Tax appeal before Commissioners must be e-filed: CBDT
Aiming
to reduce the compliance burden, revenue department today said appeals
before Income Tax Commissioner should be filed in electronic format by
those assessees who e-file their returns. Electronic filing of appeals
along with documents, before the CIT (Appeals), will remove human
interface, cut paperwork and decrease transaction costs for taxpayers,
Central Board of Direct Taxes (CBDT) said. "It would ensure consistent
and error free service as validations will be inbuilt resulting in few
[….] Read more at:
Scrutiny notice to seek specific details from taxpayers: Central Board of Direct Taxes
In
order to bring down instances of harassment of taxpayers, CBDT has
asked its field offices to make sure the assessment notice should
contain details of specific information or documents to be furnished by
the assessee. Issuing the instruction, the Central Board of Direct Taxes
(CBDT) said that while issuing the first notice, the Assessment
Officers (AOs) do not convey to assessees the specific compliance
requirement like production of accounts and furnishing of documents. "In
cases selected for scruti [….] Read more at:
Company Law
CLB can't interfere with enforcement of security interest by secured creditor under SARFAESI Act
Company
court has no jurisdiction to issue directions to a securitization co or
a secured creditor who has opted to stay outside winding up and invoke
its power u/s 13 of SARFAESI ACT to enforce its security interest by
sale without intervention of court or tribunal. In Vedica Procon’s case
(supra) the aforesaid view was noticed and after considering many
judgments in Paragraph 39, the Court approved the view taken in Navalkha
and Sons vs. Sri Ramanya Das & Ors., 1969 (3) SCC 537 [….] Read
more at:
SEBI
Sebi might allow mutual funds sale on e-commerce platforms in a month
Sebi
chairman U K Sinha toSebi chairman U K Sinha said sale of mutual funds
on e-commerce platforms could become effective in a month, a move which
will help deepen the respective market.day said sale of mutual funds on
e-commerce platforms could become effective in a month, a move which
will help deepen the respective market. The markets regulator has set up
a committee under Infosys co-founder Nandan Nilekani to deliberate ways
in which electronic means can be used better for s [….] Read more
at:
Sebi turns down Sahara AMC plea to renew portfolio management services
The Securities and Exchange Board of India (Sebi) on Thursday
rejected Sahara Asset Management Company's plea to renew the portfolio
manager licence of the company. Sebi rejected this plea on the grounds
that it was not "fit and proper" for this business. The market watchdog
in February had cancelled the registration of Sahara Asset Management
Company (AMC) as portfolio manager. Subsequently in March Sahara had
requested Sebi to reconsider the decision through an [….] Read more
at:
Gold ETFs can invest 20% assets in monetisation scheme: Sebi
Markets
regulator Sebi today allowed gold exchange-traded funds (ETFs) to
invest up to 20 per cent of their assets in the government's ambitious
Gold Monetisation Scheme. The government, in November, launched gold
monetisation scheme to rein in demand for physical gold and contain its
import. Through the Gold Monetisation Scheme (GMS), gold in any form
can be deposited with banks for a period of 1-15 years that will earn
interest while redemption will be at the prevailing value at the [….]
Read more at:
Sebi issues consultation paper for public issue of REITs
The Securities and Exchange Board of India following the guidelines for public issue of Infrastructure Investment Trusts on Thursday
issued similar guidelines for the Real Estate Investment Trusts. In
the consultation paper Sebi has proposed that disclosures in the offer
documents and draft papers be kept in the public domain for at least 21
days. The allocation in the public issue to qualified institutional
buyers (QIBs) is proposed to be capped at 75 per cent. An investment
manager can allocate up to [….] Read more at:
RBI
RBI releases Report of the Committee on Medium-term Path on Financial Inclusion
The
Reserve Bank of India has today placed on its website, the Report of
the Committee on Medium-term Path on Financial Inclusion (Chairman: Shri
Deepak Mohanty). Comments may please be emailed or sent by post to the
Principal Chief General Manager, Reserve Bank of India, Financial
Inclusion and Development Department, 10th Floor, Central Office
Building, Shahid Bhagat Singh Marg, Mumbai- 400001 by January 29, 2016. Background It may be recalled that, taking [….] Read more at:
SLBC convenor banks to identify below 5,000 population villages for bank branch opening: RBI
Reserve
Bank of India (RBI) has advised State Level Bankers' Committee (SLBC)
Convenor banks to identify villages with population above 5,000 without a
bank branch of a scheduled commercial bank in their state. RBI said
identified villages may be allotted among scheduled commercial banks for
opening of branches, whose opening should be completed by March 31, 2017. State Level Bankers' Committee (SLBC) came into existence under Lead Bank Scheme as per RBI guidelines [….] Read more at:
RBI modifies norms for credit to overseas subsidiaries of cos
The
RBI today modified norms for banks to extend credit facilities to
overseas step-down subsidiaries of Indian corporates to finance the
projects undertaken abroad. The Reserve Bank has reviewed its 2007
instructions permitting banks in India to extend funded and/or
non-funded credit facilities to step-down subsidiaries of the overseas
arms of Indian companies and come out with modified norms. "Banks may
extend funded and/or non-funded credit facilities to the step-down
[….] Read more at:
Miscellaneous Laws/News
HDFC Standard’s FDI proposal among 4 approved
The
Foreign Investment Promotion Board (FIPB) has cleared four foreign
direct investment (FDI) proposals, including ones made by HDFC Standard
Life Insurance and Firefly Networks Ltd, worth about Rs. 1,810 crore.Of
the four proposals, HDFC Standard Life alone accounted for FDI worth Rs.
1,700 crore, an official who attended the meeting said.The company had
approached the FIPB for transfer of its shares currently held by HDFC to
Standard Life (Mauritius Holdings) [….] Read more at:
FDI flow grows by 35% in last 17 months: official
Foreign
direct investment into India has grown by 35 per cent in the last 17
months even as across the world it has fallen by 16 per cent, a top
Union government official said today. "FDI in India has grown by 35 per
cent at a point of time when FDI across the world has fallen by 16 per
cent," Department of Industrial Policy and Promotion Secretary Amitabh
Kant told reporters here. He said 'Make in India' was launched in
end-September last year and since then FDI has grown by 40 per [….]
Read more at:
IRDA allows insurers to continue existing non-compliant Micro-Insurance products till March 31, 2016
The
Authority hereby draws attention to Regulation VI under Schedule III of
Insurance Regulatory and Development Authority of India (Micro
Insurance) Regulations, 2015; wherein it is mandated that "All the
existing Micro Insurance Products that are not in compliance to these
regulations shall be withdrawn with effect from 1st January, 2016."
It
is observed that since the date of notification only a few products
have been filed by the insurance companies till date. Hence to ensure
availability of [….] Read more at:
Govt. notifies Negotiable Instruments (Amendment) Act, 2015
—For
the purposes of this section, the expressions "asymmetric crypto
system", "computer resource", "digital signature", "electronic form" and
"electronic signature" shall have the same meanings respectively
assigned to them in the Information Technology Act, 2000.'. 3. In the
principal Act, section 142 shall be numbered as sub-section (1) thereof
and after sub-section (1) as so numbered, the following sub-section
shall be inserted, namely:— "(2) The offence under section 138 sl
[….] Read more at:
Economy & News
Government lays out medium-term debt management strategy
The
government has laid out a medium-term debt management plan aimed at
lowering cost of borrowings and expanding the list of eligible investors
which would deepen the local sovereign bond market. In a 28-page
report, the Reserve Bank of India (RBI), also the government's debt
manager, said the objective of the debt management strategy is to secure
government's funding at all times at a lower cost over the medium and
long-term while avoiding excessive risks. The central bank said its
stress [….] Read more at:
Core sector shrinks 1.3%, dragged down by sharp decline in steel production
India's
core sector contracted 1.3% in November after expanding for six
consecutive months, dragged down by a sharp decline in steel production
due to weak demand and imports. The fall in core sector output may curb
industrial growth, which reached a five-year high of 9.8% in October.
The eight infrastructure sectors that make up the core sector index -
coal, crude oil, natural gas, refinery products, fertilisers, steel,
cement and electricity - together have a 38% weightage in the Index of
Industri [….] Read more at:
Government may ask cash-rich PSUs to buy into peers to make up for disinvestment shortfall
The
government, staring at a massive shortfall in its disinvestment target
for the year, could ask cash-rich state-run firms to pick up stakes in
other public sector companies, a tactic that attracted a lot of flak
when it was first employed during the Vajpayee era. Another idea being
considered to compensate for the yawning gap in disinvestment receipts
is to lean on cash-rich companies to explore share buybacks in which the
government could consider tendering its shares, officials familiar
[….] Read more at:
Foreign-owned assets in India declines to $886.1 bn in Q2
Foreign-owned
assets in India declined by $11.4 billion to $886.1 billion in the
July-September quarter of this fiscal as compared to the second quarter
of 2014-15, according to RBI data. This is mainly due to decline in
portfolio investments and loans by $13.6 billion and $1.7 billion,
respectively. Net claims of non-residents on India slipped by $5.6
billion over the previous quarter to $357.8 billion for the quarter
ended September, according to Reserve Bank data on International
Investment Positi [….] Read more at:
September-end scenario: India’s external debt rises 1.7% to $483.2 billion on commercial loans
India's
external debt rose 1.7% to $483.2 billion at the end of September from
the level in March due to long-term liabilities, especially commercial
borrowings and non-resident Indian deposits. The increase would have
been higher than $8 billion if not for valuation gains from the
appreciation of the US dollar against the rupee and most major
currencies, estimated at $5.7 billion. "Excluding the valuation effect,
the increase in debt would have been higher by $13.7 billion at
end-September 2015 o [….] Read more at:
Wish You a Very Happy New Year,
Meetesh Shiroya
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