G20 asked to lower tax for women, remove workplace bias
India
and other G20 countries were today urged to take immediate steps to
eliminate workplace discrimination and lower the tax burden on women to
encourage them to fully contribute to the overarching aim of inclusive
economic growth. At the G20 Leaders Summit in this Turkish resort town,
being attended by Prime Minister Narendra Modi along with other top
world leaders, the C20 (representing civil society) and W20
(representing women) groupings of G20 countr [….] Read more at:
http://www.business-standard.
Revised PAN & TAN application fees wef 15.11.2015
W.
e. f. November 15, 2015, PAN & TAN application fees have been
revised as under: For dispatch of PAN card in India:- Rs. 107 (inclusive
of service tax). For dispatch of PAN card outside India: – Rs. 989
(inclusive of service tax). For TAN applications:- Rs. 63 (inclusive of
service tax) W. e. f. June 1, 2015 and upto 14th November,2015 , PAN
& TAN application fees was as under: For dispatch of PAN card in
India:- Rs. 106 (inclusive of service tax). For dispatch of PAN card
outside India.
W. e. f. November 15, 2015, PAN & TAN
application fees have been revised as under:
- For dispatch of PAN card in India:- Rs. 107 (inclusive of service tax).
- For dispatch of PAN card outside India: – Rs. 989 (inclusive of service tax).
- For TAN applications:- Rs. 63 (inclusive of service tax)
CBDT to set-up a 'Taxpayers' Lounge' at Pragati Maidan Trade Fair, Delhi
The Income Tax Department will be setting-up a 'Taxpayers' Lounge' at the India International Trade Fair (IITF) - 2015 at Pragati Maidan, in national capital from 14th to 27th November, 2015. The theme of the Taxpayers' Lounge this year would follow the theme of IITF 2015 i.e. 'Make in India' and aims to generate awareness in the public about the various taxpayer-friendly initiatives taken by the Department. Besides it, various tax payers services would also be provided at the Taxpay....
The Income Tax Department will be setting-up a
'Taxpayers' Lounge' at the India International Trade Fair (IITF) - 2015 at
Pragati Maidan, in national capital from 14th to 27th November, 2015.
The theme of the Taxpayers' Lounge this year would
follow the theme of IITF 2015 i.e. 'Make in India' and aims to generate
awareness in the public about the various taxpayer-friendly initiatives taken
by the Department. Besides it, various tax payers services would also be
provided at the Taxpayers' Lounge for the benefit of people at large including
e-filing of returns, viewing of tax credit through 26AS, applications for PAN
and services of Tax Return Preparers among others. Services delivered at Ayakar
Seva Kendras (ASK) will also be showcased to the public. The Lounge will also
highlight the contribution of taxes and the Income Tax Department to nation
building. Activities such as Nukkad Natak, Drawing Competition and Quiz Contest
will be carried-out to engage with school children and youth, who are potential
taxpayers of the future. The Lounge will also feature live caricatures by Shri
B. Sajiv, Assistant Commissioner of Income Tax.
The Taxpayers' Lounge will be inaugurated at Hall
12, Pragati Maidan on 14th November, 2015 at 4.00 pm by Ms. Anita Kapur,
Chairperson, CentralBoard of Direct Taxes (CBDT) in the presence ofsenior
officials of CBDT and the Income Tax Department. Tenure of High Level Committee extended by one year for identifying area where clarity on tax laws is required....
Tenure of the High Level Committee(HLC) to interact
with Trade & Industry on Tax Laws Extended by one year beyond 25th
November, 2015
The tenure of the High Level Committee (HLC)
constituted to interact with Trade & Industry on Tax Laws, has been
extended by one year beyond 25th November, 2015.
In his Budget Speech 2014¬-15, the Union Finance
Minister Shri Arun Jaitley had announced the setting-up of a High Level
Committee (HLC) to interact with trade and industry and ascertain areas where
clarity on tax laws is required. Accordingly, a High Level Committee (HLC) was
constituted with the approval of the Finance Minister on 26th November, 2014 to
interact with trade and industry on tax laws, headed by Dr. Ashok Lahiri,
former Chief Economic Advisor (CEA),Ministry of Finance. The other two members
in the Committee are Shri Sidhartha Pradhan, Retired Member, Settlement
Commission (Income Tax & Wealth Tax) ¬and Shri Gautam Ray, Retired
DG(Audit) Customs and Central Excise. The tenure of the Committee which was
till 25th November, 2015, is now further extended for one year as per OM dated
10th November, 2015.
The High Level Committee (HLC) will continue to
interact with the trade and industry on regular basis and ascertain the areas
where clarity in tax laws is required and will give recommendations to the
CBDT/CBEC for issuance of appropriate clarifications by way of circulars,
instructions etc. The CBDT/CBEC will issue the required clarifications,
circulars and instructions etc. within a period of 2 months from the date of
receipt of recommendations of the HLC.
Indirect Tax
Time limit for taking CENVAT credit of Service Tax
W.e.f. 01.09.2014,
a time limit of six months from the date of the document was introduced to
avail CENVAT credit on inputs and input services. This restriction was
introduced by inserting 3rd proviso to Rule 4(1) of CCR-2004 vide Notification No. 21/2014 CE NT Dt.
11.07.2014.
This
time limit of six months has been enhanced to one year with effect from
01.03.2015, vide Notification 6/2015 CE NT Dt.
01.03.2015.
Now
the moot question is that whether the provision for taking CENVAT credit within
one year is applicable on invoices issued w.e.f. 1st March 2015 only or it is
also applicable on invoices issued prior to this date?
History: The
period of limitation for taking input credit was introduced for the very first
time by way of insertion of the second proviso to Rule 57G of the erstwhile
Central Excise Rules, 1944 on 29.6.1995.
Judgments:
The
Supreme Court in the case of Osram
Surya (P) Ltd. – 2002-TIOL-64-SC-CX; [2002 (142) ELT 5 (SC)] dealt
with the above proviso. It was held that the proviso is prospective in
operation and the time limit of six months for taking input credit will be
applicable even in respect of credit accrued prior to 29.6.1995. The reasoning
adopted by the Supreme Court was that the condition imposed by the proviso is
only procedural in nature and does not take away the substantive right of
credit.
Therefore,
in view of above judgments, it can be opined, CENVAT Credit in respect of
invoices issued prior to 01.03.2015 can be taken now if 1 year has not expired
from the date of invoice. In my opinion, if there are invoices dated 02.03.2014
onwards, for which the credit was not availed earlier, now there is a chance to
avail such credits within one year from the date of such invoices. For example,
if any invoice is dated 01.12.2014, for which credit was not availed earlier,
such credit can be taken before 01.12.2015 and so on.
Company Law
MNCs lobby government for smooth limited liability partnership conversion
Multinationals
registered as companies in India are lobbying the government to freely
permit their conversion to limited liability partnerships (LLPs), now
that it has announced a liberal policy on such entities. As part of the
opening up announced on November 10, foreign direct investment ( FDI)
through the automatic route has been allowed in LLPs. he government made
the change because it sees this as a gateway to greater investment from
overseas. The new regulations also [….] Read more at:
SEBI
Sebi wants MFs to lower salary of senior executives
Concerned
over the high pay packets of top executives at mutual fund houses,
capital markets regulator Sebi wants them to lower their salaries and
adopt a more cost-effective structure. The Securities and Exchange Board
of India (Sebi) has also directed fund houses to disclose the
compensation paid to senior executives in the past few years, sources
said. The issue is likely to be discussed by the fund houses during the
next board meeting of the industry body AMFI, which also acts as the
front- [….] Read more at:
Mahanagar Gas joins IPO party; files draft papers with Sebi
Joining
the IPO bandwagon, gas distribution company Mahanagar Gas Ltd (MGL) has
filed draft papers with the capital markets regulator Sebi to raise
funds through a public offer. The Initial Public Offer (IPO) would be of
up to 24,694,500 shares of Mahanagar Gas Limited, as per the Draft Red
Herring Prospectus (DRHP) filed with Sebi. This would include an offer
for sale of up to 12,347,250 shares by state-run GAIL and of up to
12,347,250 shares by UK-based British Gas Asia Pacific Holdings [….]
Read more at:
http://www.business-standard.RBI
T C A Srinivasa-Raghavan:Bird? Plane? Or RBI governor
For
the last six months, thanks to the intellectual generosity of Shashanka
Bhide, director of the Madras Institute of Development Studies, I have
been writing a monograph on the history of monetary institutions, that
is, the Reserve Bank of India (RBI). It is my own interpretation of it.
All of it is from published sources. No secrets, to some of which I have
been privy, are being divulged. So the RBI need not worry. In any case
it has none that is worth keeping. Amongst other things, I hav [….]
Read more at:
RBI's defence of rupee depletes Forex by $1.90 bn
The
central bank's attempts to arrest the fall in the rupee's value due to
domestic political uncertainty and a strengthening US dollar drained
$1.90 billion from India's foreign exchange (Forex) kitty, experts said on Saturday.
Overall, the Forex reserves stood at $351.73 billion for the week ended
November 6. "The plunge in the reserves can be attributed to the
attempt's by the Reserve Bank of India (RBI) to stem the fall in rupee
value and maintain the currency in it's comfort zone," Anin [….]
Read more at:
http://www.business-standard.
Miscellaneous Laws
Modi government goes high on reforms; new bankruptcy law, subsidy rules on anvil
Get
ready for another round of reforms. The foreign direct investment
policy liberalisation and power reforms package announced before Diwali
were just the beginning of a series of executive actions to perk up
investment sentiment and give the economy a push. Among measures on the
cards are single-window clearance for multi-storey buildings, a monetary
policy framework, a new bankruptcy law and subsidy reforms as the Modi
government seeks to maintain the momentum [….] Read more at:
Government to come out with definition of ecommerce: Nirmala Sitharaman
The
government is working on the definition of 'e-commerce' to clear the
air over key issues such as taxation and foreign investment in the
burgeoning sector. Commerce and Industry Minister Nirmala Sitharaman
said her ministry has received inputs from almost all the states on the
issues related with FDI in e-commerce segment. When asked whether the
states are favouring FDI in the sector, she said: "Lets see. We will at
least come out with some definition of what e-commerce is". "We have
[….] Read more at:
Economy & News
Work on Smart City plan in six cities to begin soon: Gujarat CM Anandiben Patel
Gujarat
Government will soon start the process of implementation of Smart City
project in six cities of the state, Chief Minister Anandiben Patel said.
Addressing a civic body polls meeting here last night, Patel said,
"Tendering and other processes for the Smart City project will begin
soon." The six cities are Vadodara, Gandhinagar, Ahmedabad, Surat,
Rajkot and Dahod. The Vadodara Municipal Corporation (VMC) election is
scheduled to be held on November 22. Appealing to voters to ens [….] Read more at:
BRICS for building responsive, inclusive, collective solutions: PM Modi
Prime
Minister Narendra Modi today termed the BRICS as 'Building Responsive,
Inclusive and Collective Solutions', which will be the theme of the
5-nation group when India assumes its presidency next year. "The theme
of India's BRICS Chairmanship will be 'Building Responsive, Inclusive
and Collective Solutions' which, in short, will be 'BRICS'. It aptly
describes the ethos of our group," he said at the BRICS Summit on the
sidelines of the two-day G20 Summit here. A Goldman Sachs' econ [….]
Read more at:
http://economictimes.India to oppose loan clause on environment at G20
Prime Minister Narendra Modi will be the lead speaker at the opening of the G20 leaders' summit on Sunday
where he is expected to voice India's strong opposition to conditions
on environmental and social standards being proposed by multilateral
agencies for project loans. The PM will kick off the discussions with
his speech at the opening session on Development and Climate Change.
Modi, who arrives in this resort town for the G-20 summit, is also
expected to press for a fair and [….] Read more at:
Sunil Mittal urges G-20 leaders to invest in digital infrastructure
Bharti
Enterprises' chairman and founder of the country's largest telecom
operator Airtel Sunil Bharti Mittal urged world leaders to invest in
developing digital infrastructure to deliver a brighter future to their
citizens. He spoke of Digital inclusion at the G20 Summit in Turkey.
Mittal also spoke about how internet can become the cornerstone of a
more inclusive global economic growth. Addressing the B20-G20 session at
the summit in Antalya, Mittal stressed on the need to br [….] Read
more at:
http://economictimes.Gender parity to boost India's economic growth: IMF
Terming
gender-gap in Indian job market as higher than most other countries,
IMF today pitched for greater investment in infrastructure and enhanced
social spending to bring in larger number of women in labour force. As
per a recent IMF study, India's GDP can expand by 27 per cent if the
number of women workers increases to the same level as that of men. This
is much higher than the positive impact a 50-50 gender parity in
workforce can have on many other economies. "The study refers [….]
Read more at:
http://economictimes.Thanks & Regards,
Meetesh Shiroya
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