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The finance ministry plans to bring out detailed income tax ( I- T) data annually, in response to criticism by economist Thomas Piketty over lack of public I- T statistics in India. After almost 16 years, the revenue department last week made public three sets of data related to direct taxes, including time series data since 2001- 02. The detailed analysis of I- T statistics, based on returns filed, was for 2011- 12 alone. Piketty, economist and author of Capital in the Twenty- First Century, told Business Standard the data released by the government were too limited to draw significant inferences. “ The government released detailed data by income range only for 20122013 ( assessment year). To study the evolution of income distribution, we would need detailed data by income range for all years. Iam looking forward to see this data,” he said in an emailed response. The finance ministry is set to update the income range data by releasing it for assessment years 2013- 14 and 2

The Insolvency and Bankruptcy Code 2015 is expected to address the problem of dealing with multiple laws for anyone wanting to do business in India. The present government has realised that the ease of doing business is not only about convenient entry into the market but also providing easy exit and restricting debt. One of the most important reform envisaged in this bill is to make substantive changes in eleven enactments and repealing some to avoid conflicting rules. There is also provision to takeaway the jurisdiction of the civil court to ensure fast and effective process. Specialised adjudicating authorities like NCLT and DRT will be adjudicating authorities to deal with special corporate issues effectively. The bill prescribes the time limit for procedures at every stage to ensure a result in 180 days. It also has provisions for force majeure and one time extension of 90 days in certain circumstances. There is also a fasttrack option with a 90-day limit and a single extensi

Fall in appreciation in top Indian cities forces investors out of the housing market A sharp decline in property price appreciation in top Indian cities has pushed investors out of the housing market in India, which has turned into an end users' paradise, thanks to stagnating prices and, in some cases, deeply discounted distress sales. Investors say they are unable to exit multiple investments made over the last few years even at a loss, accentuating the pain for them. In Mumbai, for instance, the average residential property prices in the city and its suburbs witnessed an appreciation of only 3.3% in 2015 as against an average of 7% in 2014, showed a study by property consultancy JLL India. Similar was the case with the Delhi-National Capital Region, which is a big investor market, and Bengaluru and Chennai. All of these markets have seen prices appreciating around 2% in the last quarter of 2015. “A sign of any residential market's increasing maturity is evidenced by

CBDT has declared August 31 as deadline for the taxpayers whose ITRs for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-based collection centre. Offering the “final opportunity“, the department has said taxpayers whose refunds and tax issues are pending for assessment years (AYs) 200910, 2010-11, 2011-12, 2012-13, 201314 and 2014-15, should immediately authenticate their Income Tax Returns by using either the electronic verification by Aadhaar or bank accountbased facility available on its official web portal or send a bonafide copy of the ITR-V to its CPC in Bengaluru by “speed post“ before August 31. “...in case of returns for AYs (2009-10 to 2014-15) which were uploaded electronically by the taxpayer within the time allowed under section 139 of the Act and which have remained incomplete due to nonsubmission of ITR-V Form for verification, hereby permi

www.caonline.in News... 1.Interim stay order period is to be excluded for computing limitation period. [VLS Finance Ltd. and Anr. vs. Commissioner of IT and Anr. (SC)]. 2.Registration u/s 12AA cannot be denied questioning profit motive. [ MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)]. 3.Lok Sabha passed the insolvency and bankruptcy code bill 2016 on 05.05.16, accepting all the amendments proposed by the joint committee of parliament. 4.No need to furnish details of invoice below Rs. 1000 in form GE-II returns of all 4 quarters for F.Y. 2015-16 to be filled by 16.05.2016 notification dated 06.05.16. 5.CBDT prescribes procedure for e-filing of form 15G/15H. Notification no. 7/2016 [F.NO.DGIT(S)/ADG(S)-2/TDS E-filing notification/110/2016 dated 4-5-2016]. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

RBI wants end to bad loans but will not undermine privacy The Reserve Bank is working on a new system for making public the list of wilful defaulters, while a new mechanism is being put in place for out-of-court settlement of bad loan-related disputes, Governor Raghuram Rajan said on Saturday. “As a regulator we have no intent or desire to protect malfeasance... We are very happy to make that list public. In fact my people are working on making sure that we can put that list up in an accessible way and also (of) defaulters against whom suit has been filed because that is already public information,” he said while delivering a lecture here. However, the central bank was in favour of protecting privacy in cases where there is no wrongdoing, he said, adding a blanket edict that everybody’s name should be made public on the website might not be desirable. He further said it might not be correct to flash the name of all and sundry, including those who forgot to pay their credit bi

The government wants private business houses to adopt shelters for children, a majority of which are in abysmal condition because of sparse funding. Called “Adopt a Home”, the scheme launched by the Women and Child Development (WCD) ministry has sought the help of the corporate sector, business houses, organisations and individuals to run such homes and support the children living there as part of their corporate social responsibility. Inmates living in children homes are either juvenile in distress or in conflict with law. Government officials say that a majority of children homes in the country have been neglected by local administrations. “Also there have been reports galore of how inmates in many of these homes have been abused,” a ministry official said. As part of the scheme, the sponsors can focus on areas such as infrastructure, nonformal, remedial education and vocational training to help children become independent once they are out of the home. Sponsoring higher ed