Direct Tax
Extended due date of Oct 31, 2015 is also applicable for e-filing of audit reports: CBDT clarifies
Vide
order under section 119 of the Income tax Act, 1961 (‘Act’) dated
01.10.2015 in file of even number, Central Board of Direct Taxes had
extended the ‘due date’ for E filing Return of Income from 30th
September, 2015 to 31st October, 2015
in case of income tax assessees which are covered under clause (a) of
Explanation 2 to subsection (1) of section 139 of the Act. In this
regard, clarification has been sought whether the said extension is also
applicable to the requirement to obtain and furn [….] Read more at:
Govt. notifies old tolerance limit of 1% and 3% under new TP Rule
In
exercise of the powers conferred by the third proviso to subsection
(2) of section 92C of the Income-tax Act, 1961 (43 of 1961) read with
proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the
Central Government hereby notifies that where the variation between the
arm’s length price determined under section 92C and the price at which
the international transaction or specified domestic transaction has
actually been undertaken does not exceed one percent. of the latter in
respect of [….] Read more at:
Income Tax department orders better monitoring of complaints by taxpayers
In
yet another directive aimed at enhancing taxpayer services, the Income
Tax department has asked its customer care centres to effectively
monitor email-based complaints of assesses and diligently send them to
tax officers. The new directive comes at a time when Finance Minister
Arun Jaitley unveiled two taxpayer-friendly initiatives of the
department yesterday which envisage resolution of complaints without
visiting a tax office and easy processes to obtain a PAN card. Under the
[….] Read more at:
Indirect Tax
Punjab announces input tax waiver on food processing
Punjab's
food processing sector will now get complete tax waiver. Companies
operating in the sector will get exemption on value-added tax, central
sales tax and purchase tax, Deputy Chief Minister of Punjab Sukhbir
Singh Badal said at the second Invest Punjab Summit at the Indian School
of Business, Mohali. Addressing corporate leaders, including Mukesh
Ambani, Sunil Munjal, Y C Deveshwar, Ajay Piramal and Chanda Kochhar,
Sukhbir said given that Punjab contributes 60 per cent of [….] Read
more at:
Company Law
New Form AOC-4 CFS available from 1st November
New
Form AOC-4 CFS (Form for filing consolidated financial statements and
other documents with the Registrar) would be available for filing w.e.f 1st Nov 2015. [….] Read more at:
AOC-4 (XBRL) and AOC-4Attachment to be modified wef 1st November
Versions of forms AOC-4 (XBRL) and AOC-4Attachment are likely to be modified w.e.f 1st Nov 2015. Stakeholders are requested to plan accordingly. [….] Read more at:
SEBI
SEBI limits length of abridged prospectus to 5 pages; excludes disclosure of memorandum
Information
as is material and appropriate to enable the investors to make an
informed decision shall be disclosed in the abridged prospectus. (II) An
issuer making a public issue of specified securities shall make the
disclosures in the abridged prospectus as per the format specified by
the Board from time to time. General Instructions: (I) The abridged
prospectus shall be submitted to the Board (one copy). (II) The abridged
prospectus including the application form shall not exceed 5 sheets
[….] Read more at:
SEBI cuts IPO paperwork drastically
Come December 1,
companies filing for a public issue of securities (IPO/FPO and the
like) have to come out with abridged prospectus containing all material
and appropriate information on the issue to enable informed
decision-making by investors. Amending its public issue regulations,
equities and commodities market regulator SEBI said the abridged
prospectus should consist of five sheets of paper printed on both sides
in A4 size booklet form.SEBI has mandated that information given in t
[….] Read more at:
Sebi fines entities in non-disclosure cases
Markets
regulator Sebi has slapped a penalty of Rs 6 lakh each on two
individuals -- Arun Dagaria and Chirag Shah -- for not making disclosure
regarding change in shareholdings due to pledging of shares. A Sebi
probe found that both the entities had pledged their entire shareholding
in Splash Media and Infra Ltd (SMIL) to Suvidha Securities (SSPL) and
the pledge was invoked by SSPL. Consequently, there was a change in the
shareholding of the two entities but they did not ma [….] Read more
at:
RBI
RBI opens National Pension System as investment option for NRIs
India
has allowed non-residents to invest in the National Pension Scheme to
provide them an access to old-age income security. Reserve Bank of India
on Thursday
allowed NRIs to subscribe to the pension scheme, which is governed and
administered by the Pension Fund Regulatory and Development Authority.
RBI said the decision has been taken in consultation with the
government, which under Prime Minister Narendra Modi is going all guns
blazing to appease NRIs. A lot of interest has been [….] Read more
at:
Economic affairs secretary nominated to RBI central board
Economic Affairs Secretary Shaktikanta Das was nominated on Friday
to the central board of directors of the Reserve Bank of India (RBI),
an official statement said."The central government has nominated
Shaktikanta Das, secretary, department of economic affairs, ministry of
finance, New Delhi as a director on the Central Board of Directors of
the Reserve Bank of India vice Ajay Tyagi," the RBI said in a statement on Friday. The nomination of the economic affairs secretary is effective Octobe [….] Read more at:
RBI sets rupee reference rate at Rs 65.2231 against dollar
The
Reserve Bank of India today fixed the reference rate of the rupee at
65.2231 against the US dollar and 71.6671 for the euro. These rates were
65.1515 and 71.2497 respectively, yesterday. According to an RBI
statement, the exchange rates for pound and yen against the rupee were
quoted at 99.9348 and 53.92 per 100 yens, respectively, based on
reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee rate will be based on this rate, the statement added. [….] Read more at:
Miscellaneous Laws
Centre approves 16 FDI proposals worth Rs. 4,722 cr
The
government has approved 16 foreign direct investment (FDI) proposals
amounting to Rs. 4,722 crore, including those by HDFC Capital Advisors,
Aegon Religare Life Insurance and Sun Pharma Research.Six proposals,
including those of Reliance Globalcom and Sharekhan were deferred, while
eight others were rejected, according to an official release. The
proposals that were rejected included those by Apollo Hospitals and DW
Animation, Ireland, and the yet to be incorporated Cipla [….] Read
more at:
IRDA notifies norms on registration of branch offices of foreign re-insurers other than LLYOD's
Procedure
for registration (1) An applicant desiring to carry on reinsurance
business through its branch office shall make a requisition for
registration application in Form IRDAI/Reins/ R1. (2) An applicant,
whose requisition for registration application has been accepted by the
Authority, shall make an application in Form IRDAI/Reins/R2 for grant of
a certificate of registration for carrying on reinsurance business. 4.
Requisition for registration application - An applicant shall make a
requisition [….] Read more at:
IRDA lists out various scenarios for refunding premium on ground of suppression of facts by policyholders
After
amendment to Section 45 of Insurance Act 1938 , we have been receiving
queries from the Life Insurers with regard to the application of new
provisions in various scenarios that can arise during the course of life
insurance policies in general and more specifically the approach to be
taken for refunding premium , once the insurer takes the decision of
repudiating a policy on the ground of misrepresentation or suppression
of the material fact made by the policyholder I life Assured to effect
or [….] Read more at:
IRDA notifies norms on acquisition of surrender and paid up values under life insurance policies
Every
policy offered by life insurer under a linked platform (i) Shall
provide surrender value in accordance with Insurance Regulatory and
Development Authority (Linked Insurance Products) Regulations, 2013, as
amended from time to time. (ii) Shall comply with all the provisions
related to surrender or discontinuance in accordance with the Insurance
Regulatory and Development Authority (Linked Insurance Products)
Regulations, 2013, as amended from time to time. Every policy [….]
Read more at:
Economy & News
IPL 2015 contributed Rs 1,150 crore to India's GDP: KPMG
The
Indian Premier League T20 cricket tournament's 2015 edition that ran
for 60 days contributed Rs 1,150 crore to India's GDP, according to the
KPMG Sports Advisory Group, the Indian cricket board said on Friday.
Earlier this year, the BCCI had commissioned the study to assess the
economic impact on India of hosting the tournament. BCCI had appointed
KPMG Sports Advisory Group to undertake this survey. The board said in a
press release that IPL matches directly [….] Read more at:
Moody's to PM Narendra Modi: Rein in members or risk losing credibility
Prime
Minister Narendra Modi must keep his party's motor mouths in check or
risk losing credibility domestically and globally, Moody's Analytics has
warned in a rare and blunt intervention by an international commentator
on a hot-button political topic. The arm of Moody's credit ratings
agency said crucial reforms have run into obstructionist opposition, but
noted that the government too hadn't helped itself. It added that the
outcome of the ongoing Bihar elections could prove pivotal for the
[….] Read more at:
Meritocracy at risk? Talk of parity raises IAS officers' hackles
Officers
of the Indian Administrative Service (IAS), the top rung of the
country's bureaucracy, are up in arms after rumours that the Seventh Pay
Commission could bring about parity between them and other civil
servants who are lower down in the civil service hierarchy. Associations
of IAS officers have held several formal and informal meetings to weigh
options before them to thwart any attempt to whittle away at the
advantages they now enjoy over others by virtue of securing top [….]
Read more at:
Frequent elections slowing down decision making, GDP growth to cross 8% mark in FY16: Arvind Panagariya
Indian economy is poised to grow over 8 per cent in 2015-16, NITI Aayog vice chairman Arvind Panagariya said on Friday,
striking an upbeat mood even as he lamented that frequent elections
were slowing down decision-making. "Things are now moving and India will
clock over 8 per cent growth in 2015-16 considering that GDP growth in
the first quarter stood at 7 per cent," Panagariya told the media in an
informal nteraction. The statement came on a day when India's biggest
engineering [….] Read more at:
Help in labour law reforms: Labour minister Bandaru Dattatreya to opposition
Ahead
of the winter session of parliament, labour minister Bandaru Dattatreya
has urged all political parties to cooperate with the government in its
labour reforms initiatives that will ease the process of doing business
in India. The labour ministry is finalising nine key labour law
amendment bills to be introduced in the upcoming parliament session and
is, therefore, seeking cooperation of political parties for passage of
these bills. "Present form of labour laws are impediment to grow [….]
Read more at:
Thanks & Regards,
Meetesh Shiroya
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