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Assocham has made a pitch to finance minister Arun Jaitley not to levy cess, but raise GST (goods and services tax) rate one-two per cent to garner additional resources to compensate states for any revenue loss on rollout of the new regime from April next year. It said additional cess should not be made applicable as this would lead to distortion and cascading of taxes. Business Standard New Delhi,02th November 2016

Retirement fund body EPFO today said it has issued guidelines to its field offices to settle death claims within seven days and retirement cases before a worker retires from the job. Labour Minister Bandaru Dattatreya today took stock of the action taken on directions of Prime Minister Narendra Modi during a review meeting on October 26, the Labour Ministry said. Central Provident Fund Commissioner (CPFC) informed the Minister that on Prime Ministers’ directions, EPFO has issued detailed guidelines on retirement and death cases, it added. These guidelines have been issued to the field offices to sensitise them and “take prompt and proactive action to settle the death claims within seven days and in retirement cases on or before the day of retirement,” the Ministry said. It was also stressed upon that grievances on social media need to be replied to expeditiously, it added. The Employees Provident Fund Organisation (EPFO) today celebrated the 64th Promulgation Day of the Emp

The sticky issue of administration or control over assessees under the goods and services tax (GST) regime is close to a breakthrough. The Centre is likely to propose that the power of audit and scrutiny should be with the Union as well as state governments without any threshold. The two-day meeting between the Centre and state finance ministers to discuss GST norms begins on Thursday. The Centre, however, is likely to audit and scrutinise fewer assessees than states. The issue of administrative control is one of the key matters to be taken up by the GST Council on Thursday and Friday, after an earlier agreement between the Centre and states fell through in the last month meeting. According to an earlier proposal, states were to assess businesses with an annual turnover Rs 1.5 crore, while both the Centre and states were to do so for businesses having higher turnover. The Centre and states had earlier agreed that the Centre will have exclusive power over assessees in the service

India has notified the revised double tax avoidance agreement with South Korea under which capital gains tax will be levied at the source with effect from April 1, 2017. The changes are in line with the amendment to the India-Mauritius double taxation avoidance convention. The existing DTAA between India and Korea has been in effect for three decades and provides for residencebased taxation of capital gains on shares, which means taxes were to be paid where the investor was a resident. “The revised DTAA aims to avoid the burden of double taxation for taxpayers of two countries in order to promote and stimulate flow of investment, technology and services between India and Korea,“ a CBDT statement said. It provides for exchange of information. E conomic Times New Delhi,27th October 2016

To draw the right lessons from the largest ever leak of debit and credit card data from several Indian banks that happened last week, the Aadhaar authorities feel it is time to integrate the same with bank account numbers. Ajay Bhushan Pandey, director-general of Unique Identification Authority of India (UIDAI), says the Aadhaar authentication protocol can be overlaid on the card systems. Talking with Business Standard , he said it would mean every time a person swipes her debit card on relatively insecure points such as automated teller machines (ATMs), she will be prompted to provide the Aadhaar number along with her PIN provided by the bank. The two will act as double verification for her. Pandey said he would discuss this option with the finance ministry. The ministry will have to engage in talks with the National Payments Corporation of India and the Reserve Bank of India (RBI), subsequently. Right now, while banks do insist on Aadhaar number for opening of savings accounts,

Around 7.8 million new assessees started filing income tax returns between assessment years 2012-13 and 2014-15, pushing up the total number of filers to 39.13 million. According to the Income Tax Return Statistics released by the Central Board of Direct Taxes, 31.2 million assessees filed returns in the assessment year 2012-13, which rose to 36 million in 2013-14 and 39.13 million the following year. Most of these were individuals but there were also Hindu Undivided Family entities, firms, associations of persons, companies, limited liability partnerships, trusts, etc. There were 7.5 million more individual filers in 2014-15 than two years ago. As many as 28.9 million individuals filed I-T returns during AY 2012-13, which went up to 33.5 million in AY 2013-14 and further to 36.5 million in AY 2014-15. Of the 36.5 million individuals who filed returns in AY 2014-15, 19.5 million individuals have shown nil salary income. The remaining 17 million individuals showed cumulative sal

The Income Tax(I-T) Department has unearthed cases of tax evasion worth about Rs.38,000 crore involving around 1,000 entities,and has issued notices to 147 individuals, a senior official of the I-T department said. The amount has been arrived at through investigation of cases of stock manipulation in the past two years,the official added. Most of the individual shail from Mumbai,Kolkata, Ahmedabad,Surat,and Delhi,officialssaid.These cities account for most of the trading volumes in the cash segment of the stock market. Prosecution against these entities,who face penalty at the rate of 200 percent on the evaded tax,will start soon, said the official.However,some of the entities involved had declared unaccounted wealth in the central government’s recently concluded Income Declaration Scheme and will get immunity as a result. To evade tax,some entities claimed long-term capital gains by showing a fake back-dated purchase of shares at lower prices,explained at a tax officer. Bu