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The Lok Sabha on Monday passed a Bill, which provides for expeditious recovery of bad loans by banks. The Bill, passed by voice vote, also proposes to move towards online debt recovery tribunals (DRTs). The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, seeks to amend four laws — Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Sarfaesi), Recovery of Debts due to Banks and Financial Institutions Act, 1993, Indian Stamp Act, 1899, and Depositories Act, 1996. The Sarfaesi Act allows secured creditors to take possession over a collateral, against which a loan had been provided, upon a default in repayment.  This process is undertaken with the assistance of the district magistrate, and does not require the intervention of courts or tribunals. This process will have to be completed within 30 days by the district magistrate.The Bill also empowers the district magistrate to

Amendments show the govt has yielded to some Congress demands A hectic day of meetings with Opposition leaders on Monday gave government strategists the confidence to table the Constitution amendment Bill on Goods and  Services Tax (GST) in the Rajya Sabha on Wednesday. The amendments to the Bill, which was to be circulated among Rajya Sabha members, showed that the government has yielded to some of the Congress’ demands to achieve a consensus. Opposition leaders said that while they would support the Constitution amendment Bill, the real battle will be fought at the time of the GST Bill, which is likely to be discussed in the winter session. After the Cabinet seal on the changes to the Constitution amendment Bill on GST last month, the draft legislation seeks to scrap up to one per cent additional tax on the inter- state supply of goods. It also seeks to provide full compensation to states for the first five years of the GST rollout, in case they earn less revenue than the existing

www.caonline.in News... 1. Allahabad Bank invites applications for empanelment as Concurrent/ Revenue Auditors for the year 2016-17 by practicing CA Firms, latest by 18.08.2016. 2. DVAT Return of Composition Dealers in Form DVAT 17 for Q-1 of 16-17 can be filed without Commodity Code. 3. Personal property of directors can't be used to recover import duty payable by company: HC 4. Extension to 29.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), & MGT-7. Circular No.08/2016 Dated 29.07.2016. 5. Assessee having eligible industry and availing deduction under section 80-IB, will not be entitled for same in respect of income from DEPB and DEPB Premium. 6. No Section 40(a)(ia) disallowance when income is determined on estimated basis after rejecting books.

www.caonline.in News... 1. Allahabad Bank invites Application for Concurrent / Revenue Audit (Year 2016-17). Send Biodata to DGM, Inspection Deptt, Concurrent Audit Cell, Head office, Fourth Floor, 14, India Exchange Place, Kolkata –700001 only by Reg. or speed post / courier. The last date 18th August, 2016. 2. Sebi proposes changes in  Institutional Trading Platform (ITP) norms to attract more firms. 3. Extension of last date of filing Form AOC-4, AOC-4 XBRL, AOC-4 CFS & MGT-7 under the Companies Act, 2013. 4. Public Servants Annual Assets Liabilities Return Filing due date extended to 31.12.2016 5. Land intended to be used for commercial purpose at time of sale can’t be deemed as agricultural land. 6. Eligible business profits to be computed as per law and not as per treatment by assessee in its books [M/s. Kumarakom Lake Resort Pvt. Ltd. Vs. ACIT (ITAT Cochin)].

The income tax department has decided to go through the books of top bank defaulters with a toothcomb, to check whether tax deducted at source (TDS) on the salaries of their employees have been deposited by these companies. The Vijay Mallya-promoted Kingfisher Airlines, in several cases, had deducted TDS from employees’ salaries, but did not deposit it with the government. “We are going to examine the accounts to understand if there hasbeenanysuchdiscrepancies with other defaulters as well,” a senior government official told HT on the condition of anonymity. In 2014, tax authorities filed a case in the special economic offences court in Bangalore against the now defunct Kingfisher Airlines for failing to deposit TDS worth around Rs.260 crore from 2009-2011. “It is a criminal offence to deduct TDS and not deposit it with the government. So we filed a case against Kingfisher. We were the first agency to get a summon out for Mallya,” said the source quoted above. The Income Tax

States want taxpayers with Rs. 1.5cr+ turnover to be rotated every 3 yrs between them & Centre States have pitched for the rotation of taxpayers with turno . 1.5 crore selected on ver in excess of ` a random basis every three years between themselves and the Centre once the goods and services tax (GST) is rolled out. This follows the Centre's suggestion on sharing of tax administrative functions without any duplication of taxpayers reporting to both sets of authorities, which could cause hardship to taxpayers. The move is significant in the context of talks regarding the tax administration framework under GST. The Centre had mooted a detailed administrative framework without any threshold of exclusive state jurisdiction and also ensuring that a taxpayer has to deal with one authority for all taxes -central GST, state GST and integrated GST (I-GST). States, however, did not find the proposal palatable and strongly backed exclusive control up to Rs 1.5 crore and dual co

With the draft goods and services (GST) law in circulation, there are several suggestions and criticisms being offered by analysts, lawyers, business houses and other stakeholders. Here, I am discussing the issue of continuing with the geographical exemptions in central excise, customs, service tax and income tax, which had been offered to various companies operating from certain underdeveloped geographical areas. When the GST comes, it is expected that most of the exemptions on the central excise will go away. Exemptions for customs and income tax will not be affected by the GST. So the issue is whether to continue with the exemptions of central excise and service tax which will be subsumed in the GST. There is a point of view propagated by a certain section that the exemptions on central excise and service tax should continue, which will be an act of “ grandfathering of exemptions”. In other words, there has to be a grandfather clause which allows persons or entities to continue