Direct Tax
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RBI
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Miscellaneous Laws/News
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All communication of tax scrutiny to be via e-mail from FY17
The
Income Tax department is planning to carry out nationwide all
communication related to the scrutiny of returns through e-mails from
the next fiscal to reduce harassment of tax payers by eliminating
interface between assessees and taxmen. The I-T department, on a pilot
basis, has already started scrutiny of returns through e-mails in 5
metropolitan cities -- Delhi, Mumbai, Bengaluru, Ahmedabad and Chennai
regions. "We are working on a software so that all scrutiny
communications [….] Read more at:
E-filing: Over 50 lakh ITRs e-verified by I-T department
The
Income Tax department's ambitious OTP-based ITR filing system for
taxpayers has crossed the 50 lakh e-verification mark, while more than
39 lakh Aadhaar numbers have been successfully linked with the PAN
database after the scheme was launched over six months back. The new
e-filing system, operationalised last year, allows online verification
of a person's Income Tax Returns (ITR) by using either the Aadhaar
number, internet banking, ATM or email, thereby ending the pract [….]
Read more at:
Indirect Tax
Delhi Govt. revises conditions for auto-downloading of statutory DVAT forms
In
exercise of the powers conferred upon me by Rule SA of the Central
Sales Tax (Delhi) Rules, 2005 and in partial modification of
Notification No.F.7(466)/Policy/ VAT/2012/532-542 dated 27/08/2012, I,
S.S.Yadav, Commissioner,Value Added Tax., Government of National Capital
Territory of Delhi, hereby specify conditions for downloading the
Central Statutory forms online as under: The facility of
auto-downloading of the forms shall not be available to the dealer for t
[….] Read more at:
Delhi Govt. mandates production of Sugam-2 before check-post incharge for bringing goods into Delhi
In
exercise of the powers conferred under sub-section (2) of Section 61 of
the Delhi Value Added Tax Act, 2004 read with sub-rule (1) of Rule 43
of the DVATRules;2005, I,s.s. Yadav, Commissioner, Value Added T(3x,
Government of National Capital Territory of Delhi, hereby prescribe form
Delhi Sugam-2 (DS2) which has been notified vide Notifica-tion No
..F.7(433)/Policy-Ii/VAT/2012/
Government imposes penalty on traders bringing undeclared goods to Delhi
The
Delhi government has come down heavily on traders and transporters who
bring undeclared goods to the national capital from other states with
over Rs 3.9 crore being realised as penalty in the last month for such
activities. As per Department of Trade and Taxes of Delhi government, in
December 2015 it detected 783 vehicles which entered the city without
declaring beforehand the nature and value of goods being brought by
filing the Delhi Sugam-2 (DS-2) form. A penalty of Rs 50,000 each,
[….] Read more at:
Explained: Positives & negatives of GST on IT sector
Doshi
decodes the positives and negatives of goods and services tax (GST) for
the information technology (IT) sector along with Sagar Shah, National
Head - Indirect Tax, BDO India. Shah says currently there is a
considerable litigation on whether software is a good or a service and
taxability around it. According to him GST should help resolve this but
only if law/rules are clear, or else the challenges and litigation will
persist. Currently, software developers are centrally registered.
[….] Read more at:
SEBI
Sitting fee of part-time members of SEBI increases from Rs 1,000 to. Rs 10,000 per board meeting
In
exercise of powers conferred by section 29 of the Securities and
Exchange Board of India Act, 1992 (15 of 1992), the Central Government
hereby makes the following rules further to amend the Securities and
Exchange Board of India (Terms and Conditions of Service of Chairman and
Members) Rules, 1992, namely:- 1. (1) These rules may be called the
Securities and Exchange Board of India (Terms and Conditions of Service
of Chairman and Members) Amendment Rules, 2015. (2) They shall [….]
Read more at:
Sebi mulls steps to reduce MFs exposure in corp bonds
Sebi is
mulling urgent steps to safeguard investors' interest against any
over-exposure of mutual funds to riskier corporate bonds, while measures
are also underway to allow sale of funds on e-commerce platforms to
provide an easy and cost-effective channel. The proposed move to allow
the fund houses and their distributors to sell mutual fund schemes
through e-commerce platforms is expected to benefit all stakeholders
including the investors. At the same time, Sebi is considering reducing
the s [….] Read more at:
Head of PACL arrested over alleged $6.8 bn investment scam
Central Bureau of Investigation (CBI) on Friday
arrested the founder of PACL Ltd over allegations the property company
cheated investors of $6.8 billion, in what local media is calling the
country's biggest financial scandal. The arrest of Nirmal Singh
Bhangoo comes 17 months after markets regulator the Securities and
Exchange Board of India (SEBI) ordered PACL to return money to millions
of investors, saying the company was running an illegal investment
scheme. The scheme [….] Read more at:
RBI
Now persons having no loan can avail non-fund based facilities like LCs and BGs from banks
Please refer to paragraph 2(iii) of our circular DBOD.Dir.BC.62/13.07.09/2002-
International Financial Services Centers can now open foreign currency current accounts
In
terms of paragraph No.2.6 (v) of Annex I and II of the aforesaid
directions, the IBUs are not allowed to open any current or savings
accounts. It has now been decided that the IBUs can open foreign
currency current accounts of units operating in IFSCs and of
non-resident institutional investors to facilitate their investment
transactions. It is again clarified that the IBUs cannot raise
liabilities from retail customers including high net worth individuals
(HNIs). Also, no cheque facility will be available [….] Read more
at:
RBI modifies prudential norms for classification, valuation and operation of investment portfolio by FIs
Prudential
Norms for Classification, Valuation and Operation of Investment
Portfolio by FIs- Amendment Please refer to Paragraph No.2.5.3.4 (iii)
of Master Circular DBR.No.FID.FIC.3/01.02.00/
Urjit Patel reappointed RBI deputy governor for three years
The
government today reappointed Urjit Patel as the deputy governor of
Reserve Bank of India for a three-year term, ensuring continuity for the
team spearheading the country's monetary policy under Governor Raghuram
Rajan. Patel, a close confidante of Rajan for shaping and implementing
monetary policy, was earlier appointed as deputy governor for a period
of three years from January 11, 2013, RBI said in statement. Patel is
the fourth deputy governor, the other three being H R Khan, R [….]
Read more at:
CAIT urges govt to free MUDRA from RBI control
Confederation
of All India Traders (CAIT) has asked the government to
remove MUDRA from RBI's purview and said the central bank has failed to
deliver requisite finances to small businesses in the country. Micro
Units Development and Refinance Agency (MUDRA) was formed by the
government to provide easy loans to small businesses. "We have urged the
Union Finance Minister Arun Jaitley to free MUDRA from the clutches
of RBI by passing a legislation in Parl [….] Read more at:
Miscellaneous Laws/News
IRDA permits insurers to adopt existing General Micro Insurance Products for implementation of new regulations
1.
Reference is invited to Regulation (8) (1) of IRDAI (Micro Insurance)
Regulations, 2015 (MIR, 2015) which specifies that every insurer is
subject to File and Use Procedure with respect to filing of Micro
Insurance Products with the Authority. Reference is also invited to
Schedule I of MIR, 2015 that specified the terms in respect of General
Micro Insurance Products defined at Regulation (2) (d) of MIR, 2015. 2.
In accordance with the provisions of Regulation (18) of MIR, 2015 it is
clarified that [….] Read more at:
President clears ordinance to amend Enemy Property Act
(1)
for the words "an enemy subject", the words "an enemy subject including
his legal heir and successor whether or not a citizen of India or the
citizen of a country which is not an enemy or the enemy, enemy subject
or his legal heir and successor who has changed his nationality" shall
be substituted and shall always be deemed to have been substituted; (II)
for the words "an enemy firm", the words "an enemy firm, including its
succeeding firm whether or not partners or members of such succe
[….] Read more at:
Integrated water project gets nod from Centre
The
integrated water transport project mooted by Kochi Metro Rail Limited
got a boost with the Union government granting final approval for the
ambitious project planned around scenic backwaters in Kochi region. The
Department of Economic Affairs under the Ministry of Finance, proposed
the project to KfW, the German bank, which has agreed to fund the
project with their recommendation, a KMRL release said. It is expected
to be included in the next Board of Directors of KfW, whi [….] Read
more at:
e-grocers seen facing stiff resistance from underrated kiranas
India's
hyperlocal grocery delivery start-up s gobbled USD 290 million in
funding in 2015 as enthusiastic investors bet on outsized market share
gains in what still remains a highly unorganized space. And despite the
sheer money power, online grocers will encounter fierce competition from
the ubiquitous kirana stores and will also have to grapple with
customer inertia on the road to their ambitious targets, says the Kotak
report. BigBasket, Grofers, Zopnow, Peppertap, and Godrej’s Natu [….]
Read more at:
Citi, Barclays, 38 others willing to partner India Post: Telecom minister
As
many as 40 domestic and multinational financial giants, including
Citigroup, Barclays and ICICI Bank, have sought to partner India
Post for its upcoming payments bank, Union Minister Ravi Shankar
Prasad said today. "You have only got the in-principle approval, and
other aspects like appointing a consultant are on, but already 40 big
financial services groups from the country and abroad have evinced
interest in a tie-up with the Postal Department," the Communications and
IT [….] Read more at:
US govt meets tech chiefs from Apple, FB on anti-terror efforts
After
clashing with technology companies over encryption and government
surveillance, the Obama administration adopted a friendlier tone Friday
as it sought to enlist Silicon Valley's help in stopping terrorist
groups from recruiting and mobilizing followers online. The government
also announced initiatives against violent extremism, including an
overhaul of its efforts to counter extremist messages around the globe.
In Silicon Valley, top administration officials held a closed-door
meeting w [….] Read more at:
CIL, Mahindra Group, Benz make top offers at IIT-M placements
State-run
Coal India , auto-major Mahindra and Mahindra and German luxury car
maker Mercedes Benz made top offers at the ongoing placement session of
Indian Institute of Technology, Madras (IIT-M) here. On the second day
of the placement session, a total of 107 students were offered jobs, IIT
Madras said in a statement. Coal India offered 13 jobs, while Mahindra
and Mahindra and German luxury car maker Mercedes Benz offered eight
jobs each, it added. Besides, consultin [….] Read more at:
VW to unveil electric SUV to win back US buyers post scandal
Volkswagen
will unveil a battery-powered SUV at the Detroit auto show on Monday,
according to company sources, part of a push into electric vehicles as
it seeks to win back US buyers following its emissions test cheating
scandal. The car will be a plug-in hybrid version of the Tiguan, the
German automaker's top-selling sport-utility vehicle (SUV), the two
sources told Reuters. Analysts say Volkswagen's core VW brand badly
needs new models in the world's second largest auto market to [….]
Read more at:
Considering listing on exchanges but no timeline set: Lodha Dev
Abhishek
Lodha, Managing Director at Lodha Developers, says the company is
considering going public but has not set a timeline just yet. In an
interview to CNBC-TV18, Lodha says, "Going public is not an obligation.
However, it is definitely one of the options we are thinking about to
ensure value creation for our employees and so we can enter the next
phase of growth." On the current debt status of the company, Lodha says
it is about Rs 11,000 crore, while highlighting that the company
[….] Read more at:
Economy & News
Ind-Ra sees retail inflation inching up to 5.6%
India's
retail inflation in December 2015 is likely to increase to 5.6 percent
and industrial production growth rate in November 2015 may fall to 3.1
percent, India Ratings said. "Ind-Ra estimates index of industrial
production (IIP) for November 2015 at 3.1 percent, December 2015
consumer price index (CPI) at 5.6 percent and wholesale price index
(WPI) at (-)0.9 percent," the rating agency said in a statement. The
first set of economic data in 2016 is expected to be released over the
next [….] Read more at:
PM reaches terror-hit Pathankot, to meet Army and IAF officials
Prime
Minister Narendra Modi on Saturday arrived in Pathankot to assess the
situation after the terrorist attack in the frontier town. The visit by
the Prime Minister comes after the Centre faced sharp criticism over its
handling of the Pathankot terror attack. The Prime Minister is slated
to visit top Army and Indian Air Force officials. Meanwhile, Punjab
Police have hiked security in Pathankot and Gurdaspur following the
attack by Pakistani terrorists. With the Punjab Police facing heat for
their la [….] Read more at:
Andhra Pradesh fights for number 1 spot in ease of doing business, fast tracks clearances to 21 days
The
spirit of competition to attract investment is beginning to show
results with Andhra Pradesh giving clearances within 21 days to set up
businesses in the state. The state is ranked second after Gujarat in the
World Bank's Ease of Doing Business Index. Andhra Pradesh chief
minister N Chandrababu Naidu said that the state is working towards
creating a business environment and the infrastructure required for
business to prosper. Within one year of bifurcation, the state has been
ranked with a [….] Read more at:
Reform process to continue with single-minded focus: Arun Jaitley
Finance
Minister Arun Jaitley today said the government would continue with the
reforms, which it failed to pursue in the recent months, with
"single-minded focus" to increase investment and growth. "If (India) is
to grow, it is obvious that our public and added private investments
have to grow. Some of our reforms, which we have missed out on in the
last few months, have to be pursued with a single minded focus. "We
cannot afford a change in direction, and in this circumstances [….]
Read more at:
Road ministry to deploy aircraft to monitor highway projects
To
monitor implementation of highway projects specially in tough terrains,
the Road Transport and Highways Ministry is set to acquire or hire an 8
to 10 seater aircraft. The development comes at a time when the
Ministry of Road Transport and Highways plans to enhance the road
building capacity to 100 km a day in the long run and 30 km a day by
March end besides having massive projects. "National Highways Authority
of India has invited proposals for consultancy services for preparation
of [….] Read more at:
Credit growth remains in double-digits for second fortnight
Bank
credit growth was in double-digits for the second consecutive
fortnight, with the latest RBI data showing an 11.05 per cent expansion
for the fortnight to December 25. Outstanding loans of banks grew to Rs
70,16,997 crore in the reporting period from Rs 63,18,524 crore a year
ago. In the previous fortnight ended December 11, credit growth grew at
11.01 per cent with outstanding loans at Rs 69,66,106 crore. However, on
a fortnightly basis deposit growth slowed to 10.88 per cent from 11
[….] Read more at:
Mission Impossible series like blockbuster success in store for economy: Anil Ambani
Inspired
by blockbuster film series 'Mission Impossible', billionaire
industrialist Anil Ambani today said India has got its own economic
version of MI series in form of missions like 'Make in India' and
'Startup India' to catapult the country to the next level of growth.
"Many of you would be familiar with a movie-series called 'Mission
Impossible' or MI as it is sometimes referred to. Today, we have our own
economic version of MI, thanks to Prime Minister Narendra Bhai (Modi),"
[….] Read more at:
Drones to assess crop loss under new insurance policy
A
new agriculture insurance scheme for farmers -to be known as New Crop
Insurance Scheme (NCIS) -expected to be approved by the Cabinet next
week, will see drones being deployed to access crop damage figures. The
feed sent by drones will be collated with satellite imaging and remote
sensing technology to assist insurance companies in adequate disbursals
calculated on the basis of actual damage to crops in a particular
area.Smart phones and online transmission of data will also be use
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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