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The next time you get an email from the Income Tax ( I- T) department stating that it wants to refund you some money, don’t be delighted — be cautious. In all likelihood it would be from cyber criminals trying to trick you into revealing your bank details. Taking a note of such cyber frauds, the I- T department have sought help from the country’s premier cyber security agency, Indian Computer Emergency Response Team (CERT- In), to block these hackers lurking in the e- world. The department is particularly worried after taxpayers recently brought to its notice certain emails which have very cleverly spoofed the department’s identity by using almost resembling addresses to cheat gullible taxpayers. Email spoofing helps them change their email address to any that they wish. In some cases, victims received emails even from the noreply@incometaxindia. gov. in. “There’s a rise in such emails lately and they are often sent during the tax filing months,” said Amit Jaju, executive dir

www.caonline.in News... 1.Dena Bank invites applications by CA firms for empanelment as Concurrent Auditors for the period July 2016-June 2017 to be submitted by 10.05.16. 2.ICAI invites innovative suggestions for govt. on policy matters. Link: https://goo.gl/2OymKi Email: neac@icai.in 3.Registration opens for ICAI certificate course on service tax starting @ Delhi from 4 June 16, contact- 120-3045954, visit www.idtc.icai.org 4.IASB,ICAI org. certificate course on concurrent audit at hamirpur from may 7, for regn call: 09418026466, or mail atinfo@himachalicai.org 5.Delhi Com Vat in a meeting informed that the Notification dated 12/4/16 relating to ITEM / ITEM Code being issued by finance deptt. after partial modification from relevant deptt. to come up soon. Further, assured DVAT systems will be ready with the option of accepting Q4 returns on old pattern or new pattern by 8/5/16. Furthermore, vide Notification no. 157 dated: 3/5/16 use of DSC for Q4 made optional for all dealers

www.caonline.in News... 1.Due Date for filing TDS returns changed from 1st June 2016. June Quarter: 31st July Sep quarter 31st October Dec quarter 31st January March quarter 31st May 2.Revised Income Tax rules & Forms for in-house research & development facility. Notification no. 29/2016-IT dated 28/04/2016. 3.In absence of contumacious conduct penalty U/s. 271C not leviable. [ITO (TDS), Vs. Pushpanjali Hospital and Research Centre Pvt. Ltd. (ITAT Agra)]. 4.Property TDS Payment due date extended to 30 days. Notification no. 30/2016-IT dated 29/04/2016. 5.Now, deductor is liable to furnish of evidence of claims by employee for deduction of tax under section 192 of IT Act, 1961. Notification no. 30/2016 dated 29.04.2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Securities and Exchange Board of India ( Sebi) has told mutual fund ( MF) houses there will be no extension of its earlier order to them for disclosing the remuneration of their top executives. The deadline for disclosure was Sunday but several fund houses had not complied, saying there was lack of clarity on the issue. There would be no extension, members were told on Sebi’s behalf by the Association of Mutual Funds in India ( Amfi) on Monday. Anyone who’d not complied by Sunday would have till endMonday to do so. Further, the regulator asked fund houses not to put unnecessary and unhelpful filters while providing the information to investors. For instance, some fund houses were asking for several details from investors such as folio number, registered phone number, PAN card number, registered e- mail IDs, bank account number and date of birth, among others, for accessing the information of remuneration. Sebi also allowed fund houses to indicate employee stock options fo

Decisions likely at board meeting to take place on May 20 The Securities and Exchange Board of India ( Sebi) is likely to relax rules for investing in alternative investment funds ( AIFs) on the suggestions of an expert panel headed by Infosys founder NR Narayana Murthy, said sources close to the development. A decision is likely at Sebi’s board meeting scheduled for May 20. AIFs are funds established or incorporated in India for the purpose of pooling capital by Indian and foreign investors for predetermined investing. The rules apply to all AIFs, including those operating as private equity funds, real estate funds and hedge funds. The minimum ticket size for investing in AIFs is ? 1 crore. Individuals with an annual income of ? 50 lakh are allowed to invest in these vehicles. The Sebi board is likely lower these criteria. The Murthy panel submitted its report to the market regulator in January. It proposed a favourable tax environment for investors, promoting onshore fund

The Reserve Bank of India ( RBI) on Monday proposed to charge margins on over- the- counter derivatives not cleared by a central counter- party. A central counter- party like Clearing Corporation of India Ltd ( CCIL) takes margins from both parties and guarantees a deal. In the absence of this, parties entering into a contract set aside margins between themselves after signing standardised agreements. India is part of an effort to set global standards to ‘ ring- fence’ the economy from risky derivatives that encourage excessive and opaque risk- taking. By these standards, all over- thecounter derivatives should be traded on exchanges, if possible, or such contracts should be cleared by a central counterparty. So, non- centrally cleared derivatives should be subjected to higher capital requirements and attract margin requirements. Apart from de- risking the system, this will also promote central clearing, RBI’s discussion paper said. “ For the time being, it is proposed to app

Date Act Applicable Form Obligation 06/05/2016 Service Tax Challan No.GAR-7 E-Payment of Service Tax for April by Cos 07/05/2016 Income Tax Form No.27C (TCS) Submission of Forms received in Apr to IT Commissioner 07/05/2016 Income Tax Challan No.ITNS-281, Form 26QB (Purchase of Property) Payment of TDS/TCS deducted/collected in Apr 10/05/2016 Excise ER-1 Return for Non SSI assessees for Apr 10/05/2016 Excise ER-2 Return for EOUs for Apr 10/05/2016 Excise ER-6 Return by units paying duty > 1 crore (CENVAT + PLA) for Apr 12/05/2016 D-VAT BE-2 Advance information for 2nd fortnight of May of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi 15/05/2016 D-VAT DVAT-20 Deposit of DVAT TDS for Apr 15/05/2016 Income Tax Return 24Q, 26Q, 27Q & 27EQ TDS/TCS returns for Mar Quarter by ALL Deductors/Collectors INCLUDING Govt. 15/05/2016 Providend Fund Electronic Challan cum Return (ECR) E-Payment of PF for Apr ( NO Grace of 5 days) 16/05/2016 D-VAT