Direct Tax
Advisory on Phishing, Fraudulent Refund E-mail Scams & Fake Income Tax Web Sites
Taxpayers
are requested not to respond to any email or any type of communication
sent to them requesting them to furnish their personal particulars such
as Bank account details, passwords, OTP etc. purported to be from Income
Tax Department. The Income Tax Department does not seek such
information through email or any other mode of communication from the
taxpayers. If you have received any such fraud mails, kindly do not
respond and register a complaint by forwarding the actual phishing email
as per procedure and details given b [….] Read more at:
Interest income of banks from investment in non-SLR securities to be deemed as business income: CBDT to AOs
It
has been brought to the notice of the Board that in the case of Banks,
field officers are taking a view that, "expenses relatable to investment
in non-SLR securities need to be disallowed u/s 57(i) of the Act as
interest on non-SLR securities is income from other sources." 2. Clause
(id) of sub-section (1) of Section 56 of the Act provides that income by
way of interest on securities shall be chargeable to income-tax under
the head "Income from Other Sources", if, the income is not chargeable
to income-tax under the head "Profits and Gains of Busine [….] Read more at:
Company Law
SIT asks MCA to take action against persons holding directorship in more 20 companies
The
Special Investigation Team (SIT) in its Third Report had observed the
following with respect to Shell Companies and Beneficial Ownership:
“Shell Companies and beneficial ownership (Reference p. 73-76 of the
Third SIT Report) The Report of the Committee headed by Chairman, CBDT
on “Measures to tackle Black Money in India and Abroad” submitted in
2012 observed as follows: “3.4 The primary method of generation of black
money remains suppression of receipts and inflation of expenditure. The
suppression coul [….] Read more at:
ICSI invites suggestions on Draft Guidance Note on General Meetings
The
Institute proposes to release the Guidance Note on Meetings of the
Board of Directors and the Guidance Note on General Meetings as guidance
for the stakeholders in implementation of SS-1 and SS-2. These Guidance
Notes elucidate, wherever necessary, the basis for setting the
particular Standard, explain its ingredients and nuances and
gives illustrative examples. These also address various
issues/queries/concerns raised by the stakeholders on the particular
Standard after the issuance of SS-1 and SS-2. The Draft of the Guidance
Note on [….] Read more at:
ICSI invites suggestions on Draft Guidance Note on Meetings of Board of Directors
As
you are aware, the Secretarial Standards on Meetings of the Board of
Directors (SS-1) and Secretarial Standards on General Meetings
(SS-2) issued by the Institute of Company Secretaries of India (ICSI)
are applicable to the companies w.e.f. 1st July 2015. SS-1 and SS-2 are
a codified set of good governance practices which seek to integrate,
harmonize and standardise the diverse secretarial practices followed by
companies with respect to conduct of Meetings. Further, SS-1 and SS-2
have also clarified certain aspects with [….] Read more at:
Key panel seeks vigil on companies with similar address to check money laundering
To
check money laundering through shell companies, a key panel on black
money has asked the government to ensure greater vigilance on multiple
companies having the same address and directors. "Use of shell companies
to provide accommodation entries to launder black money has been
observed in a number of high-profile cases investigated or under
investigation in the recent past," the Special Investigation Team (SIT)
on black money said in its third report. The report, specifically
dealing with 'Shell Companies & Beneficial Ownership', no [….] Read more at:
SEBI
Sebi to keep a close tab on price cartels in commixes
Price
cartels, which enjoyed a more or less free run in the commodity futures
market till recently, will soon be on watch. The Securities and
Exchange Board of India (Sebi), which only a month ago undertook
regulation of the decade-old commodity futures market, will modify its
state-of-the-art integrated market surveillance system (IMSS) used in
the equity market, to track unusual price spikes and trading patterns in
farm futures on bourses like NCDEX [….] Read more at:
Sebi to auction asset of Tower Infotech
Markets
regulator Sebi will this month conduct the auction of the property of
West Bengal-based Tower InfoTech Ltd, which had garnered funds through
illegal money pooling schemes, to repay investors. The Securities and
Exchange Board of India (Sebi) has initiated the process for sale of
assets of Tower Infotech Ltd, as per an order from Calcutta High Court,
under which the auction would be conducted for sale of the company's
land. The High Court has directed Sebi to sell certain assets of Tower
Infotech and distribute the proceeds among [….] Read more at:
Amtek Auto ropes in Morgan Stanley as advisors to pare debt
Troubled
auto component maker Amtek Auto Ltd today appointed Morgan Stanley as
advisors to assist in its debt reduction plan. In a regulatory filing,
the firm said it was considering various options, including a minority
stake sale of up to 25-40 per cent in its overseas business. Amtek Auto
also said that it has "received a large number of enquires for the
outright purchase of a couple of the company's overseas businesses which
include for instance Tekfor group." It further said the interest for
this has come from trade players and financial players [….] Read more at:
RBI
Why Raghuram Rajan's message is important, but could rebound on RBI
In
the current public discourse on religious tolerance, Reserve Bank of
India Governor Raghuram Rajan's convocation address to the students of
the Indian Institute of Technology (IIT) Delhi on Saturday,
delivered an unmistakable if nuanced critique of the ideological
underpinnings of this government and their outward manifestation.
Drawing on the work of Nobel Laureates Robert Solow and Richard Feynman
and using the example of India's global IT achievements to make his
point, Dr Rajan linked the importance of ideas [….] Read more at:
Comm Min asks RBI, ED to probe if top e-tailers flouted rules
The
Commerce Ministry has requested the Enforcement Directorate and RBI to
examine whether e-commerce majors Flipkart, Amazon and Snapdeal violated
FDI rules by engaging in business-to-consumers (B2C) activity. The move
followed a complaint filed by traders' body CAIT which alleged that the
e-commerce portals circumvented law and engaged in B2C activity as 100
per cent FDI is allowed in the business-to-business (B2B) segment. "It's
requested that the matter may be examined and appropriate action may be
taken," said a letter by t [….] Read more at:
Economy & News
Short-distance flights at Rs 2,500 an hour may be enabled by scrapping excise duty, service tax
The
government is likely to throw its weight behind a plan for
short-distance flights at a fixed price of Rs 2,500 per hour by
scrapping taxes and fees to help make the scheme viable. With the
finance ministry lending its support to the proposal, these measures are
likely to be announced in the budget, said a senior civil aviation
ministry official, who did not want to be identified. The plan is to
waive excise duty on jet fuel and service tax on tickets for the
regional flights, which were announced in the civil aviation policy that
was unveiled last week. [….] Read more at:
Finance ministry to resolve RBI-Irda tiff over T-1 capital bonds
The
finance ministry has stepped in to resolve differences between the
banking and insurance regulators over whether insurance companies should
provide capital to state-run banks. The Insurance Regulatory and
Development Authority of India (Irda) has strongly opposed a proposal
backed by the banking regulator, Reserve Bank of India, to allow
insurers to invest in the additional tier-1 (AT-1) capital instruments
issued by banks. The RBI has favoured the proposal, arguing that it
could be an important source for raising the Basel [….] Read more at:
Price of pulses to ease on good harvest: Finance Minister Arun Jaitley
Finance
Minister Arun Jaitley said price of pulses should come down following
good harvest and action taken against hoarders. Jaitley said retail
inflation has come to down to about 4% from 12% during UPA regime and
the current spike in prices of pulses was because the state had not
taken action against hoarders. "The rate of inflation has come down in
last one-and-a-half year. Prices of many commodities have come down. But
there are some products, whose arrival is less in the Indian market as
well as foreign markets," Jaitley said at an [….] Read more at:
New factories law may exclude packaging from manufacturing
The
government's Make-In-India initiative involves a brand new definition
for manufacturing activity which seeks to divorce all packaging
processes from the conventional understanding of industrial production.
This approach to what constitutes a 'manufacturing process' is a pivotal
part of a new legislation being readied by the government to replace
the 1948 factories law and the Factories Bill of 2014 that has already
been vetted by a parliamentary panel. Citing the example of milk, the
labour ministry has argued that packing it into 'diffe [….] Read more at:
http://economictimes.
PM Narendra Modi to launch 'India gold coin', other schemes on November 5
In
order to cash in on festival euphoria, Prime Minister Narendra Modi
will launch the first ever 'India gold coin' bearing Ashok Chakra and
other two gold related schemes on Thursday.
The other two are Gold Monetisation Scheme (GMS) and Gold Sovereign
Bond Scheme. "Initially, the coins will be available in denominations of
5 and 10 grams. A 20 gram bar or bullion will also be available," a
Finance Ministry statement said. About 15,000 coins of 5gm, 20,000 coins
of 10 gm and 3,750 gold bullions will be made available through MMTC [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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