CA Online

The tax department will soon come out with aset of frequently asked questions, with regard to the Dispute Resolution Scheme, as it seeks to settle over 259,000 appeals pending with income tax commissioners. Besides, the Central Board of Direct Taxes will also launch a massive publicity drive to make the scheme a success. Business Standard New Delhi,03 August 2016

For start-ups getting into partnerships in their quest to find success and profitability has become the new big thing. Start-ups with strengths in different areas are joining forces to create a more wholesome ecosystem, strong enough to take on compete. In a latest development, Freecharge, the digital payments platform acquired by Snapdeal, has partnered with payment gateway solution provider, PayUbiz, to further strengthen its merchant base and help consumers move from cash to digital payments. This integration allows Freecharge to tap PayUbiz's more than 10,000 online merchants across sectors will also be accessible to the patrons of the mobile wallet. "We want to make Freecharge wallet ubiquitous in both the online and offline space by creating an ecosystem of partnerships. Through PayUbiz association, we will further strengthen our partner ecosystem and enable digital payments across 10,000 more merchants. Alliances such as this will certainly help us move in the rig

Division of revenue clarified; govt circulates list of 9 amendments to the Bill   The government on Tuesday circulated among Rajya Sabha members a list of nine amendments to the Goods and Services Tax ( GST) Constitution Amendment Bill, which included yielding to the Congress demand of scrapping a contentious 1 per cent levy on inter- state supply of goods. However, the Bill, which will be taken up in the Rajya Sabha on Wednesday, may still not please some of the Opposition parties as the clause on compensation to states was still vague, sources said. The other major amendment relates to a provision requiring the GST Council to establish a mechanism for adjudication of disputes between the Centre and states, or among states. One of the amendments on compensation to states says categorically that the Centre will provide compensation to states for losses under the GST regime. However, sources said, the provision only promises compensation to states for a period that can be extend

www.caonline.in News... 1. New RBI norms rule out banking licences for big corporates. 2. No service tax could be levied if there was a transfer of right to use goods irrespective of the fact that the transfer was non-exclusive. 3. Order passed by DG allowing confidentiality of documents couldn't be subject matter of appeal: CCI. 4. No disallowance of cultivation expenses just because it didn't generate desired results to assessee. 5. TDS on commission doesn't prove its genuiness, assessee has to prove that services were rendered by recipient.

Trouble for businessmen, professionals who bought expensive watches, jewellery, art It was a dream for a top New Delhi multinational executive to buy the 2015 edition of his favourite watch brand for Rs.20 lakh. The watch is now a nightmare metronome keeping him awake at night after the income tax sent him a notice last week for the purchase he made on his credit card. About 10 days after the government said the income tax is scrutinising about 7 lakh high value transactions, the department has started sending notices to those who have bought luxury goods. Most of the notices are served to well-known businessmen, traders and even professionals like consultants, lawyers, doctors and architects. These notices were also sent to those who purchased luxury items with credit cards or provided PAN numbers to the sellers while buying it. “I had not given it much thought before buying the watch, now all I can think of is the notice,“ the executive who bought the Rs.20 lakh watch and is earning

Large corporate houses will not be allowed to start banks, according to the Reserve Bank of India, effectively ruling out the possibility of big business houses to become lenders. However, they will be permitted to invest in the banks up to 10%, RBI said in its “Guidelines for ‘on-tap’ licensing of universal banks in the private sector” on Monday. Private sector companies ‘owned and controlled by residents’ that have a successful track record for at least 10 years can apply. If such group companies have total assets of Rs.50 billion (Rs.5,000 crore) or more, its non-financial business of the group should not account for 40% or more in terms of total assets in terms of gross income. For corporate houses such as Reliance Industries, Tata Group and Aditya Birla Group, more than 40% of their total revenues come from non-financial operations. Applicants will also be scrutinised based on central bank’s ‘fit and proper’ criteria and must have initial minimum paid-up voting equity capital of

BJP govt doesn't want labourers to see it as pro-corporate Big-bang labour reforms proposed by consolidating 44 central laws into four codes may not be implemented any time soon on account of upcoming state elections in Uttar Pradesh and Punjab, setting back the government's push to improve the ease of doing business in India. The government does not want to move ahead with any change that would lead to charges of pro-corporate policy-making.The shift in strategy comes even after Prime Minister Narendra Modi mentioned his government's intent to come up with the labour codes in his Independence Day speech last year. Barely 10% of India's total work population, estimated at 480 million, is in the organised sector and a huge part of migrant workers are from states including UttarPradesh and Bihar While the labour ministry has finalised the codes on wages and industrial relations and work is in advanced stages on the codes on social security & welfare and on safety &am