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The finance ministry on Thursday extended the deadline for payment of tax and penalty under the scheme to disclose previously unreported money, allowing this to be done in three instalments by September 30 next year. The ministry also clarified that black money declarants using the window cannot pay tax from undisclosed income. Earlier, the declarant had to pay tax, cess and penalty by November 30. Now, the first instalment of 25 per cent under the Income Declaration Scheme- 2016, will have to be paid by November, to be followed by another 25 per cent by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017. The extension of time for payment was based on feedback, that it was too short a time to pay tax, cess and penalty The income tax department also came out with a fourth set of clarifications on the scheme. There were earlier reports that payment could be made out of the undisclosed income, without including this in the income dec

Maruti Suzuki, Tata Steel, BPCL, UltraTech and Coal India may report 3-12% increase in earnings after to the implementation of new Indian Accounting Standard (Ind-AS).On the other hand, earnings of ITC, Bharti Infratel, Lupin, and Arvind may fall by 4-10%.Companies each with networth of `500 crore or more will adopt the new standards in FY17. The transition will have a considerable impact on the computation of revenue, operating profit, net profit, and networth of the listed companies. Sectors including metals, telecoms, oil & gas, and real estate are likely to be impacted most. According to analyst estimates, the new norms will increase revenues by 4-5%, while overall EBITDA may drop by 2-3%. Sebi has given publicly-listed companies additional one month to declare results for the June and the September quarters to comply with the new norms. The new standards Every country stipulates a method for companies to report financial data based on rules called accounting standards. Ind

The income tax department will start settling the piles of over 300,000 pending tax disputes starting september. These disputes are pending at various benches of the Income tax Appellate Tribunals(ITAT) across India, according to a financial ministry official. To this end, the revenue department has asked the over 300 commissioners of the income tax -appeals(the first-level appellate aythority), to start sending notices to individuals and entities for resolving their cases under the one-time dispute settlement window,which was introduced in this year's budget. The income tax dispute resolution scheme,2016 will run till december 31 this year. As per the contours of the scheme,dispute involving tax claims below 10 lakh,the settelment can be done by just paying the basic tax arrers without  penalty will also have to be paid apart from tax and interest to settle the dispute. "In addition to the individual notices, the tax department will soon come out with a set of FAQ

The Income-Tax department has widened the ATMbased validation system for filing e-ITRs by taxpayers with the nclusion of Axis Bank, after SBI, as part of its measure to enhance the paperless regime of filing the annual I-T returns. “Now, Electronic Verification Code (EVC) can also be generated by pre-validating ATM provided by Axis Bank.SBI had activated the facility last month. Other banks are expected to join soon,“ a senior I-T department official said. The Economic Times New Delhi,14th July 2016

The Union government has decided to increase the small scale unit ( SSI) eligibility limit and exemption limit for gold jewellery manufacturers. The decision was taken on the report of the committee appointed under the chairmanship of Ashok Lahiri, former chief economic advisor, in the aftermath of jewellers’ strike last March to oppose excise duty. The SSI eligibility limit has been raised from the present Rs. 12 crore to Rs. 15 crore and the SSI exemption limit from Rs. 6 crore to Rs.10 crore in a financial year. The government has also accepted other recommendations of the panel, which had representatives from the trade. It had suggested several relaxations in the tax laws on issues relating to compliance procedure for the excise duty, records to be maintained and related administrative issues. In this year’s Budget, an excise duty of one per cent without input and capital goods credit or 12.5 per cent with input tax credit was imposed on articles of jewellery. Jewellers t

The Security and Exchange board of India ( Sebi) has notified new norms restricting transfer of Pnotes to entities authorised for their use and after prior consent from the issuer foreign investor. Participatory notes or Offshore Derivative Units are issued by Sebi- registered foreign portfolio investors to other overseas entities looking for an exposure to the Indian markets without getting registered directly to save on costs and procedures. However, Sebi has tightened its norms substantially over the years about who can issue and who can subscribe to these instruments, amid long- standing concerns about their possible misuse for laundering of money. The regulator decided on the latest tightening of norms earlier this year after recommendations in this regard were made by the Supreme Court- appointed Special Investigation Team on black Money. Whilesomeofthenew amendmentstotheregulations governingP- Noteshave already come into effect,Sebi has now notified on emorechange that was

The markets are keenly eyeing the prospects of the goods and services tax ( GST) Bill in the monsoon session of Parliament. While passage will be sentimentally positive for the Street, any negative development could trigger a knee- jerk reaction from the markets with a limited downside from the current levels, analysts say. According to reports, apart from GST, there are 25 Bills that form a part of the legislative agenda of the National Democratic Alliance ( NDA) government. Experts say the All India Anna Dravida Munnetra Kazhagam (AIADMK) will play a pivotal role in passage of GST. Even if the Congress votes against it, support from the AIADMK, either through abstaining or voting in favour of the Bill would help clear the GST Bill in the Rajya Sabha. “If GST is passed in the Rajya Sabha, it will easily be cleared by the mandated 50 per cent of states, as 20 out of 29 states and two Union territories are ruled by either the NDA or with states in favour of the Bill. In such a sce