Direct Tax
Relaxed tax residency rules to help MNCs
Foreign
companies with Indian shareholders won’t have to pay taxes here for
their worldwide income unless they are managed from India on an everyday
basis. If these foreign companies are managed from outside India,
whether or not they are promoted by resident Indians, they will have to
pay taxes in India only for the income they earn in the country.This
major relaxation is being built into the place of effective management
(POEM) rules being finalised by the finance ministry, government
[….] Read more at:
I-T department to roll out 'pilot' project for scrutiny assessment
The
Income Tax department will roll out next week its 'pilot' project to
conduct scrutiny assessment in an e-environment when they begin sending
queries through email to 500 "select" taxpayers without calling them to
its offices. The department had recently said it would launch a 'pilot'
project in this regard and the first set of e-communications will be
emailed to 100 chosen people each in Delhi, Mumbai, Bengaluru, Ahmedabad
and Chennai regions. "The department has sought the willingness
[….] Read more at:
Indirect Tax
No ST if entire consideration for immovable property is received after issue of occupancy certificate
In
order to resolve a long standing issue relating to levy of Service Tax
on sale of flats/dwellings etc. after issue of occupancy certificate but
before issue of completion certificate in areas under the jurisdiction
of Municipal Corporation of Greater Mumbai i.e. Brihanmumbai Municipal
Corporation (BMC), it has been conveyed to the Service Tax Authorities
in Mumbai on Friday, 23rd October, 2015 that sale of flats/dwellings
etc., where the entire consideration is received after issue of [….]
Read more at:
CBEC redefines import value of capital goods
The
Central Board of Excise and Customs (CBEC) has revised its 2008
guidelines for determining the value of imported second-hand capital
goods, for the purpose of charging duty. Its circular (No. 25 of October
15) first affirms a fundamental proposition in customs valuation law,
that where used second-hand machinery is exported to India and the sale
meets all the requirements in the Customs Valuation Rules of 2007
(CVR-2007), the price paid or payable will be the basis for determining
[….] Read more at:
Alcohol and tobacco industry likely to pay more in ‘sin taxes’
The
alcohol and tobacco industries will likely pay more taxes towards an
additional ‘sin tax’ under the proposed goods and services tax (GST)
structure. However, the govt has not specified the rate at which this
‘sin tax’ would be levied. Here are top 5 key takeaways from the
proposed move:1. ‘Sin tax’ is a globally prevalent practice under which
products like alcohol and tobacco attract higher rates of tax 2.
Typically, ‘sin tax’ is an excise tax that is levied on products and
services considered to [….] Read more at:
SEBI
Hasten merger of similar schemes, Sebi tells AMCs
The
Securities and Exchange Board of India (Sebi) is pushing asset
management companies (AMCs) to merge similar schemes. In the latest
missive, the market regulator says that it has set up an internal team
to monitor the progress. Sources said Sebi has sought reports from AMCs
on the number of schemes merged and the course of action."We want
schemes that have fundamentally similar features to be merged," said an
official. Under Sebi regulations, two schemes can be merged [….] Read
more at:
Miscellaneous Laws
ICAI Clarification on use of CA Logo and ICAI Emblem
ICAI
Clarification on the use of CA Logo – (26-10-2015) Pursuant to the
issue of Announcement dt. 29.08.2015 pertaining to “Clarifications on
some commonly asked queries pertaining to elected representatives of
ICAI and the general members of ICAI”, it has come to our knowledge that
some members are expressing doubts on whether ICAI has prohibited the
use of CA Logo by the members. Accordingly, it is clarified that the
common CA Logo [i.e. letters CA with a tick mark (upside do [….] Read
more at:
Economy & News
Tur dal rates unlikely to fall with 45% shortfall in Karnataka crop
Tur
dal prices are likely to continue being high well into next year, as
the production of the gram in the June-September kharif season in
Karnataka, the third largest producer in India, has fallen short by a
whopping 45%. Karnataka's Kalaburgi district, considered the tur bowl of
the country has been reeling under drought, which has struck 135 of the
state's 176 taluks. Of the 7.41 lakh hectares sown (against a target of
8.16 lakh hectares), 5.88 lakh hectares or nearly 80% have been
affected by [….] Read more at:
Government to address issues to expedite infrastructure projects
The
government will address all regulatory and financial issues to expedite
infrastructure projects, including those promoted under the
public-private partnership (PPP) model, a senior finance ministry
official has said. The government will kick-start the process once it
has the advice of a high-level committee constituted to review the PPP
framework. At a meeting facilitated by the industry chamber CII, the
stakeholders raised regulatory and financing issues, difficulties faced
by them [….] Read more at:
Ashok Chakra gold coins could revive investment, reduce dependence on imports
The
first lot of 'India gold coins' bearing the Ashok Chakra set to be
launched by the Narendra Modi government is likely to generate some
investment demand in a lacklustre market and reduce the country's
dependence on imported coins, traders and jewellers said. India has been
importing about 60 tonnes of gold coins annually that are sold at a
premium of 8-10 per cent. "There is a lot of interest among the buyers
regarding India gold coins," said Saurabh Gadgil, vice-president [….]
Read more at:
India, African officials discuss specific framework to boost ties
Aiming
to ramp up engagement, India and African countries today deliberated on
possible deliverables at a summit between the two sides which is aimed
at lifting the overall ties to a new high with particular focus on
trade, security and development cooperation. On the first day of the
four-day-long India-Africa Summit, top officials of India and a number
of African countries discussed about a specific framework to boost ties
besides deliberating on a "political document". "They [….] Read more
at:
FIPB to consider seven FDI proposals on October 30
Inter-ministerial
body FIPB will consider seven foreign investment proposals, including
that of IIFL Holdings, Volkswagen Finance Pvt Ltd and Sharekhan Ltd, on October 30. The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, will meet on Friday
to take up seven FDI proposals listed on the agenda, the Finance
Ministry said. Among others, proposals of Monsoon Capital LLC, SeQuent
Scientific Ltd, Agile Electric Sub Assembly Ltd [….] Read more at:
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