on the separate ITP of stock exchanges such as BSE and NSE. The platform is open to only institutional investors and high networth individuals (HNIs), while retail investors have been excluded in order to safeguard small investors against a higher level of risks associated with this platform. Many start-ups believe that the current listing norms are unattractive for them to list in India. Moreover,

www.caonline.in News... 1.DVAT amendment in Form 16, 17, 30, 31 w.e.f. 12.04.2016 under DVAT (Amendment) Rules, 2016. 2.NSDL releases e-TDS/TCS RPU version 1.5 from FY 2007-08 onwards on 13/04/2016. 3.CBEC issued instructions to its office that file and notes on the file should not only be concise but should also contain the details of minutes recorded in a case. Fixing/ re-fixing of personal hearing is a vital step towards the disposal of the case by the quasi judicial / appellate authority. 4.CBDT has released ITR before the start of the A.Y. for the A.Y. 2016-17 and released e-filing utility of all the ITRs within 15 days from the start of A.Y. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 24 /2016-Service Tax New Delhi, the   13 th  April, 2016 G.S.R.---(E).- In exercise of the powers conferred by clause (a) and clause (hhh) of subsection (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Point of Taxation Rules, 2011, namely :? 1. (1) These rules may be called the Point of Taxation (Third Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Point of Taxation Rules, 2011, in rule 7, after the third proviso, the following proviso shall be inserted namely:-      "Provided also that in case of services provided by the Government or local authority to any business entity, the point of taxation shall be the earlier of the d

The Reserve Bank of India (RBI) has revamped its overseas direct investment application process to provide banks fast and easy accessibility to data for reference purposes and to improve the “coverage and ensure proper monitoring of the flows in a dynamic environment”. The new process will be much more nuanced than earlier, where the Indian party has to furnish more details about its investments and remittances. The new scheme is for more nuanced information on direct investments in joint ventures, wholly-owned subsidiaries and any remittances and other forms of financial commitments by an Indian party (which can be any Indian corporate entity or individual). It is not clear yet if the same set of rules will apply for remitting money abroad under the liberalised remittance scheme (LRS), but if so, it will be dissemination of information on a granular basis. Under the LRS scheme, an individual can freely take out $250,000 every year. A company can invest up to a certain percentage

Indian investigating agencies have been asked to shun the usage of the word "tax haven" while making legal overseas requests in black money cases as a number of foreign jurisdictions have taken exception to the term and called it offensive. The Central Board of Direct Taxes (CBDT), the nodal authority in the Finance Ministry for executing tax information exchange between India and the globe in stash funds probe, has recently issued a directive in this regard. Business Standard New Delhi, 15th April 2016