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Govt panel tasked with proposing amendments for speedy disposal of disciplinary cases The ministry of corporate affairs (MCA) has constituted a high-level committee to review disciplinary rules and regulations governing chartered accountants, company secretaries and cost accountants. The six-member committee, chaired by retired IAS officer Meenakshi Datta Ghosh, has been tasked with recommending amendments to “ensure speedy disposal of disciplinary cases“ and “strengthen the existing mechanisms“ followed by statutory professional institutes, a senior official at the ministry told ET. Other members include retired IRS and IDAS officers, an advocate of the Supreme Court and a joint director in the ministry of corporate affairs. The committee was constituted on April 10. It was to form on March 27, but was delayed to include more elaborate terms of reference, the official said.Some new points came up after the ministry prepared a letter to constitute the committee, the person said.

All taxpayers to be able to ascertain tax liabilities beforehand India is planning a significant shift toward a litigation-free environment under the GST regime, creating a liberal mechanism that would allow all taxpayers to ascertain liabilities beforehand. The draft rules for advance ruling mechanism will allow all categories of taxpayers to approach the authority , unlike the existing system that restricts the facility to proposed transactions before the start of a business. The advance ruling infrastructure will also ensure that every commissionerate has an authority, with a joint commissioner level officer as a member. This is modelled after global best practices in which advance ruling is treated as a revenue function, and carried out directly by revenue authorities without being passed on to any quasi-judicial entity . “The efforts seem to be to reduce post-assessment disputes and, hence, money stuck in litigation, and also to bring certainty in taxation of supplies by a p

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Operation Clean Money will be top priority for tax officials in this quarter, according to the Central Board of Direct Taxes, which has circulated a detailed action plan and directed field officers to complete verification of cash deposited in banks since demonetisation by May 31. The apex direct taxes body has asked officials to prepare a master list of reporting entities in the context of Statement of Financial Transaction (SFT), which was required to be filed by January 31 for cash deposited during the demonetisation drive. This is being done to ensure appropriate action is taken including levy of penalty against reporting entities that have not registered with the department and those that have not filed SFT.The CBDT has given a deadline of June 30 for all cases pending for verification of demonetised data sans permanent account number. Rajiv Chugh, tax partner at EY India said, “Clean and Swachh continues to be the government's mantra post demonetisation and the current qu

As the roll-out deadline nears for a national goods and services tax (GST), there is ambiguity on its applicability to gold jewellery. A section of jewellers considers making charges asaservice charge and shows this separately while billing.If a service, the applicable rate would be 18  per cent, by the draft GST guidelines. Another section of jewellers, however, adds making charges in value of the jewellery; they do not show it separately but add it to the price of gold. In this case,  the applicable rate under GST would be two per cent (assumed, as the government is yet to formally state the rate for jewellery) on the cumulative value of the precious ornaments, if the government continues with the uniform rate on gold and jewellery. “By the international standard, bills must be made showing making charges separately.We have urged the government to levy the same rate on gold and jewellery (including on making charges) under GST,” said Surendra Mehta, secretary, India Bullion and J

Foreign investments in most sectors likely to be put on automatic approval route; sourcing norms for single-brand retail may be eased.The proposed dismantling of Foreign Investment Promotion Board, which vets proposals involving fund inflows from overseas, is likely to be bundled with related policy reforms. On top of the list is doing away with prior government approval for investments in most sectors, including single-brand retail, which could see dilution of the 30% domestic sourcing clause. “Contours of the proposed changes to the foreign direct investment policy are almost ready...Non-strategic sectors should be on automatic,“ said a senior government official privy to discussions on the matter. With domestic private investment not picking up, the government is largely counting on foreign funds to speed up infrastructu re creation. India needs an estimated $1.5 trillion over 10 years to build infrastructure such as roads, airports and power projects. The latest round o

The government and the central bank on Wednesday gave time till April 30 for "commensurate deposits" by people who have declared their unaccounted income under the  Pradhan Mantri Garib Kalyan Yojana (PMGKY) that allowed parking money in non-interest bearing deposits for four years.The extension of time till April 30 has also  been given to banks for uploading details to the central bank´s EKuber system.The PMGKY, which opened on December 17, 2016, provided last chance to holders of  undisclosed income to come clean by paying tax and penalty.The scheme closed on March 31. Inapress release, the central bank said, "It has now been decided by the government of India, in case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKY on or before March 31, to allow extension of time till April 30 for banks to upload details to central bank´s EKuber system and for depositors to make commensurate deposits, if not already done." Busin